Mortgage Executives Arrested for Warehouse Fraud
A trio of senior executives at a New York mortgage banking firm have been arrested for allegedly defrauding warehouse lenders.
Mortgage Lender Loses Appeal in MA Foreclosure Case
The Massachusetts Supreme Judicial Court held that its ruling in Pinti v. Emigrant Mortgage Co., 472 Mass. 226, 227, 232 (2015) "applies in any case where the issue was timely and fairly asserted in the trial court or on appeal before July 17, 2015." Fed. Nat'l Mortg. Ass'n v. Marroquin, 477 Mass. 82, 83 (2017).
Biggest VA Lender Settles RESPA Violations
A firm that has claim to be among the biggest home-purchase lender for veteran programs has agreed to pay over $1 million to settle alleged violations of the Real Estate Settlement and Procedures Act.
Variety of Topics Covered at Mortgage Conferences
Topics to be covered at upcoming events related to real estate finance include bankruptcies, compliance and single-family rentals. Also on the docket are third-party risk and home building.
Walter Investment Warns About Ongoing Viability
As losses continued at Walter Investment Management Corp., the company warned about its ongoing viability and restated income for prior period. Home lending tumbled.
PHH Settles Allegations it Made Bad Agency Loans
A former employee of PHH Corp. will receive millions of dollars for her role in exposing allegedly bad lending practices that has resulted in a big settlement.
Wells Fargo Settles VA Mortgage Lawsuit
Wells Fargo & Co. has agreed to settle allegations that it originated government-guaranteed loans for veterans that should not have been made.
Consumer Bankruptcies Down 2 Consecutive Months
The number of consumers who resorted to bankruptcy fell for the second month in a row. But filings remained elevated versus a year ago.
CFPB Loses RESPA Lawsuit
A federal trial court has dismissed a lawsuit brought by the Consumer Financial Protection Bureau against a Kentucky law firm accused of violating the Real Estate Settlement Procedures Act's anti-kickback provision. The court said the title agencies set up by the Louisville firm were permitted under RESPA's "safe harbor" provision.
Ocwen Victory Good for All NJ Home Lenders
In the recently published decision of Ocwen Loan Services v. Quinn, the Superior Court of New Jersey, Appellate Division, affirmed a decision of the Superior Court, Passaic County, granting summary judgment in favor of a plaintiff-mortgagee, holding that the life estates of two defendants, who did not sign the plaintiff's mortgage, were subordinated to the plaintiff's mortgage based on the equitable principles recognized by the court in Sovereign Bank v. Gillis, 432 N.J. Super. 36 (App. Div. 2013), and the principles of replacement and modification.