In the Money

Freddie Mac launches single-family rental financing pilot program

Partners with CoreVest
Freddie Mac and CoreVest are partnering on a pilot program, which is expected to expand financing options for investors in single-family rentals for workforce and affordable housing. "Today, Freddie Mac Multifamily has taken another important step to increase the availability of affordable rental housing in communities across the country," said David Leopold, vice president of targeted affordable sales & investments at Freddie Mac Multifamily.
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Credit unions ask for another year to implement HMDA changes

NAFCU: Allow voluntary compliance period, first
Are you prepared for most of the 2015 updates to the Home Mortgage Disclosure Act rule take effect in January 2018? If not, you might not be alone. Credit unions are asking the CFPB for more time to implement the coming rules.
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Ginnie Mae steps up oversight on refinances

Also, increasing tracking and analysis of prepayment rates
Ginnie Mae is getting the word out that it is actively monitoring the pooling activity of issuers to identify behavior that violates the latest changes to issuer policies. Namely, Ginnie Mae is changing its rules surrounding refinances after an investigation found that some lenders are aggressively targeting servicemembers and military veterans for quick and potentially risky refinances of their mortgages.
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Real estate startup Compass secures largest real estate tech investment in U.S. history

SoftBank invests $450 million; Compass now valued at $2.2 billion
Less than one month ago, Compass, a real estate technology company based in New York City, celebrated that it raised $100 million in its Series E investment round, which placed the company’s valuation at $1.8 billion. But that investment is dwarfed by the company’s new round of funding, which transforms Compass into one of the biggest in the real estate space.
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Digital mortgage software provider Maxwell raises $3 million to fund growth

More than doubles amount of capital previously raised
Maxwell, a provider of digital mortgage software and a winner of HousingWire Magazine’s 2017 HW Tech100 as one of the housing industry’s top tech companies, announced this week that it just completed a funding round that more than doubled the amount of capital the company had previously raised.
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Nationstar (aka Mr. Cooper) reaches $9.2m mortgage servicing settlement with California

Violations stretch back to 2009
Last month, Nationstar Mortgage, the nonbank also known as Mr. Cooper, disclosed that it was facing a regulatory issue with the California Department of Business Oversight and in the process of negotiating a settlement. At the time, the company did not disclose what issues led to the potential settlement, but on Monday, the other shoe dropped.
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Ocwen settlement-palooza sees $36 million going out, $30 million coming back in

Reaches settlement with CIT Bank, additional settlement on restated financials
It’s been a year of settlements for Ocwen Financial and Monday saw more of the same. On Monday, Ocwen disclosed that it reached an additional settlement with investors related to the company’s previously restated earnings, and a settlement with CIT Bank over a 2013 mortgage servicing rights deal.
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