Articles by Jessica Guerin

Freedom Mortgage acquires J.G. Wentworth Home Lending

Deal expands Freedom's reach to the mid-Atlantic region
Freedom Mortgage has finalized an agreement to acquire J.G. Wentworth Home Lending, the company announced Thursday, in a deal that will boost its servicing portfolio by $6 billion. As part of the deal, it will add more than 570 J.G. Wentworth employees working in 35 offices across the country.
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HUD floating proposal that would limit Fair Housing claims

Rule changes would make it harder to prosecute lenders for housing discrimination
The Department of Housing and Urban Development is floating a proposal that would make it harder to prosecute lenders for alleged incidents of housing discrimination under the Fair Housing Act. The updated guidelines revise the current loose, three-step threshold for Fair Housing violations and impose a specific, five-step approach that would require regulators to prove intentional discrimination on the lender’s behalf.
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Ginnie Mae takes steps to squash VA loan churning

Will move forward with proposal to exclude high LTV loans from securities
The churning of loans backed by the Department of Veterans Affairs has long been a thorn in Ginnie Mae’s side, as the agency has worked for three years to curb abuses by VA lenders. Now, Ginnie is taking yet another step to squash abuses, announcing Thursday that it is moving forward with a proposal to remove VA-backed cash-out refinances with high loan-to-value ratios from its flagship securities.
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FHA moves to limit cash-out refinances

Lowers LTV requirements from 85% to 80%
In the last several years, an increasing number of borrowers with loans backed by the Federal Housing Administration have been refinancing their mortgages to extract cash – a trend some have called concerning and risky. Now, the Department of Housing and Urban Development is taking steps to curb the prevalence of cash-out refinances, announcing Thursday that it’s lowering loan-to-value requirements.
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Real estate lending platform Groundfloor raises $3 million through crowdfunding

Sees annual revenue double in Q2
Groundfloor, a real estate lending platform that raises its loan funds via crowdfunding from the public, announced Wednesday that it raised $3 million from 1,580 investors. It also said it doubled its annual revenue in the second quarter of 2019, showcasing the possibility afforded by its unusual fundraising model.
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Fiserv completes purchase of First Data

Company finalizes $22 billion deal
First Data is now Fiserv, the company announced Wednesday, revealing that it has officially completed its $22 billion acquisition of the payments giant to create what will no doubt be a fintech monolith. Fiserv said the merger will "redefine the manner in which people and institutions move money and information."
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United Wholesale Mortgage bets on continued growth with massive headquarters expansion

Reveals plans to double Michigan office space
United Wholesale Mortgage is betting big on the continued growth of the broker channel, building an extension of its already-large headquarters in Pontiac, Michigan, to house its expanding team. The company recently revealed plans to expand its existing office by building a new 900,000-square-foot facility across the street, which will be needed to accommodate the astounding growth it’s predicting.
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Quicken Loans' wholesale channel logs record week

Posts 400% spike from last year as retail channel boasts record-breaking Q2
Whether or not you’re a Rocket Mortgage fan, you can’t deny that Quicken Loans is on a bit of a winning streak. Earlier this month, the lender revealed that it posted the best quarter in its 34-year history. Now, the lender has announced that its wholesale channel, Quicken Loans Mortgage Services, logged its best week ever.
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OneWest Bank to cough up cash over racial bias allegations during Mnuchin's reign

HUD approves bank's deal to settle allegations of redlining in Southern California
OneWest Bank is finally able to put two-year-old allegations of housing discrimination to rest as the Department of Housing and Urban Development approved a settlement Monday that will see the bank hand over a chunk of change to end the ordeal. This settles allegations of Fair Housing Violations that allegedly took place when Treasury Secretary Steven Mnuchin was chairman of the Southern California bank.
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