Housing Wire

SEPTEMBER 25, 2023

Federal student loan payments resuming on Oct. 1 will negatively affect consumer loan asset quality, including credit card, auto and, to a lesser extent, residential mortgages. 1, repayments are due to restart on Department of Education (DOE) federal student loans (Direct Student Loans), which began accruing interest again on Sept.

Loans 414

Loans Mortgages Bankruptcy Residential 414

Realty Biz

MARCH 21, 2024

If you’re struggling financially and unable to pay your bills, you may have considered filing for bankruptcy. Filing for bankruptcy gives you a fresh start, but it stays on your credit report for up to 10 years — resulting in consequences for years to come. Understand the pros and cons before applying for this type of loan.

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Bankruptcy Equity Loans Principal 102

Housing Wire

SEPTEMBER 8, 2022

Bank of America recently announced a loan for lower-income households that doesn’t require homebuyers to come up with a downpayment or closing costs, and doesn’t base the loan on a minimum FICO score. Are we really doing those types of loans and promoting homeownership again without understanding the risks?

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Loans Banks Equity Closing costs 543

Housing Wire

JULY 28, 2023

It follows a request from the shuttered lender to halt the agreement due to an involuntary bankruptcy petition filed by three creditors. New Wave Lending Group , JMJ Financial Group and EF Mortgage filed on July 5 an involuntary petition against Sprout under Chapter 7 of the Bankruptcy Code in a New York court, claiming the lender owes $1.3

Bankruptcy 369

Bankruptcy Banks Mortgages Loans 369

Housing Wire

NOVEMBER 10, 2022

Angel Oak Home Loans will exit its retail distribution channel following a sale of its retail offices to an unknown lender and servicer. The transaction includes an acquisition of Angel Oak Home Loans’ brick-and-mortar retail offices and associated salesforce.”. Of the total volume, conventional loans accounted for 85.7%

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Loans Bankruptcy Loan Officer Lending 302

Housing Wire

JANUARY 24, 2024

Monica Williams, a former loan account manager in Live Well’s Richmond, Va. headquarters, initially filed the suit days after Live Well had halted funding for new loans and subsequently ceased operations entirely. The class action lawsuit was filed in the U.S. In a 92-minute court hearing held on Jan.

Bankruptcy 413

Bankruptcy Loans Closing Mortgages 413

Housing Wire

NOVEMBER 9, 2022

Garth Graham, senior partner and manager of merger and acquisition activities for the Stratmor Group , said many of the layoffs in the IMB industry so far have involved employees working in support positions, with loan officer jobs being the last to be jettisoned. .” Charting the loan officer exit.

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Loan Officer Loans Mortgages Industrial 404

Housing Wire

APRIL 10, 2023

As a follow-up, HousingWire sat down with Peter Richter, co-founder and president at Flueid, to discuss why mortgage lenders should be asking for a quick, data-driven title check at loan application, rather than an instant title commitment, to understand and verify what’s going on with a property and consumer from the start.

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Title Loans Equity Title search 382

Housing Wire

JANUARY 3, 2024

Reverse mortgage servicing company Celink is seeking the dismissal of a lawsuit alleging that it had added unlawful servicing fees to reverse mortgage loans alongside now-bankrupt lender Reverse Mortgage Funding (RMF). In response to the recent recommendation by a magistrate judge against the dismissal of Dancy-Wilkins v.

Bankruptcy 422

Bankruptcy Loans Mortgages As-is 422

Housing Wire

JANUARY 11, 2024

Ginnie Mae: loans are our ‘absolute property’ In a filing to the court submitted on Wednesday, Ginnie Mae — using its official acronym “GNMA” in court filings — said that TCB cannot challenge the authority the company maintains over the reverse mortgage securities program. Ginnie Mae is seeking dismissal of the complaint in its entirety.

Lending 424

Lending Bankruptcy Mortgages Principal 424

Realty Biz

APRIL 5, 2022

One of the frequently asked questions during today’s booming housing market is can I qualify for a mortgage during Chapter 13 Bankruptcy. Chapter 13 Bankruptcy is a court-approved debt repayment plan where their debts are restructured over a period of three to five years. Mortgage Options During Chapter 13 Bankruptcy.

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Bankruptcy Debt-to-income ratio VA loan FHA loan 120

Housing Wire

MARCH 6, 2024

Sagent’s solutions include Loanserv, a servicing system of record powering collections, accounting, escrows, investor management and customer care; Tempo, a default management system of record powering loss mitigation, foreclosure and bankruptcy; and Account Connect, a customer care and retention system. billion in volume, an increase of 19.9%

Bankruptcy 413

Bankruptcy Loan Officer Mortgages Investor 413

Housing Wire

NOVEMBER 2, 2023

Meanwhile, Michael Strauss , its only loan officer, now has an inactive status on his license, according to the Illinois Department of Financial and Professional Regulation (IDFPR). While the decision was under appeal, Strauss was brokering loans. 3, indicating a voluntary surrender. 3, indicating a voluntary surrender.

