2015 Credit Union Failures Exceed Bank Failures
For the first time in eight years, more federally insured credit unions have been liquidated or placed into conservatorship than federally insured banks.
Ocwen Cuts 10% of U.S. Staff
Job cuts in mortgage servicing announced by Ocwen Financial Corp. amount to more than one-tenth of its domestic workforce.
Bank-Mortgage Mergers Continue
Following a recent spate of mergers between banks and mortgage firms, two more such deals are in the works. Several other mortgage mergers and acquisitions have also closed.
Mortgage Entrepreneur Acquires Bank
The owner of a growing mortgage banking firm has also become a controlling stockholder of a federally regulated financial institution.
Over $1 Billion in Distressed GSE Loans Sold
Freddie Mac has found a buyer for a portfolio of more than $1 billion in distressed residential loans it recently put on the market.
Ocwen Aspires to Be Top 10 Mortgage Lender
Ocwen Financial Corp. has advised investors that it plans to become one of the 10-largest home lenders in the country -- a move that would require a more than 500 percent increase in production.
Guaranteed Rate Sued by Former Executive
A federal lawsuit filed by a former executive of Guaranteed Rate Inc. will move forward, though three of four counts have been dismissed.
Outlook Improves for Mortgage Insurers
As mortgage market conditions have brightened and underwriting has strengthened, the outlook for the mortgage insurance industry has improved.
Mortgage Firms Name New Executives
Among recent management appointments in real estate finance are wholesale lending executives, a foreclosure executive and a former chairman of the Mortgage Bankers Association.
Ginnie Issuers Subject to New Requirements
Issuers of mortgage-backed securities on behalf the Government National Mortgage Association are subject to new requirements when there are significant corporate events.