Tag: finance

The banking subsidiary of CIT Group Inc. has agreed to settle claims by the servicing subsidiary of Ocwen Financial Corp. that it should have been reimbursed for servicing errors.

Back in June 2013, CIT Bank, N.A., sold mortgage servicing rights to Ocwen Loan Servicing LLC. The deal called for CIT to indemnify Ocwen for losses from servicing errors.

But Ocwen claims that CIT Bank, formerly known as OneWest Bank FSB, failed to meet its contractual obligations to indemnify it for losses from servicing errors prior to the sale.

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From:: Financing

Nationstar Mortgage LLC has agreed to a more than $9 million settlement that resolves allegations it overcharged borrowers for interest and collected illegal fees.

California law requires that residential lenders do not charge interest on a new mortgage prior to the day that loan proceeds are disbursed.

But Dallas-based Nationstar, which does business as Mr. Cooper, is accused of violating the law on 48,000 mortgage transactions.

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From:: Financing

The real estate industry is concerned that a possible lapse in the National Flood Insurance Program could roil real estate markets in flood-prone areas.

On Friday, the program is set to expire unless Congress takes action before then. Lenders couldn’t approve mortgages on home in flood zones.

Lawmakers are eyeing a brief, two-week extension of the program to buy time for negotiations on a longer deal aimed at overhauling the federally run program.

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From:: Financing

While the number of consumers who sought relief from their liabilities improved on a month-over-month basis, consumer bankruptcies turned higher from a year ago.

Including commercial and non-commercial filings, there were 60,287 new cases filed in U.S. Bankruptcy Court during the month of November.

Bankruptcies declined from the preceding month’s upwardly revised 64,601. But an ascension was recorded from an upwardly revised 59,349 the same month in 2016.

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From:: Financing

From the board room to the C-Suites to the executive suites, home lending organizations have recently been busy appointing, recruiting and promoting new leaders and directors.

Wells Fargo & Co. revealed last week that Celeste A. Clark, Theodore F. Craver Jr. and Maria R. Morris have been elected to the board of directors. They will take their board seats on Jan. 1, 2018.

Clark previously worked for Kellogg Co., while Craver is the former president, chief executive officer and chairman of Edison International. Morris most recently worked at MetLife Inc.

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From:: Financing

A lawsuit has been filed against a former executive of Guaranteed Rate Mortgage for allegedly conspiring to recruit a group of employees for a rival.

Joe Caltabiano was a senior vice president who worked for 15 years at the Chicago-based mortgage banking firm.

He reportedly earned $1.75 million this year through his departure date on Nov. 15. In addition, he is still among the 10-largest shareholders.

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From:: Financing

Hundreds of new jobs planned for a new location in Texas will generate hundreds of thousands of dollars in tax and fee rebates for Pacific Union Financial LLC.

The home lender, which is based in the Dallas area, is planning on opening a new mortgage fulfillment center in El Paso, Texas.

If Pacific Union meets certain thresholds, it will receive more than $330,000 from the city and more than $30,000 from El Paso County.

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From:: Financing

A settlement has been reached between Ocwen Financial Corp. and an investment fund that is located in the Northeast.

The lawsuit was originally filed against the Palm Beach, Florida-based company in a federal court during January 2016.

According to the complaint, the plaintiff alleged it had invested hundreds of millions of dollars in shares of Ocwen based on “false and materially misleading statements.”

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From:: Financing

Federally insured reverse mortgage production moved higher both on a month-over-month basis and on a year-over-year basis.

Federal Housing Administration mortgagees were responsible for 4,782 home-equity conversion mortgage endorsements during November.

HECM production picked up from the preceding month, when 4,497 units were endorsed, and the same month in 2016, when the number was 3,891.

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From:: Financing

New residential lending activity during the past seven days took a big leap from the holiday week. Leading the week-over-week improvement was surging refinance business.

An indication of upcoming mortgage originations that is based on average average per-user rate-lock volume at OpenClose, the U.S. Mortgage Market Index from Mortgage Daily, was 137 in the week ended Dec. 1.

Compared to the week that included Thanksgiving, the index, which is not adjusted for seasonal variations, shot up 22 percent. It was also stronger than in the same seven days last year, rising by 6 percent.

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From:: Financing