Housing Wire

DECEMBER 27, 2023

Guild Mortgage has an ambitious plan under the leadership of its new CEO, Terry Schmidt. United Wholesale Mortgage , the top lender in the country by volume, claimed just under 8% total market share over the first nine months of 2023. nationally, per Inside Mortgage Finance (IMF) estimates. bankruptcies. It won’t be easy.

Mortgages 410

Mortgages Bankruptcy Lending Loan Officer 410

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. Instead, you can focus on one. Consider making lifestyle changes as well.

Bankruptcy 102

Bankruptcy Equity Loans Principal 102

Housing Wire

DECEMBER 8, 2022

After returning from the Thanksgiving holiday, the roughly 575 staffers at Reverse Mortgage Funding assembled nervously on two separate Microsoft Teams meetings. The hundred or so workers on the other Teams meeting were given marching orders: keep the company’s operations functioning during bankruptcy proceedings.

Bankruptcy 368

Bankruptcy Mortgages As-is Marketing 368

Housing Wire

NOVEMBER 9, 2021

One of the most unloved American economic success stories has been how spectacular American households with mortgage debt look today. 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. Already a member?

Bankruptcy 520

Bankruptcy Mortgages Lending Loans 520

Realty Biz

MARCH 19, 2024

But in today’s unpredictable economy, it’s easy even for homeowners to find themselves on the brink of bankruptcy. According to the most recent numbers, bankruptcies rose 10% last year. Being on the brink of bankruptcy isn’t the same thing as actually being bankrupt — not even close. But don’t lose hope.

Bankruptcy 103

Bankruptcy Mortgages As-is Closing 103

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. HECM warrants special attention because of demographic trends, and the financial circumstances of older Americans.

Mortgages 417

Mortgages Bankruptcy Loans Equity 417

Housing Wire

OCTOBER 12, 2023

Bankrupt retail lender AmeriFirst Financial is seeking approval for a private sale of loans from a Delaware bankruptcy judge to pay off two warehouse lenders and fund restructuring costs. Law360 and National Mortgage News first reported on AmeriFirst’s motion seeking approval of loan sales. million to Centier Bank.

Loans 402

Loans Bankruptcy Sales Commercial 402

Housing Wire

SEPTEMBER 25, 2023

1 will negatively affect consumer loan asset quality, including credit card, auto and, to a lesser extent, residential mortgages. Although student loans are non-dischargeable in bankruptcy, their priority in a consumer’s debt repayment hierarchy is low relative to the other major consumer debt classes,” Moody’s analysts said.

Loans 411

Loans Mortgages Bankruptcy Residential 411

Housing Wire

JANUARY 26, 2024

There were a total of 361 consumer complaints submitted to the Consumer Financial Protection Bureau (CFPB) related to the reverse mortgage industry during the calendar year 2023, according to a consumer complaint database maintained by the Bureau. the parent company of Liberty Reverse Mortgage/PHH.

Mortgages 415

Mortgages Bankruptcy Industrial Closing 415

Housing Wire

JULY 28, 2023

million settlement with Sprout Mortgage for unpaid wages goes through. million on mortgage purchase agreements. 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 346

Bankruptcy Banks Mortgages Loans 346

Housing Wire

JANUARY 4, 2024

When assessing December’s Home Equity Conversion Mortgage (HECM) volume data for December 2023, Reverse Market Insight (RMI) used a choice word as the title for its commentary : “thud.” One of the top 10 lenders that posted gains, however, was Open Mortgage. The obvious culprit is still rates. This is a different situation.”

Mortgages 435

Mortgages Bankruptcy Principal Finance 435

Housing Wire

SEPTEMBER 1, 2022

Arizona-based mortgage lender Suburban Mortgage Inc. ’s Suburban was founded in September 1988 and has 38 licensed mortgage loan officers, according to the Nationwide Multistate Licensing System (NMLS). Sprout Mortgage informed the more than 300 workers of the shut down in a conference call on July 6.

Mortgages 382

Mortgages Bankruptcy Loan Officer Loans 382

Housing Wire

JANUARY 11, 2024

District Court for the Northern District of Texas , Ginnie Mae has filed its response to a lawsuit brought against it by Texas Capital Bank (TCB) saying the warehouse lender lacks standing and discounts the authority the government has to extinguish a lender from its reverse mortgage-backed securities program.

