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Servicing

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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New dangers for housing in looming shutdown: How mortgage lenders can prepare

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

The potential government shutdown that’s looming this week due to an impasse between political parties in budget negotiations has some new risks for housing. In addition to more typical concerns, an Office of Management and Budget memo issued last week means the usual furloughs could be layoffs that compound the impact of previous public sector

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Jerry Halbrook is president and COO of Covered Insurance

Former Black Knight exec Halbrook joins Covered Insurance

Career moves, Homeowners insurance, MARKETING TO BORROWERS, Mortgage technology, Originations, Servicing /

Long-time mortgage industry executive Jerry Halbrook has been named president and chief operating officer of insuretech Covered Insurance. Halbrook’s hiring is the latest sign of the convergence between the lending process and insurance, the company said. Jerry Halbrook is president and COO of Covered Insurance Property insurance costs have increased in recent years, and in

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FHA extends loss-mitigation deadline for mortgage servicers

FHA, FHA loan, HUD, HWmember, LendingLife, Loss Mitigation, Mortgage, Mortgage Servicing, Servicing /

The Federal Housing Administration (FHA) has extended the timeline for mortgage servicers to comply with the new loss-mitigation waterfall, according to a mortgagee letter issued Wednesday. While the provisions may be implemented by Oct. 1, they must be fully in place no later than Dec. 30, 2025, according to the letter signed by Frank Cassidy,

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Foreclosure sales inch up, consumer credit issues spread

Distressed, Foreclosures, Servicing, Underwriting /

Foreclosure sales inched another notch up as credit issues in the broader consumer credit market rose to a new level, according to the respective findings in two new August reports. Sales of foreclosure properties in ICE Mortgage Technology’s latest First Look report ran 22.52% ahead of last year’s rates and crept up by 0.55% on

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Flood insurer Neptune’s backers seek $368 million in IPO

Capital markets, Servicing /

Flood insurance company Neptune Insurance Holdings Inc.’s shareholders are seeking to raise $368.4 million in a US initial public offering, adding to the flow of insurance firms debuting this year.  The St. Petersburg, Florida-based company plans to market 18.4 million shares for $18 to $20 each, according to its filing Monday with the U.S. Securities and Exchange

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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

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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