In a similar move, FHA is developing a modern, single-technology platform suitable to the emerging digital and paperless mortgage environment. The system will provide lenders with a single port to conduct business from applications to claims, including the ability to track requests throughout the life cycle of the loan, said FHA Commissioner Brian Montgomery.
Former FHA chief Dave Stevens: “This settlement marks an end to the era of overly aggressive legal action using FCA as a means to leverage lenders into large settlements.”
As recently as late April, Quicken reiterated it would not settle the False Claims Act case even though both parties earlier this spring agreed to work with a court-appointed mediator to try to resolve their dispute.
Among the top three Ginnie Mae servicers at March 31, just three were banks: Wells Fargo, U.S. Bank and JPMorgan Chase. Among those ranked 11 to 20 four are depositories, including one credit union...
Firms that might fit the bill include private equity and global investment managers the likes of The Blackstone Group, KKR & Co., and PIMCO, all of which are quite familiar with the mortgage market already.
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