Alarming details charged in the collapse of Butler & Hosch

Alarming details charged in the collapse of Butler & Hosch

Lawsuits allege phony billings, bogus invoices and millions in fake accounts receivables

Digital Risk: These 10 charts fully explain Millennials and home buying

70% will want a mortgage within 5 years

EXCLUSIVE: Morris Schneider Wittstadt officially files for Chapter 11 bankruptcy

Butler & Hosch sale, Dustin Johnson lawsuit severely impacted firm
W S

Servicing

Fannie Mae raising mortgage modification interest rate yet again

New rate effective July 14
Ben Lane
Fannie Mae is set to raise the benchmark interest rate for its Standard Modification program for the second month in a row. The new rates take effect on July 14.
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Alarming details charged in the collapse of Butler & Hosch

Lawsuits allege phony billings, bogus invoices and millions in fake accounts receivables
Trey Garrison and Ben Lane
While creditors are lining up and controversy has swirled around the abrupt virtual bankruptcy of mortgage banking industry law firm Butler & Hosch, little has been revealed about what happened behind the scenes. Until now.
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FHA proposes insurance claim deadline

FHA states lender filing delays cause strain on department’s resources
Ben Lane
Attention lenders and servicers. There may soon be a deadline to file insurance claims with the Federal Housing Administration, after the FHA issued a proposal establishing a “clear timetable” for claim payments. Click through to learn more.
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Here’s the team that caused the Detroit foreclosure crisis

Op-Ed: You break it, you fix it
Brena Swanson
Detroit didn’t stumble into the foreclosure mess by itself, so it shouldn't be left to recover all on its own. So who is to blame? The government and lenders, but not the borrowers, according to an opinion piece in the Detroit News.
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Black Knight: 6.5M borrowers stand to benefit from refi

Half a million could save $500 a month
Trey Garrison
Between traditional and HARP programs, approximately 6.5 million borrowers could likely both qualify for and benefit from refinancing, according to the latest Black Knight Financial Services Mortgage Monitor Report. Want to know more?
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Jean-Claude Van Damme lists $10M seaside LA house

Nearly $4M more than he paid
Brena Swanson
One of Hollywood’s most famous martial arts-trained actors, Jean-Claude Van Damme, put his beautiful seaside mansion in Marina Del Rey up for sale for $9.9 million.
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Steven Cohen’s Point72 Asset Management discloses passive stake in Nationstar

Now owns more than 5% of nonbank
Ben Lane
A filing with the Securities and Exchange Commission revealed that Point72 Asset Management and its founder, billionaire Steven Cohen, own more than 5% of Nationstar Mortgage Holdings.
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From HW Magazine

How servicers can change the conversation with consumers

Scratching the bad letter
Ben Lane
“Bad letters damage the brand,” Katherine Porter says. “There’s a contagion effect of this. I think bad letters are unjust. They disproportionately harm the borrowers we need to help the most.”
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Citi fails National Mortgage Settlement loan modification metric

NMS reports on correction action plans
Trey Garrison
Citi failed one of the new metrics used by the National Mortgage Settlement and the Monitoring Committee regarding loan modifications. What about the other big banks?
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High-risk FHA loans push mortgage risk index up in May

Agency loans hit new series high
Trey Garrison
The composite National Mortgage Risk Index for Agency purchase loans stood at 12.33% in May, up 0.4 percentage point from the average for the prior three months and up 0.7 percentage point from a year earlier. Worried yet?
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