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Carrington Mortgage Services names Dennis Hueman senior vice president

September 4, 2015

In this position, Hueman will lead Carrington’s mortgage lending centralized operation in all aspects of tactical management and deployment of corporate objectives to deliver products and services.

$2 billion bulk Ginnie Mae MSR portfolio hits the market


MountainView Servicing Group, a provider of residential mortgage servicing rights sales and valuation advisory services, announced that it is advising on the sale of a $2 billion bulk portfolio of mortgage servicing rights backed by Ginnie Mae.

Judge keeps protection for key Treasury documents in Fairholme lawsuit


U.S. Judge Margaret Sweeney has granted the government’s motion to keep sealed a number of key documents in the Fairholme Funds lawsuit against the U.S. Treasury over the controversial Third Amendment Sweep.

Walter Investment fined $29.6 million for False Claims Act violations


Walter Investment Management Corp. will pay $29.63 million in fines for violations of the False Claims Act to settle charges brought by the Department of Justice, which accused several Walter Investment subsidiaries of submitting false reverse mortgage claims to the Department of Housing and Urban Development. Click here to read more.

Northwest housing pulls back slightly in August


Although some brokers from the Northwest detected a slowdown in housing activity in August, it is nowhere near what is typical. Opinions on the rest of the year widely vary, ranging from one person who predicted the market is on the cusp of a slowdown, to others who say sales will continue at a fast pace.

MBA pushing for safe harbor for TRID


The mortgage industry is pushing for the Consumer Financial Protection Bureau to adopt a formalized grace period for TRID, and now Mortgage Bankers Association is pushing Congress to take action as it returns to the Hill. Read on.

Los Angeles drops mortgage discrimination charges against JPMorgan


The city of Los Angeles dropped a mortgage lawsuit against JPMorgan Chase that had accused the mega bank of discriminatory mortgage lending. This is just one of the city’s four lawsuits accusing major banks of driving up foreclosures among minority borrowers.

The Wrap: Appraisal volume ticks down after two weeks up


The week beginning Aug. 23 reversed last week’s uptick with a slight decline, signaling perhaps a lag after the increase. Is it a sign of the times, or something else. You need to know.

Guaranteed Rate purchases remains of Discover Home Loans


Guaranteed Rate will add several call centers and 75 loan officers from Discover Home Loans, answering industry rumors that broke out at the end of July over who would purchase the remains of Discover’s mortgage business. Click headline for more.

Weak August jobs report shouldn’t factor into rate hike, analysts say


Total nonfarm payroll employment increased by a mere 173,000 in August, while the unemployment rate edged down to 5.1% because of people dropping out of the workforce, bringing the labor participation rate down to a 38-year low.

Zillow sells Market Leader for massive loss

September 3, 2015

Zillow Group announced that it plans to sell Market Leader, a customer relationship management system for the real estate industry, to the Perseus Division of Constellation Software, an international provider of software and services. When Trulia bought Market Leader, the purchase price was reported to be as high as $355 million. Zillow announced Thursday that it is selling Market Leader for $23 million.

Fannie Mae extends foreclosure timelines in 33 states


Fannie Mae announced that it is increasing the maximum number of allowable days for “routine” foreclosure proceedings for much of the country. Click here to see where Fannie Mae just changed the foreclosure timelines.

Nonbanks face increasing regulations as share of mortgage lending grows


The Community Home Lenders Association shows in a side-by-side chart comparison the growing divergence in both consumer and financial regulations that non-bank lenders and banks face. Guess who is getting the heavy end of the regulation stick?

eMortgage Logic becomes Morningstar-rated asset valuation vendor


eMortgage Logic, a provider of residential real property valuations, data and analytics, received a residential vendor ranking from Morningstar Credit Ratings. According to a release from Morningstar, the ratings agency assigned a ‘MOR RV1’ residential vendor ranking to eMortgage Logic as a residential vendor in the asset valuation market.

Dear Parents, don’t expect your homebuying Millennials to pay you back


More parents are helping their kids buy a home, but there is one catch for the parents: They probably won’t see that money ever again. After surveying parents and Millennials, loanDepot put together this infographic on what the financial arrangements are between parents and their kids.

NJ title company owner stole $7.7M


The owner of a New Jersey title firm plead guilty to stealing funds that were supposed to be used to pay off mortgages.

Blackstone acquires ‘significant equity stake’ in mortgage insurer PMI Group


Blackstone is increasing its already substantial position in housing again, as funds affiliated with Blackstone Tactical Opportunities are set to acquire a “significant equity stake” in The PMI Group, a provider of mortgage insurance. PMI said that in connection with the purchase of a significant equity stake in PMI, Blackstone will provide PMI with a loan to be used for working capital.

Sources: loanDepot readies IPO filing


Industry sources close to the company said loanDepot is getting ready to file an initial public offering after making significant strides in the industry this year in an attempt and become the No. 1 nonbank consumer lender. Click the above headline to learn about their latest move.

Trending Thursday: Banks make more on mortgages while government steals GSE profits?


In a scathing essay in National Review, two Yale legal/business scholars issue a pretty damning indictment of the patina of legality smeared atop the taking of shareholder profits from Fannie and Freddie. Plus, homeownership hits a half-century low while apps grow. What’s happening?

MBA: Mortgage credit ticks up in August


Mortgage credit availability increased in August and has increased in eight of the last nine months, mainly on jumbo loan products but also on conforming conventional mortgage loans. Here’s the scorecard.