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Exclusive: CrossCountry Mortgage CEO unveils organic growth strategy

CrossCountry Mortgage, HWmember, LendingLife, Mortgage, Mortgage Servicing, Origination, Servicing /

Cleveland-based CrossCountry Mortgage (CCM) has taken a different approach from competitors. Rather than pursuing mergers and acquisitions to strengthen its origination and servicing platforms, the company has focused on organic growth by acquiring mortgage servicing rights (MSRs) and building an asset management arm.   “Our servicing portfolio by year-end will be approximately $200 billion, and we’ve […]

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New data shows where refinance incentives are growing

Mortgage Rates, Originations, Servicing /

A lot of market conditions have improved notably for home loans and there may be more where that came from, depending on rates and location, ICE Mortgage Technology’s latest monthly analysis shows. Home affordability is at a two-year-plus high and rate drops have exposed millions to refinance incentives, with the share of median income needed

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U.S. Bank, NCUA reach deal in Great Financial Crisis case

Law and legal issues, Secondary markets, Securitization, Servicing /

A yearslong legal battle between credit union regulators and U.S. Bank over mortgage securities dating back to the financial crisis is nearing a settlement, according to new court filings.   Both NCUA and U.S. Bank said they were unable to comment on the settlement. A letter dated Oct. 2 from both sides to Judge Louis

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Flagstar mortgage escrow ruling upheld by Ninth Circuit

Law and legal issues, Regulation and compliance, Servicing /

An appellate court has ruled against Flagstar Bank in a California case which had been mentioned in connection with a New York escrow interest case heard by the U.S. Supreme Court. The ruling in Kivett v. Flagstar was the second against a bank in recent weeks. A Sept. 22 First Circuit ruling sent a similar

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MISMO releases loan data guide and AI glossary

Artificial Intelligence, Industry News, Mortgage technology, Servicing /

The mortgage industry’s top trade group issued two new enhancements to help establish consistency across the loan boarding process as well as in communications surrounding artificial intelligence.  The Mortgage Industry Standards Maintenance Organization released its new loan boarding dataset, which provides a consistent data baseline to ease the path for newly originated mortgage loans to

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Pennymac and Annaly forge new mortgage servicing alliance

Secondary markets, Servicing /

Annaly has formed a new partnership with Pennymac, adding another major publicly-traded nonbank mortgage company as one of its subservicers. The real-estate investment trust, which also has a subservicing partnership with Rocket Cos., will be tied in with a master purchase agreement in which Annaly will buy certain assets from Pennymac. The purchase agreement relates

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Homeowners sue D.R. Horton over hidden mortgage costs

Homebuilders, Law and legal issues, Lawsuits, Originations, Servicing /

A group of homeowners filed a class action lawsuit against the largest homebuilding company in the United States and its mortgage lending subsidiary over money they lost in an alleged deceptive mortgage scheme. D.R. Horton and DHI Mortgage targeted prospective homebuyers with affordable monthly payment plans, but the company low-balled the true costs and excluded

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How potential changes to the GSEs could affect mortgage rates

GSE Reform, Mortgage Rates, Originations, Politics and policy, Secondary markets, Servicing, The Great American Mortgage Corporation /

Some government-sponsored enterprise reform models could add three or four figures to monthly payments, but others could exert some limited downward pressure, a Stanford Institute for Economic Policy Research report finds. Estimated mortgage-rate hikes of 0.2% to 0.8% — an additional $500 to $2,000 for the typical homebuyer — could result in certain scenarios, authors

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Mr. Cooper costs Rocket $5B more than first announced

Career moves, LOAN PRODUCTS, M&A, Originations, Rocket Mortgage, Servicing /

Rocket Cos. has closed its acquisition of Mr. Cooper, just six months after the transaction was first announced, with a near $5 billion increase in valuation. The transition has already begun; Mr. Cooper and all servicing functions are being rebranded  under the Rocket umbrella. Right now, the company is being branded as Mr. Cooper powered

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Servicers get partial relief on FHA deadline at tough time

Politics and policy, Servicing /

The Federal Housing Administration’s deadline for new distressed borrower protocols has been pushed out further toward next year with a potential government shutdown looming, but some things are still changing as the month turns. “There is no Covid waterfall and there is no HAMP,” said Julienne Joseph, founder and principal of JYJ consulting, referring respectively

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