The Federal Trade Commission is sending refunds to hundreds of borrowers targeted by a law firm’s scam, as it and other regulators continue to process outcomes from a historic enforcement effort. A total of 322 distressed borrowers that a law firm with ties to disbarred attorney Michael Lanier took money from in loan modification scams
While mortgage arrears fell month-to-month in July, servicers did have to contend with a local uptick from Hurricane Beryl and manage heightened prepayment risk during the month, according to Intercontinental Exchange. The delinquency rate fell 12 basis points to 3.37%, erasing only around one-fourth of the previous month’s gain with the storm adding an estimated
The secondary market for loans originated outside of the qualified mortgage definition has had its highs and lows the last four years, but recently it’s been in a good place for lenders. That’s in part because both securitizers and insurers have been competing to buy the product. “You’ve been getting back to this kind of
Loan performance showed signs of worsening last month, with foreclosure numbers reflecting a potential pivot to what had been improving trends among distressed borrowers. Foreclosure filings, including default notices, scheduled auctions or bank repossessions, appeared on a total of 31,929 U.S, mortgaged properties in July, representing one out of every 4,414 units, according to real
North American mortgage technology firm Voxtur Analytics alleged Tuesday that a dissident investor group backing a new slate of board nominees hasn’t provided transparency required by Canadian law. The company is calling for Nicholas Smith, RPC Ventures I Fund LP, and “unnamed associates who form the Voxtur Shareholders for ‘Accountability'” to file all required information
Foreclosure starts were up last month as lenders started the process on over 22,000 homes nationwide, a new report finds. The 22,385 homes entering foreclosure in May represents a 3% monthly increase but a 4% decline from the same time last year, according to Attom Data Solutions’ May U.S. Foreclosure Market Report. The numbers follow
Ginnie Mae has been able to provide continuity on several key initiatives since Sam Valverde stepped in as acting president last month, and he says those aimed at sustaining mortgage liquidity will be the agency’s top priority as it moves forward. This includes steps that may counter interest-rate related cash-flow strains on the growing number