“The buyer did exactly what the contract allowed it to do, namely, determine that a loan was defective and demand repurchase,” Judge Wollman wrote in his ruling.
The group’s combined production-related income fell a lot more than their actual origination volume, which was down 5.8 percent from the second quarter...
The new approach is expected to be a more cost-effective route than going through the repeated repurchase requests that have plagued lenders over the years.