The Federal Housing Administration, which insures a large number of loans in the U.S. market, will be instituting a new digital file format for distressed mortgages that will add several reporting elements related to taxes and insurance. The new electronic-data interchange file for default reporting also addresses data privacy by removing 24 elements that are […]
FHA updating default reporting with new tax, insurance data Read More »
The majority of Rocket holders with senior debt that’s part of the tender offer and exchange related to the Mr. Cooper acquisition approved it, and the expiration was extended Tuesday. This suggests the pending deal, which recently received a key conditional approval from the regulator of large government-related mortgage investors, will move toward closing. Rocket
Rocket debt extended as Mr. Cooper deal moves toward closing Read More »
One aspect of a law that takes effect in Connecticut on Oct. 1 was designed to improve the surety bond cancellation process by fully automating it, but making that possible will involve a procedural change that servicers who are also lenders in the state will need to understand. “The bill generally requires surety companies to
What lender-servicers should know about a new state process Read More »
Change Lending is seeking over $1 million in damages from a mortgage banker it says violated a servicing purchase agreement. The plaintiff firm, a large player in a government-sponsored lending program, is suing Village Capital & Investment over transactions involving government-backed loans. Village allegedly owes Change a combined $1.3 million in part for failing to
Change Co. sues servicer over multiple nonpayments Read More »
As serious mortgage delinquency rates continue to rise, rising payment-to-income ratios across other credit products could serve as a canary in the coal mine for future problems in making monthly payments, a Transunion report said. Over two years, serious delinquencies, which Transunion defines as 60 days or more late, while still relatively low, have increased
Payment-to-income trends seen as mortgage risk indicator Read More »
The Federal Housing Finance Agency (FHFA) signed off on Rocket Companies’ acquisition of Mr. Cooper Group but imposed a 20% cap on Fannie Mae and Freddie Mac servicing exposure — leaving analysts split on what comes next. BTIG analysts Eric Hagen and Jake Katsikas estimate Rocket controls $400 billion unpaid principal balance in Fannie and
Analysts split on what happens next with Rocket–Mr. Cooper servicing book Read More »
Mr. Cooper’s $25 charge to borrowers for expedited payoff quote statements passes legal muster, a federal judge ruled. U.S. District Judge Barbara Jacobs Rothstein last week granted summary judgment in favor of the lender and servicer in the consumer lawsuit that drew the attention of federal regulators. Plaintiffs have argued for over a year that
Mr. Cooper servicing fee passes legal muster Read More »
The oversight agency for two government-sponsored enterprises greenlighted plans for industry giant Rocket Cos. to buy megaservicer Mr. Cooper, but only under certain conditions. Fannie Mae and Freddie Mac’s regulator will require the new combined company to have “appropriate financial and operating safeguards.” Their regulator specifically is requiring them to each maintain “strict counterparty risk
GSEs’ regulator allows Rocket-Mr. Cooper combo with caveats Read More »
President Trump’s attempt to fire Federal Reserve Governor Lisa Cook over mortgage fraud allegations has been called part of a larger crackdown, which suggests there could be value in looking at potential changes it points to for lenders. Housing regulator Bill Pulte has claimed alleged fraud findings like Cook’s are not political, in contrast to
Cook allegations suggests new mortgage fraud priorities Read More »
The latest mortgage interest rate drop didn’t change refinancing incentives in the conventional securitized market, but a subsequent decline could, a new FHN Financial report shows. Primary mortgage rates’ dropped roughly 20 basis points in the past month to around 6.6%. The largest range of loans bucketed together in the securitized market and exposed to
Why the next rate drop could unlock a $300B refi wave Read More »