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

News

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.
Read More

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.”
Read More

Green Tree earns top marks in Fannie Mae mortgage servicer ratings

Awarded a superior five STAR designation
Ben Lane
Green Tree Servicing announced Friday that it received a superior five STAR designation as part of Fannie Mae’s Servicer Total Achievement and Rewards program for 2014. Green Tree also said that 2014 is the third consecutive year the company has earned the top performer distinction within its STAR peer group.
Read More

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.
Read More

Mass. Appeals Court rules for MERS in mortgage assignment

Latest in a string of court victories
Trey Garrison
The Appeals Court of Massachusetts found in favor of Mortgage Electronic Registration System, Inc. and upheld the validity of its assignment of a mortgage.
Read More

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.
Read More

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.
Read More

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.
Read More

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.
Read More

Housing advocacy groups call on FHFA, CFPB to investigate “pro-foreclosure” tactics

Groups cite Ocwen as leader in preventing mortgage defaults
Ben Lane
A consortium of housing advocacy groups is calling on the U.S. Department of the Treasury, the Federal Housing Finance Agency, and the Consumer Financial Protection Bureau to investigate “pro-foreclosure campaigns,” which the groups say are being perpetrated by “Wall Street giants including the largest hedge funds, mortgage bond traders, and insurance companies.”
Read More