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. For example, the bank could foreclose on your home if you don’t pay.

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Bankruptcy Equity Loans Principal 103

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

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Bankruptcy Banks Mortgages Loans 369

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.

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Lending Bankruptcy Mortgages Principal 432

Housing Wire

NOVEMBER 15, 2022

There will always be a population of borrowers who cannot qualify for a home loan under traditional guidelines. Originators who actively work within the non-QM space are closing additional loans every month. The solution: Bank Statement loans. . Angel Oak’s Bank Statement loan is ideal for the self-employed.

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Bankruptcy Short sale Investor Title 384

Housing Wire

NOVEMBER 9, 2022

The steady drumbeat of dour news in the mortgage industry punctuated by headlines announcing layoffs and closures among the ranks of independent mortgage banks continues to play out, with several lenders over the last two weeks adding to the torrent of pink slips. Charting the loan officer exit.

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Loan Officer Loans Mortgages Industrial 410

Housing Wire

MARCH 7, 2023

appointed Michelle DeHart as the vice president of loan operations, escrow, the company announced on Tuesday. DeHart’s professional career spans 25 years in the mortgage banking and financial services industry. Its client base includes banks, credit unions and mortgage bankers. territories.

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Loans Banks Mortgages Technology 370

Housing Wire

SEPTEMBER 22, 2023

While the central bank left the benchmark rate unchanged in the target range of 5.25%-5.5% Elevated mortgage rates will lead to more lenders spilling red ink in the latter half of the year, in contrast to the improved financial performance of independent mortgage banks in Q2. Kim: Bankruptcies and layoffs are still happening.

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FHA loan Bankruptcy Marketing Loans 450

Housing Wire

FEBRUARY 23, 2024

The three areas in which AI is driving impact are mortgage banking, underwriting and servicing, Rocket CEO Varun Krishna shared with analysts during the latest earnings call. To the extent that you can get loans off your balance sheet faster, it lowers your financing costs. The BUY+ program provided borrowers a credit equal to 1.5%

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Equity Bankruptcy Loans Mortgages 421

Housing Wire

AUGUST 22, 2022

where she was COO before the company declared Chapter 7 bankruptcy and folded. Arc offers a range of mortgage products, but specializes in non-QM loans. Mortgage operations veteran Suzy Lindblom was named chief operating officer at lender and servicer Arc Home this week.

Bankruptcy 370

Bankruptcy Lending Loans Banks 370

Housing Wire

MARCH 26, 2021

The lawsuit, which combined two legal actions that were designated a class action, was filed on behalf of 5,377 loan officers and other mortgage staffers employed by the bank in California from 2013 and 2019. James Kang, the lead plaintiff, said Wells Fargo illegally clawed back compensation.

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Bankruptcy Banks Loan Officer Loans 466

Housing Wire

MARCH 23, 2022

Minneapolis-based CarVal Investors , a global alternative investment manager and long-time player in the mortgage market, has launched a real estate mortgage investment conduit, or REMIC, that plans to work with loan originators around the country to develop and acquire innovative nonagency mortgage products.

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Banks Bankruptcy Loans Investor 384

Housing Wire

JULY 22, 2022

FGMC) filed for Chapter 11 bankruptcy protection at the end of June — leaving four warehouse lenders on the hook for more than $415 million. Just weeks later, a leaked text message from Flagstar Bank provided an inside look at how dire the current climate is for many non-QM lenders. Non-QM lender First Guaranty Mortgage Corp.

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Lending Banks Bankruptcy Loans 384

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 397

Housing Wire

NOVEMBER 6, 2020

The lawsuit claimed the bank placed customers into these plans without notice, a direct violation of the Coronavirus Aid, Relief and Economic Security Act. . In some cases, the account holders asked to be removed and continued making their normal loan payments. . Law360 reports that on Nov. Senator Elizabeth Warren, D-Mass.,

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Bankruptcy Banks Equity Loans 338

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 517

Housing Wire

JANUARY 5, 2023

Silvergate Capital Corporation , parent company of Silvergate Bank , which provided services to Sam Bankman-Fried’s now-collapsed crypto empire, walked away from its mortgage warehouse business and cut workforce by 20% as clients pulled $8.1 billion in crypto-related deposits. million in severance payments and $1.3

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Lending Mortgages Bankruptcy Banks 397

Housing Wire

FEBRUARY 17, 2023

The partnership was made public by Figure on Thursday and comes a day after an announcement from Celsius — which filed for bankruptcy in July 2022 — that it will be acquired by NovaWulf.

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Bankruptcy Equity Technology Lending 367

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 397

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 526

Housing Wire

OCTOBER 13, 2022

In the reflection, a mortgage executive sees faint images of the savings and loan crisis of the 1980s and 1990s. The financial chaos that sparked the savings and loan crisis of the 1980s, leading to a government bailout, now haunts the independent mortgage banking market this Halloween season — and beyond.

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Mortgages Marketing Banks Loans 370

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. In the case of large institutions such as Bank of America , Wells Fargo , and MetLife , we never regained their lost volume.

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Mortgages Bankruptcy Principal Finance 450

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 ?

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Equity Loans Bankruptcy New Construction 432

Housing Wire

DECEMBER 27, 2022

Temporary rate buydowns have become a popular concession, especially among homebuilders, in which one out of 10 loans feature a seller-paid buydown, said Peter Idziak, senior associate at Polunsky Beitel Green. trillion in the second quarter of 2022, capitalizing on home equity loans and home equity line of credit (HELOC).

