The top five lenders in the first quarter — four nonbanks and a large regional bank — reported a combined 7.7% decline in mortgage production from the previous period. That was roughly half the rate of decline in the overall market. (Includes two data charts.)
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Director Rohit Chopra noted borrower hardships due to excessive paperwork, as well as fees and negative credit reporting events that occurred while a loss-mit application was under review.
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The tide is starting to turn in favor of servicing sales where higher note rates are involved. Don’t expect premium prices or a tsunami of deals, but at least it’s an outlet.
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The Supreme Court agreed to take a case this week involving liability under the Fair Credit Reporting Act for a mortgage from the U.S. Department of Agriculture’s Rural Housing Service.
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Cenlar, the big kahuna of subservicing, could be poised for explosive growth. There’s just one problem: The outsourcer is still operating under OCC-imposed limitations. But for how much longer?
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For the third consecutive month, mortgage credit availability declined, with some products reaching their lowest levels in a decade. It’s only expected to get worse as lenders worry about the economy.
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UnidosUS said a new initiative will use policy advocacy and ground-level services such as housing counseling to close the Latino homeownership gap.
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