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Servicing

Newrez fires back in trio of “zombie” mortgage lawsuits

Distressed, Law and legal issues, Servicing /

Newrez wants to dismiss a trio of “zombie” second mortgage lawsuits, suggesting its servicing arm didn’t violate, nor is subject to, the lending laws consumers cite. Borrowers accuse Newrez’s Shellpoint of inflating the balances of their long-dormant second mortgages, and for long periods failing to send them monthly statement notices. The prospective class action complaints […]

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Hurricane risks can raise housing costs but drive down value

Climate Change, Homeowners insurance, Housing markets, Servicing /

While the threat of property damage and associated monetary losses resulting from Atlantic hurricanes is well documented, a new study puts numbers on the extent of the risk to homeowners and their communities. Climate scenarios are on the minds of home buyers, influencing where and what they buy as they consider both costs and standard

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Two expects $198.9M charge from external manager lawsuit

Capital markets, Lawsuits, Secondary markets, Servicing /

Two, the real estate investment trust that owns Roundpoint Mortgage Servicing, is anticipating legal expenses that some analysts say could lead to asset sales. The REIT expects a $198.9 million charge for May that includes a $139.8 million fee as a contingency liability and $60 million in related expenses due to the lawsuit with its

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Why lenders should care about liner failures

Distressed, Servicing /

Loan performance hinges on more than credit scores and interest rates. Environmental infrastructure—especially pond liners—can quietly jeopardize property value, borrower stability, and servicing costs. Lenders who overlook these risks expose their portfolios to long-term damage they cannot track through standard underwriting alone. The importance of pond liners Pond liners are necessary as a foundational element

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Inside Movement Mortgage’s MSR sales strategy

Freedom Mortgage, HWmember, Mortgage, Mortgage Servicing, Movement Mortgage, MSRs, Servicing /

Due to ferocious investor demand, Movement Mortgage is opportunistically selling billions in mortgage servicing rights. And the South Carolina-based retail lender is using the cash proceeds to sharpen pricing for its roughly 1,400 producing loan officers. But while improved pricing might help win deals in the short term, Movement isn’t retaining recapture rights on some

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Foreclosure filings up 14%, vacant property blight still low

Distressed, Foreclosures, Servicing /

New “zombie” property numbers from Attom show that to date they haven’t changed much despite a spike in foreclosure filings. Foreclosure filings jumped 14% in April compared to the same month the previous year, but property vacancies remained stable, according to Attom’s second quarter report. ICE Mortgage Technology’s recent report also noted a marked increase

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Tariff fears drive April auto, mortgage borrowing

Consumer banking, Economic indicators, LOAN PRODUCTS, Originations, Servicing /

The anticipated impact of tariffs pushed consumers toward big-ticket items in April, but overall borrowing levels also show them becoming more discerning in light of political developments, according to Vantagescore. Researchers noted earlier this year the likelihood of a bump in certain types of purchases before the implementation of various tariff measures proposed by President

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CFPB backs off Mr. Cooper ‘junk fee’ lawsuit

Law and legal issues, Regulation and compliance, Servicing /

The Trump administration wants to back off yet another mortgage-related lawsuit, aiming to exit a dispute between borrowers and Mr. Cooper over alleged servicing junk fees.  The Consumer Financial Protection Bureau asked a judge to withdraw its amicus brief supporting plaintiffs challenging Mr. Cooper’s $25 expedited payoff quote statements. In that brief filed last August,

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Altisource Portfolio looks to regain Nasdaq compliance

Earnings, Mortgage technology, Servicing /

Altisource Portfolio Solutions is doing a reverse split of outstanding common stock, effective Wednesday May 28, to regain market listing compliance. The Luxembourg-based company, known as the former servicing platform provider for Ocwen (which recently rebranded to Onity) is listed on the Nasdaq Global Select Market. Why Altisource is doing a reverse split On Dec.

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VA-backed loans drive foreclosure spike

Distressed, Housing markets, Servicing /

Foreclosures and distressed mortgage volume came in higher from a year ago after recent servicing policy changes, while prepayments also accelerated last month despite ongoing volatility. Although still low historically, foreclosure filings, including starts, inventory and sales, all ended up higher on an annual basis for the second month in a row in April, according

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