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Loan Officer Bankruptcy Loans Residential 433

Housing Wire

DECEMBER 27, 2023

The company hopes to reach its goal by growing organically with more loan officers under a dozen business development managers. There were also a few cases of bankruptcy. HousingWire tracked 62 mergers, acquisitions, exits and bankruptcies covered by the newsroom in 2023. bankruptcies. exits and 3.2%

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Mortgages Bankruptcy Lending Loan Officer 414

Housing Wire

APRIL 1, 2024

For a homeowner in need of extra cash, somewhere between $300 to $5,000, a company will give them the cash they need without a loan. Kentucky is on the brink of ending exclusive real estate listing contracts. A home often is a consumer’s largest investment, and the best way to support the certainty of land ownership is through public policy.

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Title Bankruptcy Land Finance 414

Housing Wire

NOVEMBER 28, 2023

But when every loan matters, like the market we find ourselves in today, it makes a lot of sense to take a closer look at the borrower’s credit score. It’s why regulators are spending so much time considering changes and why more originators are stepping up to help their loan applicants increase their scores. Why is this important now?

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Bankruptcy Loans Mortgages As-is 404

Housing Wire

SEPTEMBER 22, 2023

Read on to learn more about Duncan’s views on the housing market, loan performance and affordability challenges homebuyers face. With the majority of Fed officials expecting another rate hike by year-end, Duncan predicts a 50/50 chance of that happening, depending on how resilient the economy is against the Fed’s monetary policy.

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FHA loan Bankruptcy Marketing Loans 442

Housing Wire

MARCH 7, 2023

appointed Michelle DeHart as the vice president of loan operations, escrow, the company announced on Tuesday. Cenlar FSB, the second-largest mortgage servicer and largest sub-servicer in the U.S., I am excited to be part of the Cenlar team,” DeHart said. “My

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Loans Banks Mortgages Technology 370

Housing Wire

FEBRUARY 8, 2024

Bankruptcies and foreclosures After 2010, the qualified mortgage laws came into play and all the exotic loan debt structures in the system, especially in the run-up in demand from 2002 to 2005, disappeared. People have been screaming about a housing bubble crash on social media sites for over 12 years. The truth is, U.S.

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Bankruptcy Equity Loans Mortgages 477

Housing Wire

JANUARY 16, 2024

Ginnie Mae intends to develop a new reverse mortgage-backed security product enabling the acquisition of loans from an HMBS pool above the existing 98% maximum claim amount (MCA) requirement, according to a new announcement.

Mortgages 424

Mortgages Bankruptcy Loans Equity 424

Housing Wire

MAY 13, 2024

In addition, nonbanks represent seven of the 10 largest servicers of Fannie Mae , Freddie Mac and Ginnie Mae loans. Another is for Congress to consider establishing a fund administered by a newly authorized federal regulator — and financed by servicers — to provide liquidity when they are in bankruptcy or have reached the point of failure.

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Bankruptcy Finance Mortgages Banks 442

Housing Wire

NOVEMBER 9, 2021

What happened post-2010 is that exotic loan debt structures that don’t provide long-term fixed debt products left the system. As you can see below, when you lend to the capacity to own the debt, you should never see a rise in foreclosures or bankruptcies unless a job loss recession happens on a massive scale.

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Bankruptcy Mortgages Lending Loans 523

Housing Wire

OCTOBER 31, 2022

One of the unsung heroes of the most prolonged economic and job expansion ever recorded in history was the passing of the 2005 Bankruptcy Reform Act and the 2010 qualified mortgage rule under Dodd-Frank. As we can see below, the bankruptcy levels were extremely high before the bankruptcy law was passed in 2005.

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Bankruptcy Lending Equity Mortgages 513

Housing Wire

FEBRUARY 22, 2024

Processes and risks In December 2022, Ginnie Mae seized RMF’s HMBS portfolio due to the company’s bankruptcy, and the resulting stresses contributed to the decision to investigate, Oliver Davis explained at the time. GNMA guarantees investors will receive payments on more than $2 trillion of mortgage-backed securities,” she said. “We

Bankruptcy 414

Bankruptcy Loans Mortgages Equity 414

Housing Wire

FEBRUARY 23, 2024

To the extent that you can get loans off your balance sheet faster, it lowers your financing costs. In 2023 alone, the mortgage industry saw a total of 62 merger and acquisition transactions, lender exits and bankruptcies. of the purchase loan amount when using a real estate agent from Rocket Homes to find a property.

