Quicken Loans sues DOJ, HUD for “shake down”

Quicken Loans sues DOJ, HUD for “shake down”

Says agencies demanding unwarranted penalties, false public admissions

FHFA leaving g-fees alone, revising primary mortgage insurance requirements

Move will lower fees for riskier borrowers; change is ‘revenue neutral’

Court filing reveals name of anonymous whistleblower in Zillow/Move lawsuit

Former Zillow VP of Strategic Partnerships wrote the letter
W S

Lending

Quicken Loans sues DOJ, HUD for “shake down”

Says agencies demanding unwarranted penalties, false public admissions
Trey Garrison
Quicken Loans says it has had all it can stand, and it can’t stand anymore. So they’re taking the government to court over what it says is a blatantly unfair federal investigation and threats of a lawsuit. Do they have a chance?
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Ocwen announces amendment to its senior secured term loan

Extends deadline for delivery of audited financial statements to May 29, 2015
Ben Lane
Ocwen Financial announced late Friday that it entered into an amendment on its senior secured term loan that will go into effect on Monday, April 20. According to Ocwen, the amendment “removes, with respect to the 2014 fiscal year, the requirement that Ocwen’s financial statements and the related audit report must be unqualified as to going concern.”
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SWBC Lending Solutions adds two vice presidents

Allen Lavelle and Brandon O’Briant join appraisal management company
Ben Lane
SWBC Lending Solutions announced the additions of two new vice presidents, Allen Lavelle as vice president of commercial/residential appraisal management and Brandon O’Briant as vice president of business development.
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FHFA leaving g-fees alone, revising primary mortgage insurance requirements

Move will lower fees for riskier borrowers; change is ‘revenue neutral’
Trey Garrison
The Federal Housing Finance Agency is leaving g-fees largely alone but it is revising requirements for private mortgage insurance companies that insure mortgage loans either owned or guaranteed by Fannie Mae and Freddie Mac. Here's the rundown.
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Hey Yahoo, 2005 called, and it wants its mortgages back

This was the most amusing (and depressing) mortgage-related read of the week
Jacob Gaffney
“A man who spent years sleeping in a cardboard box by a bus stop found a bank account he had forgotten - with enough money for the deposit on a house.” If correct, that means he needs to get a mortgage. Truth is, no one is going to give this guy a mortgage.
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Will unprecedented mortgage lending finally save Detroit?

Bank of America, NACA partner to offer zero-down, below market rate mortgages
Ben Lane
A newly created program, called the “Detroit Neighborhood Initiative,” is based on a partnership between the city of Detroit, the Neighborhood Assistance Corporation of America, the Opportunity Resource Fund and Bank of America, and the program goes to unprecedented lengths to help restore the city to its former glory.
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Equity National Title hires Travis Cline and Jonathan Hill

Both will serve as vice president, national sales executive
Ben Lane
James O’Donnell, Equity’s president, said that the company’s recent rollout of several new services has resulted in a significant increase in new business and new business inquiries, necessitating the additions of Cline and Hill.
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Lack of equity drags down existing home sales

First American: Missing equity the key driver of tight inventory
Trey Garrison
Home equity is returning but it's way below norms in most markets. This means tightening inventory, which means a drag on existing home sales. At least that's what First American is finding. Here's why.
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How to win a bidding war in today’s outrageous housing market

9 tips from a Realtor
Brena Swanson
The spring homebuying season is in full swing. But there's just one problem: The majority of American markets are reporting a tight supply of homes. So how are buyers supposed to lock in their dream home? This is how.
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Homeless man discovers forgotten bank account

Includes enough money for a downpayment on a house
Brena Swanson
After spending years sleeping in a cardboard box, this homeless man can afford to make a downpayment on a house, thanks to a forgotten bank account.
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