Walter Investment fined $29.6 million for False Claims Act violations

Walter Investment fined $29.6 million for False Claims Act violations

Subsidiaries allegedly submitted false reverse mortgage claims to HUD

The Wrap: Appraisal volume ticks down after two weeks up

New tips, tools and tricks of the trade

Dear Parents, don’t expect your homebuying Millennials to pay you back

loanDepot graph shows they can barely save for retirement
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News

$2 billion bulk Ginnie Mae MSR portfolio hits the market

Carries weighted average interest rate of 3.71%
MountainView Servicing Group, a provider of residential mortgage servicing rights sales and valuation advisory services, announced that it is advising on the sale of a $2 billion bulk portfolio of mortgage servicing rights backed by Ginnie Mae.
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Walter Investment fined $29.6 million for False Claims Act violations

Subsidiaries allegedly submitted false reverse mortgage claims to HUD
Walter Investment Management Corp. will pay $29.63 million in fines for violations of the False Claims Act to settle charges brought by the Department of Justice, which accused several Walter Investment subsidiaries of submitting false reverse mortgage claims to the Department of Housing and Urban Development. Click here to read more.
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Northwest housing pulls back slightly in August

But nowhere near what is typical
Although some brokers from the Northwest detected a slowdown in housing activity in August, it is nowhere near what is typical. Opinions on the rest of the year widely vary, ranging from one person who predicted the market is on the cusp of a slowdown, to others who say sales will continue at a fast pace.
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MBA pushing for safe harbor for TRID

Industry wants a formal grace period
The mortgage industry is pushing for the Consumer Financial Protection Bureau to adopt a formalized grace period for TRID, and now Mortgage Bankers Association is pushing Congress to take action as it returns to the Hill. Read on.
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Freddie Mac joins Fannie Mae in extending foreclosure timelines

Also raises number of allowable days for foreclosure proceedings in 33 states
On Thursday, Fannie Mae announced that it was increasing its maximum number of allowable days for a foreclosure sale in 33 states. But Fannie wasn’t alone. Freddie Mac also announced Thursday that it is increasing the maximum number of allowable days for “routine” foreclosure proceedings in those same 33 states.
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