Lending

Ginnie Mae issues new rules for servicers and issuers

New rules designed to provide more security to MBS market
Aiming to provide more stability and integrity to the mortgage-backed securities market, Ginnie Mae on Friday released a number of new rules for mortgage servicers and issues of Ginnie Mae securities. Click through for the full details.
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Quicken Loans parent company Rock Holdings just bought Dictionary.com (really)

Continues acquisition streak for Rock Holdings
Rock Holdings, the parent company of Quicken Loans, is getting into the dictionary and thesaurus business. Literally. Rock Holdings announced this week that it acquired Dictionary.com and Thesaurus.com, websites that boast approximately 540 million pageviews per month. But why, one might ask? Read on.
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LoanScorecard launches new solution

SimpleCECL utilizes Andrew Davidson & Co’s credit and prepayment model
LoanScorecard announced it launched a new solution designed to provide loan-level analyses for current expected credit loss provisioning reserves. The company explained SimpleCECL will replace the current “incurred loss” model and goes into effect in 2020 for SEC-filing institutions and 2021 for all other financial institutions.
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Cloudvirga appoints new chief customer success officer

Jesse Decker previously served as Roostify's vice president of client services
Cloudvirga announced that Jesse Decker has joined the company as its chief customer success officer. Decker comes to the company with more than two decades of experience overseeing enterprise technology transformations and customer success programs.
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Wells Fargo eliminating 900 mortgage jobs

Cutting approximately 1,000 positions overall
A few months ago, Wells Fargo revealed that it is planning to cut as many as 26,500 of its employees over the next few years as the bank works to reorganize itself amid the shifting landscape surrounding the financial services industry. And now, the first of those cuts are hitting home, right in the mortgage division.
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FHA: No PLF changes for reverse mortgages

Report reveals HECM’s drain, but FHA says it’s moving in the right direction
The Federal Housing Administration released its 2018 Report to Congress on Thursday, revealing that the HECM program continues to be a drain on its flagship Mutual Mortgage Insurance Fund to the tune of $13.63 billion in the last fiscal year. But FHA Commissioner Brian Montgomery said the program is benefiting from policy changes made last year, and that the agency remains "optimistic that the quality of the book will continue to improve."
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