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Equity Bankruptcy Loans Mortgages 414

Housing Wire

OCTOBER 31, 2023

1 reason a mortgage loan applicant is denied for a loan is a problem with their credit score. But when every loan matters, like the market we find themselves in today, it makes a lot of sense to take a closer look at the borrower’s credit score. But that’s only true if the problem is approached correctly.

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Bankruptcy Loans Mortgages As-is 404

Housing Wire

NOVEMBER 8, 2023

The answer is no, and for that, we must thank the 2010 qualified mortgage (QM) rule, which has high standards for borrower credit scores and the ability to repay the loan. The answer is no, and for that, we must thank the 2010 qualified mortgage (QM) rule, which has high standards for borrower credit scores and the ability to repay the loan.

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Fixed-rate mortgage Bankruptcy Loans Mortgages 418

Housing Wire

AUGUST 9, 2022

A closer look at WMC’s books, however, shows that as of June 30 its residential whole loan portfolio, nearly all of which is comprised of non-QM loans, was underwater by some $44 million. That’s based on a comparison of the principal balance of the loans on the books and their fair market value as reported by the REIT as of that date.

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Marketing Bankruptcy Loans Principal 393

Housing Wire

SEPTEMBER 1, 2023

We also had some one-time variables as one trucking company filing for bankruptcy , and the actors’ strike, which hit the data this month. While the labor market isn’t breaking , it has become more pliant in the data lines the Fed focuses on. We need to focus on this week’s data to better understand the labor market.

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Bankruptcy Loans Construction Marketing 464

Housing Wire

SEPTEMBER 1, 2022

The message did not provide further details, such as the reasons for shutting down and the future of the loans portfolio. . The last paycheck was paid on Wednesday, but commissions on closing loans will happen through the end of September. “We Arizona-based mortgage lender Suburban Mortgage Inc. ’s

Mortgages 382

Mortgages Bankruptcy Loan Officer Loans 382

Housing Wire

MARCH 26, 2024

Even though they have a low mortgage rate on their home loan, the pandemic causes unanticipated financial hardships which lead to a decrease in their annual income as well as the necessity of using credit cards for their basic needs. How could they ever justify walking away from a loan with this low of an interest rate ?

Equity 424

Equity Loans Bankruptcy New Construction 424

Housing Wire

FEBRUARY 23, 2024

Shortly after RMF declared bankruptcy in November 2022, the lender failed to make required payments to its borrowers, resulting in Ginnie Mae reaching out to TCB, the filing reads. TCB also claims that the FHA Commissioner “has stated that Ginnie Mae’s brazen action is impermissible and wrong.”

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Banks Bankruptcy Lending Finance 412

Housing Wire

JANUARY 4, 2024

Endorsement volume falls slightly While not a pronounced drop, HECM endorsements fell 3% to end the month with 2,190 loans, but that general drop came with a few notable exceptions according to RMI. The obvious culprit is still rates. Beyond that will depend on what happens to rates.” This is a different situation.”

Mortgages 441

Mortgages Bankruptcy Principal Finance 441

Housing Wire

SEPTEMBER 29, 2022

Non-QM loans aren’t government-backed and aren’t eligible for purchase by Freddie Mac or Fannie Mae. Angel Oak Home Loans LLC – a full-service mortgage lender with its own LOs, and part of the Angel Oak family of companies – originated $2.44 As a result, they present a greater risk and typically come with higher interest rates.

Mortgages 370

Mortgages Bankruptcy Lending Investor 370

Housing Wire

MARCH 3, 2022

As all participants in the mortgage industry know, securitization is a critical tool for making loans to homeowners at affordable rates. The process of bundling loans and separating risks makes available fixed-rate mortgages that are fully prepayable at borrowing costs well below other forms of debt.

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Bankruptcy Investor Fixed-rate mortgage Loans 381

Housing Wire

JANUARY 5, 2021

In a statement confirming the deal Tuesday afternoon, Guaranteed Rate said the acquisition of Stearns would enable a boost in retail loan originations and further scale its JV platform, while also developing “new multichannel capabilities.” This is a breaking news story. Check back for more updates.

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Lending Bankruptcy Loans Mortgages 536

Housing Wire

JANUARY 19, 2023

The lawsuits quickly came pouring in, but Strauss never did seek bankruptcy protection for Sprout or its affiliates. The mystery as to what happened to its loan pipeline and funding endure. The NMLS registry also shows that the company – NMLS ID 2420605 – has a license to originate loans in Illinois that was issued on November 1, 2022.

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Mortgages Bankruptcy Loans Investor 393