FHA and VA business saw a modest uptick in market share during the fourth quarter of 2018, but last year was all about the surge of the private mortgage insurance industry. [Includes two data charts.]
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In a remarkable political balancing act during his confirmation hearing Thursday morning, Mark Calabria, President Trump’s nominee to head the Federal Housing Finance Agency, told Senate Banking Committee members they need not worry about his history of controversial and inflammatory remarks on FHFA and the government-sponsored enterprises.
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Private equity firm Thoma Bravo this week agreed to buy mortgage software giant Ellie Mae for roughly $3.7 billion in cash, a price some believe is too expensive based on the vendor’s declining revenue base.
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CoesterVMS, a nationwide appraisal management company, has folded its tent, the apparent victim of a slowing mortgage market and other woes. As the weekend approached, the front door of the Gaithersburg, MD-based company was locked, its website down, and calls to the vendor were put on hold almost immediately.
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A federal district court has certified a class-action lawsuit against Wells Fargo brought on behalf of loan officers for alleged clawback of commissions and overtime wages.
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Ocwen Loan Servicing on Wednesday filed an amended complaint in its lawsuit againstFidelity National Information Services. The complaint, filed in California’s Superior Court in Sacramento, dramatically escalates accusations of misconduct Ocwen first leveled against FIS in a 2017 lawsuit.
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Fannie Mae and Freddie Mac reported lower earnings for the fourth quarter of 2018, the victims of a slowing mortgage market and, ironically, lower interest rates at yearend compared to Sept. 30, which resulted in hedging losses.
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Fort Washington, PA-based Ditech Financial, the nation’s 15th largest servicer of home mortgages, is headed into bankruptcy for the second time in a little over a year. A sale is a possibility, too.
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We continue to hear reports that Freddie Mac may have settled on a choice for a new CEO. Back in September, the GSE named David Brickman — just promoted to the role of president from executive vice president/head of multifamily — as a possible internal candidate to succeed retiring CEO Don Layton.
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