National Mortgage News (Servicing) RSS

• FTC files 'junk fee' complaint against payments firm Doxo

  Doxo plans to fight the FTC complaint, which focuses broadly on consumer finance, but there are signs of confusion about the company's role in mortgages too.

• Top-producer and assistant charged in "large-scale" mortgage scheme

  Christopher J. Gallo and his aide, Mehmet A. Elmas, allegedly withheld information in mortgage applications, hiding that borrowers were purchasing second home properties.

• Mortgage bankers post a record annual loss on originations

  Independent mortgage bankers lost the most money ever on every loan originated last year due to higher rates and lower volumes, an industry trade group said.

• PennyMac touts broker channel gains as earnings rebound

  The massive mortgage business saw a first quarter profit mitigated by nearly $300 million in hedging losses.

• CFPB offers specifics on servicing fees subject to crackdown

  The Consumer Financial Protection Bureau has seen excessive property-inspection charges, fees that loan mods should eliminate and improper line-item labels.

• Mr. Cooper's profits triple as servicing's fortunes improve

  The nonbank's results add to other indications that the first quarter's "higher for longer" rate scenario had an upside for efficient servicing operations.

• Florida's home insurance industry may be worse than anyone realizes

  "Lax regulation and monitoring of property insurers makes Florida mortgage markets far more exposed to climate risk than people might think," said Parinitha Sastry, an author of a working paper by researchers at Harvard University, Columbia University and the Federal Reserve.

• Flood rule aims to strike a tricky balance on FHA loan costs

  Prevention through new building standards and mapping technology aim to keep home insurance rates down but mortgage bankers see challenges.

• Mr. Cooper hires chief investment officer, VP of corporate finance

  The mortgage lender and servicer announced that Ranjit Bhattacharjee, a capital markets veteran, and Kevin Barker, a financial analyst with two decades of experience, have joined its ranks.