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Equity Marketing Loans Bankruptcy 527

Housing Wire

FEBRUARY 5, 2021

At the time, the bankruptcy was being conducted by Blackstone , the private equity giant that acquired a majority stake in Stearns parent company, Stearns Holdings , back in 2015. billion in net income during the fourth quarter of 2020 and HomePoint originated a total of $38 billion in loans through the first three quarters of 2020.

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Lending Bankruptcy Mortgages Title 370

Housing Wire

MAY 10, 2022

The problem: They did not qualify for the loans. Hill’s scheme, also enabled by a group of co-conspirators, caught up with him, in part because many of the loans started going south. Hill instructed the homebuyers on how to game the system by submitting fraudulent asset, income and employment information on loan applications.

Mortgages 397

Mortgages Marketing Loans Finance 397

Housing Wire

SEPTEMBER 9, 2022

That’s less than half the volume of private-label securitizations tracked by KBRA over the same two-month period in 2021, when there was a total of 44 RMBS transactions backed by loan pools valued at $19.4 That compares to 135 RMBS offerings backed by loans valued at $57.1 billion over the same period in 2021.

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Marketing Fixed-rate mortgage Bankruptcy Mortgages 410

Housing Wire

DECEMBER 21, 2021

The major driver of private-label issuance this year has been the jumbo-loan market. RMBS offerings backed by jumbo loans are projected to reach the $60 billion level for 2021, according to estimates by Redwood Trust , a sponsor of multiple private-label offerings through its Sequoia securitization program.

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Marketing Loans Investor Bankruptcy 410

Realty Biz

MARCH 16, 2023

If qualifying for a conventional loan is difficult, and you aren't eligible for VA or USDA loans, an FHA loan could be the answer. FHA loans allow you to pay 3.5% But there are also downsides to FHA-insured loans. So is this type of loan right for you? We take a look at FHA loan requirements.

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FHA loan Loans Debt-to-income ratio Due diligence 90

Housing Wire

DECEMBER 14, 2021

The non-QM mortgage market, which encompasses most home loans not backed by a government-sponsored guarantee, is expected to reach the $25 billion mark this year in private-label securitization volume. . It’s going to happen at some point, or at least make it much easier.”. Automation just increases efficiencies,” Hutchens added.

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Lending Loans Bankruptcy Technology 384

Housing Wire

NOVEMBER 10, 2020

His corner of the Atlanta mortgage market – high-value home loans that wouldn’t be bought by the GSEs – was booming. At that point, Dodson was actively working on a jumbo loan for friends of his from church. And whether you do it or someone else does it, that loan is going to get done.” So you stop.”. Everyone bowed out.

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Debt-to-income ratio Loans Banks Mortgages 432

Rent, Buy & Sell

FEBRUARY 7, 2021

Great credit allows people to get the best interest rates on various types of loans. Bad credit is usually the result of late bill payments, bankruptcy, foreclosure and loan defaults. These loans are backed by the Federal Housing Administration and only require a minimum credit score of 500.

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Loans VA loan FHA loan Hard money loan 98

Housing Wire

MARCH 28, 2022

“I think the mega-platforms, like the loanDepots, Rocket Mortgages and UWMs — they will get into non-QM, but they will do it in a very small sector because of the manual nature [of underwriting non-QM loans] and the expertise needed. “It’s Several other big nonbanks have investor loan products as well.).

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Loans Lending Investor Mortgages 370

Housing Wire

AUGUST 30, 2022

I understand why anti-Central Bank people say this because they want to blame everything on the Federal Reserve and say it’s just been booming demand. The next job loss recession, when it happens, will have more foreclosures, short sales, and bankruptcies. However, not to the degree we saw from 2005-2008.

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Bankruptcy Days on market Sales Short sale 384

Housing Wire

JULY 29, 2021

Many of these firms experienced bankruptcies and closures similar to that of New Century.”. Another major risk of nonbank originators and servicers is operational risk in terms of loan manufacturing quality. The results are consistent with this analysis where for 2012-2015, loans originated by nonbanks were 2.2

Mortgages 421

Mortgages Loans Bankruptcy Industrial 421

HomeLight

JULY 30, 2021

When you apply for a mortgage , you’re essentially asking a bank to hand you hundreds of thousands of dollars with the promise to pay it back over the next 15 to 30 years. The bank will ask for a list of mortgage documents to prove you’ll be able to repay the loan. Bankruptcy discharge papers. Can you blame them?).

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Loans Mortgages Bankruptcy Purchase and sale agreement 98

Housing Wire

JULY 27, 2022

through its Angel Oak Mortgage Trust conduit, recently unveiled its latest private-label securitization (PLS) offering — a deal slated to close in early August backed by 788 predominately non-QM loans valued at $362 million. Non-QM mortgages include loans that cannot command a government, or “agency,” stamp through Fannie Mae or Freddie Mac.

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Marketing Loans Investor Mortgages 384

Housing Wire

NOVEMBER 13, 2023

. $700 billion in taxpayer funds were authorized to help stabilize the economy in free fall in the wake of the Lehman bankruptcy and a mortgage market meltdown. The original plan — to buy up troubled mortgage assets — was quickly abandoned in favor of actions like capital infusions for banks and the bailout of our auto companies.

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Banks Loans Bankruptcy Mortgages 419