Lending 417

Lending Bankruptcy Mortgages Principal 417

Housing Wire

APRIL 10, 2024

The company also provides commentary for its fourth quarter 2023 financial performance, assesses its market advantages and offers an assessment of impacts stemming from changes in Ginnie Mae ’s Home Equity Conversion Mortgage (HECM)-backed Securities (HMBS) program.

Investor 410

Investor Bankruptcy Finance Equity 410

Housing Wire

MAY 13, 2024

A recently published report by the Financial Stability Oversight Council (FSOC) identified vulnerabilities at nonbank mortgage servicers that pose risks to financial stability. The attention on nonbank mortgage companies have increased since their expansion following the financial crisis of the late 2000s.

Bankruptcy 438

Bankruptcy Finance Mortgages Banks 438

Housing Wire

MARCH 6, 2024

California-based mortgage lender CMG Financial will partner with fintech Sagent for seven years as it brings its servicing business in-house. After an exhaustive search, it was clear Sagent was the right servicing fintech partner with deep mortgage expertise plus highly configurable platforms needed to realize our homeowner-first vision.”

Bankruptcy 386

Bankruptcy Loan Officer Mortgages Investor 386

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 386

Bankruptcy Loans Mortgages As-is 386

Housing Wire

JANUARY 24, 2024

A cohort of former employees at now-defunct reverse mortgage lender Live Well Financial has been granted final settlement approval in a class action lawsuit brought against the company’s estate in May 2019. Monica Williams, a former loan account manager in Live Well’s Richmond, Va. The class action lawsuit was filed in the U.S.

Bankruptcy 386

Bankruptcy Loans Closing Mortgages 386

Housing Wire

SEPTEMBER 29, 2022

Non-QM specialist Angel Oak Mortgage Solutions is the latest player in the space to cut a sizable chunk of its workforce amidst widespread market volatility. The company issued pink slips to 75 employees last week, about 20% of its workforce, citing the “current economic environment that has challenged the entire mortgage market.”

Mortgages 370

Mortgages Bankruptcy Lending Investor 370

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.

Bankruptcy 513

Bankruptcy Lending Equity Mortgages 513

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.

Bankruptcy 120

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

Housing Wire

JANUARY 19, 2023

When industry veteran Michael Strauss abruptly shut down Long Island-based Sprout Mortgage in early July, there was uproar. The lawsuits quickly came pouring in, but Strauss never did seek bankruptcy protection for Sprout or its affiliates. Michael Jeffrey Strauss registered a company called Smart Rate Mortgage, LLC.,

Mortgages 393

Mortgages Bankruptcy Loans Investor 393

Housing Wire

SEPTEMBER 18, 2023

Read on to learn more about Dark Matter Technologies’ plan for mortgage. More recently, we started acquiring businesses in the mortgage tech space. We plan to be in the mortgage tech space forever. Kim : What other mortgage tech companies has Constellation Software acquired? What opportunities did the firm see?

Technology 477

Technology Mortgages Bankruptcy Industrial 477

Housing Wire

JULY 8, 2022

Just two days after it abruptly shut down its operations, non-QM lender Sprout Mortgage became the target of a class-action-seeking lawsuit. First Guaranty Mortgage Corp. FGMC) and its affiliate Maverick II Holdings filed for Chapter 11 bankruptcy protection in late June after suddenly cutting hundreds of jobs.

Mortgages 424

Mortgages Bankruptcy Loans Investor 424

Housing Wire

NOVEMBER 2, 2023

Smart Rate Mortgage, LLC is no longer licensed as a residential mortgage company in Illinois. Smart Rate marked Strauss’s return to the mortgage market after abruptly shuttering Sprout Mortgage in July 2022. Mortgage tech platform Modex shows that Strauss, the only mortgage loan officer at Smart Rate, originated $5.56

Loan Officer 431

Loan Officer Bankruptcy Loans Residential 431

Housing Wire

JULY 16, 2021

The second big mortgage joint venture announcement this week is a meeting of the Glenns. Glenn Sanford’s eXp World Holdings announced Thursday a mortgage joint venture with Glenn Stearns’s Kind Lending , called Success Lending. The Mobile “Must-Haves” Reshaping Mortgage Technology. Presented by: SimpleNexus.

