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Servicing

FHA premium cancellation bill reintroduced in the House

FHA, LOAN PRODUCTS, Originations, PMI, Politics and policy, Servicing /

A bipartisan bill looking to end the Federal Housing Administration’s life-of-loan requirement for that form of mortgage insurance coverage has been reintroduced in the House of Representatives. The Mortgage Insurance Freedom Act was previously introduced in last year’s lame duck session of Congress by Rep. Gregory Meeks, D-New York, and Rep. Pete Sessions, R-Texas. Under […]

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Borrowers appeal loss in Mr. Cooper servicing fee fight

Law and legal issues, Servicing /

Consumers who sued Mr. Cooper over $25 “junk fees” are taking their fight to a federal appeals court.  Borrowers Catherine Palazzo and Peter Hackinen elevated their failed class action case to the 9th U.S. Circuit Court of Appeals last week, according to federal court records. The plaintiffs sued the megaservicer over its fee for expedited

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What the current Fed rate outlook means for servicing

Federal Reserve, Mortgage Rates, Secondary markets, Servicing /

The long-term rate drop in anticipation of the latest Federal Open Market Committee has affected servicing, but since the confirmation of a 25 basis point FOMC cut has stabilized financing costs the impact currently appears limited on a go-forward basis. “Servicers should expect a pickup in refinances as there are a significant number of households

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Pacaso gets funding for non-QM co-borrower securitizations

Pacaso gets funding for non-QM co-borrower securitizations

Capital markets, LOAN PRODUCTS, Mortgage technology, Secondary markets, Servicing /

Financial technology firm Pacaso has closed on a revolving credit facility it will use to enable sales of 30-year second-home mortgages with co-borrowers into the securitized market. The $100 million facility from Texas Capital Bank will fund Pacaso’s purchases of the mortgages, which have an initial five-year interest-only period. It also will accommodate inclusion of

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Large mortgage lender launches mobile app in Spanish

Large mortgage lender launches mobile app in Spanish

Industry News, Servicing /

Adobe Stock Rate, a large conventional mortgage lender, launched a Spanish language version of its Rate App Thursday to better serve Latino customers.  The release enhances the company’s Language Access Program, as Rate has seen more than 20,000 digital mortgage applications from Spanish-speaking customers since the program started in 2022. The move encourages Spanish-speaking borrowers

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CrossCountry to expand asset management arm

CrossCountry to expand asset management arm

Industry News, Servicing /

CrossCountry HoldCo, the parent company of a large retail mortgage company, will expand its asset management arm through partnerships with an Ares Alternative Credit fund and Hildene Capital Management, among others. The asset management unit, CrossCountry Capital, will also expand its non-qualified mortgage investment platform and add complementary asset classes, such as residential transition loans,

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Fed cuts but only some mortgage rates are moving lower

Capital markets, LOAN PRODUCTS, Mortgage Rates, Originations, Politics and policy, Servicing /

The Federal Open Market Committee’s decision to meet broad expectations for a 25 basis point cut might not give many people in the market for a home loan the break they anticipated. “What does that do for mortgage rates? I think we’ve already seen that show up. The last three, four weeks, we’ve seen mortgage

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Fannie Mae updating disclosures to pave way for VantageScore

Credit, Secondary markets, Servicing, Underwriting /

Fannie Mae announced operational changes that will pave the way for lenders to opt for use of advanced credit scoring models later this year. This shift potentially allows them to reach and approve an expanded group of borrowers through the use of trended repayment data. The government-sponsored enterprise is preparing its web-based PoolTalk technology and

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Auto loans pass mortgages on payment hierarchy

Auto loans pass mortgages on payment hierarchy

Credit, Distressed, Housing markets, Servicing /

Adobe Stock Mortgages no longer sit atop the payment hierarchy, as distressed consumers are 19% more likely to pay their auto loans first, according to FICO’s inaugural Score Credit Insights report released Tuesday. Mortgages had previously held the top spot from 2020-22.  For consumers with open auto loans and mortgages, the 90-plus-day delinquency rate from

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