National Mortgage News, Feb. 26, 2020–Brad FinkelsteinThe cancellation by New Residential of a money-losing subservicing agreement should benefit Ocwen’s financial results going forward, the company said.https://www.nationalmortgagenews.com/news/end-of-a-new-residential-subservicing-agreement-to-benefit-ocwen
Category: Top National News
Non-QM Lender Citadel Bought by Investment Partners
HousingWire, Feb. 24, 2020–Ben LaneCitadel Servicing, a growing lender that specializes in non-Prime and non-Qualified Mortgage lending, known as non-QM, now has a new owner.https://www.housingwire.com/articles/non-qm-lender-citadel-bought-by-hps-investment-partners/
FHFA to Take Closer Look at FHLB Membership Rules
National Mortgage News, Feb. 24, 2020–Hannah Lang (subscription)The agency plans to conduct a review of how it regulates the 11 Federal Home Loan banks amid concerns that some companies are …
The Refinancing Process is Still Daunting, But a Little Less So Now
WTOP News, Feb. 24, 2020–Jeff ClabaughIf you are about to refinance a mortgage, be prepared to invest several hours on paperwork. But the process is not as difficult as it …
Wells Fargo CEO to Testify Before House Lawmakers in March
American Banker, Feb. 21, 2020–Brendan Pedersen (subscription)The hearing will be one of three held by the House Financial Services Committee to scrutinize the bank next month.https://www.americanbanker.com/news/wells-fargo-ceo-to-testify-before-house-lawmakers-in-march
Investors Who Let California Homes Sit Vacant Could Face Penalties
Tribune Content Agency, Feb. 21, 2020Corporations that own California properties could soon be fined for keeping homes vacant for more than three months under a proposed law to give tenants, …
Quicken Loans Hits ‘Pause’ on One Reverse Mortgage, Moving All Employees to Rocket Mortgage
HousingWire, Feb. 21, 2020–Ben LaneOne Reverse Mortgage will cease originating new reverse mortgages and all of the company’s employees will move to Rocket Mortgage. The company said the decision comes …
Increasing Amount of Americans Getting Mortgages Before Marriage Licenses
HousingWire, Feb. 21, 2020–Julia FalconThe first-time homebuyer composition is now mirroring the change in marriage rates. In the 1960s, more than seven in 10 American homeowners were married. Two decades …
Wells Fargo to Pay $3B Settlement for Violating Antifraud Rules, Resolving Fake Account Probes
USA Today, Feb. 21, 2020–Paul Davidson, Jessica MentonWells Fargo has agreed to pay $3 billion to settle claims related to its creation of millions of fake accounts to meet sales …
GSEs May be Freed with Treasury Backstop, Mnuchin Says
Bloomberg, Feb. 21, 2020–Elizaeth DexheimerFannie Mae and Freddie Mac are expected to retain “limited and tailored government support” after they are freed from U.S. control, Treasury Secretary Steven Mnuchin said …