News

Here's the first annual stakeholder report on Movement Mortgage's rapid progress

Financed more than $12 billion in residential mortgages in 2016
Movement Mortgage is less than 10 years old and is already making a major imprint on the housing finance market. Two big drivers behind this growth in 2016 include financing more than $12 billion in residential mortgages and launching a new digital mortgage app. This first annual Movement Impact Report to stakeholders on its business operations, growth, and community investments gives an in-depth overview of how the company is performing.
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Ex-NJ mayor sent to prison for kickbacks involving HUD funds

Low-income housing developers provided money to Passaic mayor Alex Blanco
The former mayor of Passaic, New Jersey will spend the next two years in prison after being convicted of soliciting and accepting bribes from developers who wanted to build low-income housing in the city. According to the U.S. Attorney’s Office for the District of New Jersey, Alex Blanco accepted $110,000 in corrupt payments, much of which was money from the Department of Housing and Urban Development.
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Impac Mortgage raises $56 million to expand non-QM production, servicing portfolio

CEO on future growth for Impac
Impac Mortgage Holdings announced its second stock offering in roughly seven months as it plans to continue fueling its already growing servicing and non-qualified mortgage production. Impac’s involvement in non-QM production and servicing isn’t new, but as Joseph Tomkinson, chairman and CEO of Impac Mortgage, stated, both are growing.
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Secretary Ben Carson memorializes HUD family killed in Oklahoma City bombing

Department lost 35 people on that tragic day more than two decades ago
Today marks the 22nd anniversary of one of the largest terrorists attacks on American soil, and in remembrance of the day, HUD Secretary Ben Carson is at the scene of that terrible crime. Here is what Carson said about the victims and survivors of the attack, which included several HUD employees. May they rest in peace.
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Ellie Mae updates Encompass to support new HMDA requirements

HMDA to take effect January 2018
Ellie Mae released an updated version of Encompass, its mortgage management solution. The last update focused on supporting construction loans. This time around most of the changes deal with compliance with the new Home Mortgage Disclosure Act, which goes into effect in January 2018.
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CFPB sues Ohio law firm over "illegal" debt collection practices

Weltman, Weinberg & Reis vows to defend itself
The Consumer Financial Protection Bureau claims that an Ohio law firm is using illegal methods to collect debt and is suing the firm to put a halt to the alleged illegal activity. The firm, however, contends that the CFPB is trying to “strong-arm” it into signing a consent order and says it will fight the lawsuit.
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