Mortgages 403

Mortgages Lending Bankruptcy Brokerage 403

Housing Wire

DECEMBER 8, 2020

In all, the Justice Department said the three lenders didn’t comply with federal bankruptcy procedures, which affected a total of 76,000 accounts beginning in 2011. The bank also waived approximately $43 million in fees across its mortgage servicing portfolio, including for borrowers in bankruptcy. Meanwhile, U.S.

Banks 403

Banks Bankruptcy Finance Mortgages 403

Housing Wire

AUGUST 5, 2020

That could be the death knell for rock-bottom mortgage rates. If the Fed allows inflation to rise above its current 2% target, it would put upward pressure on mortgage rates because investors who buy fixed assets use inflation as the mainstay of their calculation that determines the yield, or return, they are willing to accept.

Mortgages 502

Mortgages Bankruptcy Investor Banks 502

Housing Wire

OCTOBER 12, 2023

Within mortgage companies, even those that have huge scale versus small scale, they’re offering really the same borrower experience and the same loan officer experience. SW: How does that impact you as a mortgage lender CEO? RW: For 95% of mortgage companies, the answer is buy and integrate and optimize.

Mortgages 414

Mortgages Technology Loans Loan Officer 414

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.

Bankruptcy 455

Bankruptcy Equity Loans Mortgages 455

Housing Wire

SEPTEMBER 22, 2023

The Federal Reserve ‘s effort to temper inflation has cooled the housing market that remains subdued with mortgage rates north of 7%. this week, Fannie Mae Chief Economist Doug Duncan believes that mortgage rates will stay elevated before the Fed makes further rate cuts. “We’ve Kim: Spreads in the mortgage space are wide.

FHA loan 441

FHA loan Bankruptcy Marketing Loans 441

Housing Wire

FEBRUARY 23, 2024

The case stems from Ginnie Mae’s extinguishment of Reverse Mortgage Funding (RMF) from its reverse mortgage-backed securities program. 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.

Banks 374

Banks Bankruptcy Lending Finance 374

Housing Wire

NOVEMBER 28, 2023

Mike Darne: In good times when qualified mortgage borrowers are plentiful, most originators don’t give a suboptimal credit score a second glance. And we know from the millions of credit scores we analyze each year that the chances that any individual mortgage applicant could raise their score by at least one 20-point bucket is just over 70%.

Bankruptcy 395

Bankruptcy Loans Mortgages As-is 395

Housing Wire

JULY 29, 2021

In a comprehensive study of mortgage market liquidity, Liquidity Crises in the Mortgage Market , several well-known academics provided compelling evidence for “liquidity vulnerabilities associated with nonbanks.” Many of these firms experienced bankruptcies and closures similar to that of New Century.”.

Mortgages 414

Mortgages Loans Bankruptcy Industrial 414

Housing Wire

MAY 10, 2022

Eric Hill, an Atlanta real estate agent representing a nationwide homebuilder, had a plan to help more than 100 homebuyers get mortgages. In the end, some $850,000 in claims had to be paid on defaulted government-backed mortgages insured by the Federal Housing Administration (FHA). The problem: They did not qualify for the loans.

Mortgages 393

Mortgages Marketing Loans Finance 393

Housing Wire

APRIL 18, 2024

The loan repurchase trend that began to sting many mortgage originators in 2022 appears to finally be winding down, according to a recent report by Sterling Point Advisors and Augment Analytics. This created balance-sheet havoc for a number of lenders, particularly for small and midsized originators.

Loans 408

Loans Due diligence Investor Technology 408

Housing Wire

FEBRUARY 22, 2024

Department of Housing and Urban Development (HUD) Office of the Inspector General (OIG) announced the launch of an inquiry into Ginnie Mae ’s monitoring of now-bankrupt lender Reverse Mortgage Funding (RMF), and its extinguishment from the Home Equity Conversion Mortgage (HECM)-backed Securities (HMBS) program.

Bankruptcy 398

Bankruptcy Loans Mortgages Equity 398