The Key to Reducing Post-Refi Boom Borrower Churn

In this webinar, PRMG Chief Lending Officer Kevin Peranio will help attendees sort through the right technologies as he shares the tech investments that have had the biggest impact on his business.

Tracey Velt breaks down the latest RealTrends 500 rankings

During the episode, Velt highlights which brokerages achieved top rankings in both categories for 2020, and shares what stood out to her the most about the rankings.

Navigating Closing Struggles in 2021’s Purchase Market

Join this webinar to discover the most current information on hybrid and full eNote eClosings and discuss key criteria to successfully implementing your eClosing strategy.

About 7M refi candidates missed the “forever rate” boat

Rates jumped to 3.17% last week and Black Knight reported that there are now just 11.1 million “high quality” refi candidates. The smallest number of potential refi candidates in a year.

Investments

Nomura is first to fight FHFA toxic mortgage lawsuit in court

Trial set to begin Monday

Nomura Holdings (NMR) is about go where no big bank, not Citigroup (C), JPMorgan Chase (JPM), or Bank of America (BAC), has gone before — to a courtroom to face off against the Federal Housing Finance Agency to fight a toxic mortgage lawsuit.

On Monday, Nomura will take its fight against the FHFA to court after refusing to settle because it claims that its U.S. unit did not knowingly sell bonds backed by fraudulently originated loans to Fannie Mae and Freddie Mac in the run-up to the financial crisis.

In the last few months, some of the country’s biggest banks have settled with the federal government over toxic residential mortgage-backed securities, including Bank of America, which settled with the Department of Justice for $16.65 billion, JPMorgan Chase, which settled for $13 billion, and Citigroup, which settled for $7 billion.

But Nomura is determined to fight back against the FHFA’s claims and will take that fight to a Manhattan federal court on Monday, according to a report from Reuters.

From Reuters:

The FHFA said Japan's Nomura, the securities' sponsor, and RBS, an underwriter, misstated important details of the mortgages underlying more than $2 billion in securities sold to Fannie and Freddie, which came under government control amid the economic upheaval seven years ago.

The FHFA says that 68% of a sample of the loans were not underwritten in accordance with underwriting guidelines and that appraised values were inflated on average by 11.1 percent.

Nomura and RBS deny the allegations, arguing no misleading statements were made and any false statements were immaterial.

The FHFA is seeking more than $1 billion. If the banks have to pay damages, they would receive the mortgage bonds in exchange, which earlier this week were valued at $480 million.

According to a previous report, Nomura’s penalty is estimated not to exceed $300 million, which pails in comparison to the penalties paid by BofA, Chase and Citi, but that’s not stopping Nomura from fighting back.

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