Items Tagged with 'FHA'

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Freedom Mortgage to pay $113 million for FHA violations

Unusually high levels of defective mortgages
Freedom Mortgage Corporation now has more in common with Wells Fargo, Franklin American Mortgage, Walter Investment, and First Tennessee Bank than simply being mortgage lenders, as Freedom Mortgage is set to become the latest mortgage company to settle with the Department of Justice over alleged violations of the False Claims Act.
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From HW Magazine

The key to solving TRID hiccups? Collaboration

Ambiguity on closing issues means communication is more important than ever
A key area where there’s been confusion among business partners is the sharing of closing documents containing non-public personal information (NPI). While TRID implementation has required lenders, real estate agents and title insurance professionals to radically change the way they conduct business and exchange information, it changed nothing in regard to data privacy.
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HUD mortgagee letter poses new challenges for mortgage servicers

Repairing to adjuster's scope of loss means higher standard for conveyance condition
If the hazard claim settlement proceeds are insufficient to complete the repair, the mortgage servicer may have to contribute corporate funds to remediation. If the repair is not timely, the mortgage servicer may have waived the contractual right to claim depreciation, leaving money on the table.
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From HW Magazine

Fed rate hikes: No need for consumers to worry

Borrowers should be looking at other factors, not interest rate hikes
Factors that affect the yield on 10-year Treasuries will over time be reflected in mortgage rates. Two of these are inflation and economic conditions. We have enjoyed a low inflation environment for a number of years but if we had a bout of higher inflation it would lead to higher rates as investors in bonds require additional compensation for a loss in buying power.
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Mayer Brown welcomes consumer financial services group

Group will represent its Financial Services Regulatory & Enforcement practice
Mayer Brown added a new consumer financial services group of partners to its team. The group brings more than 20 years of experience in regulatory counseling, enforcement defense and transactional advice to mortgage and auto lenders, consumer finance companies, credit card issuers and investment banks.
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Despite $1.2B settlement, Wells Fargo still facing DOJ probe into mortgage operations

Discloses ongoing federal and state investigations
Despite recently agreeing to a $1.2 billion settlement with the federal government to resolve claims related to its Federal Housing Administration lending program from 2001-2010, Wells Fargo is still facing investigations into its "mortgage related practices" from the Department of Justice, as well as other federal and state agencies.
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Former FHA Commissioner Carol Galante joining Ocwen's board of directors

Company also elevates Phyllis Caldwell to chair of board
Ocwen Financial is about to add a big name to its board of directors, as the nonbank announced Friday that Carol Galante, the former commissioner of the Federal Housing Administration, is set to join the company’s board. Ocwen also announced that it is elevating Phyllis Caldwell from her current role as an independent director to serve as chair of the company’s board of directors.
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Quicken Loans preps to face U.S. over FHA loan violations

Latest update in the legal battle
Quicken Loans is revving up to face the Department of Justice after a federal judge tossed Quicken's lawsuit against the DOJ and the Department of Housing and Urban Development in January. As Quicken Loans prepares for the exceptionally rare case of a lender stepping up to face the U.S. government, it's going to have to overcome a few obstacles, starting with where the trial will take place.
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