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Servicing

AARP sues Celink, Carrington, Finance of America over HECMs

Home equity loans, Law and legal issues, Reverse mortgages, Servicing /

A new class action lawsuit claims Carrington Mortgage Services, Celink and Finance of America Reverse have squeezed thousands of dollars of illegal fees out of tens of thousands of older homeowners.  Processing Content Representatives for reverse mortgage borrowers say the homeowners were overcharged for a variety of fees and suffered inflated interest and mortgage insurance […]

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PennyMac Q4 earnings miss as margins, servicing slip

Earnings, Mortgage Rates, Servicing /

PennyMac Financial Services fourth quarter earnings were affected by the lower interest rate environment in the quarter, coming in higher year-over-year but reduced versus the linked quarter. Processing Content PFSI reported $106.8 million in net income for the quarter and $501.1 million for the year. A year earlier, the company had earned $104.49 million for

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Foreclosure auction inventory rises to near 6-year high

Distressed, Foreclosures, Servicing /

Foreclosure- and bank-owned auction volume jumped to their highest levels in years, but buying activity didn’t keep pace with the rise in inventory, according to the latest report from Auction.com.  Processing Content Foreclosure inventory, which makes up the majority of distressed auction properties, leaped 48% year over year in the recent fourth quarter to its

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Newrez beats zombie seconds suit over decades-old HELOC debt

Law and legal issues, Servicing /

Newrez has defeated a class action lawsuit regarding “zombie” second mortgages, after a judge rejected a borrower’s arguments around a lack of monthly statements from the servicer.  Processing Content U.S. District Judge Allison Burroughs granted the company’s motion to dismiss the suit Monday, giving Massachusetts plaintiff Eva Hodges 21 days to refile her complaint. The

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Bayview to pay $26 million to settle data breach claims

Cyber security, Law and legal issues, Servicing /

Bayview Asset Management has agreed to a $26 million settlement to resolve data breach claims for a prospective class of around 5.8 million consumers.  Processing Content The sides published the agreement Wednesday in a Florida federal court, and it’s subject to a judge’s approval. The deal would close sprawling class action litigation filed in 2022,

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Vertyx adds AI-powered retention tools to servicing platform

Artificial Intelligence, HWmember, Mortgage Servicing, Servicing, Technology /

Mortgage servicing technology provider Vertyx on Tuesday announced the release of a new Borrower Relationship Management capability that aims to help servicers and investors identify borrower retention and recapture opportunities earlier in the loan life cycle. The new feature is part of Vertyx’s end-to-end mortgage servicing platform, which is designed to help institutions monitor portfolio

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Lyons McCloskey sale keeps compliance muscle intact

Career moves, Servicing /

Lyons McCloskey, a mortgage auditing and consulting firm that helped shape FHA servicing policy and guided servicers through distressed loans during the Great Financial Crisis, has a new owner. Processing Content Chief Operating Officer Lisa Drew, has announced her acquisition of the firm, with founding partner Bob Lyons remaining as a senior advisor to provide

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Onity’s earnings estimates improve despite servicing loss

Onity’s earnings estimates improve despite servicing loss

Earnings, MBS, Servicing /

Mortgage servicer and originator Onity Group reported a range of earnings estimates for net income to common shareholders that were stronger than previous quarter and year-ago periods despite a negative servicing line item. Processing Content Estimated net income to common shares ranged from $107 million to $131 million, improving on $18.7 million in the third

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Ginnie Mae speeds up loan-level MBS overhaul

Politics and policy, Secondary markets, Servicing, Technology /

Long-standing plans at Ginnie Mae to enable loan-level servicing transfers in its mortgage-backed securities could move faster this year under its President Joseph Gormley. Processing Content “Ginnie Mae is increasing the velocity of the initiative to evolve its security platform from pool-level operation to loan-level,” the government guarantor wrote in its annual report, calling this

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Prepayments jump as lower rates spur December refi surge

Distressed, Housing markets, Servicing /

Late-year interest rates drove mortgage prepayment speeds back upward in December, as homeowners sought to capitalize through refinances, according to Intercontinental Exchange.   Processing Content Prepayments increased to a 0.91% share of current liens, surging almost 10% from November’s pace, ICE Mortgage Technology’s monthly First Look report said. December’s rate was up by more than 59%

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