By joining GuardHill and Alan Rosenbaum (left), "We realized that together as a team, they say one and one equals two, [but] with us, one and one equals 10," said Melissa Cohn (right).
GuardHill Financial Corp. CEO Alan Rosenbaum has recruited veteran New York City mortgage originator—and former competitor—Melissa Cohn to bring an under-the-radar lender out of the shadows.
"I informed Ocwen that I did not have confidence that the internal review group was independent... so we have to have the work redone," said Joseph A. Smith, the settlement monitor.
Ocwen Financial came under fire from Joseph A. Smith, the monitor of the national mortgage settlement, after concerns of conflicts of interest were raised by an unnamed whistleblower.
In a speech last May, Edward DeMarco declared these truths to be self-evident: "Restoring Fannie Mae and Freddie Mac is not the solution. They failed and their business model failed. Going backwards to an obviously failed model cannot be dressed up with some promise of higher capital or explicit rather than implicit guarantees."
Lenders concerned about maintaining vendor oversight compliance may require title insurance and settlement firms to adopt the American Land Title Association's quality standards, even though the industry guidelines are only voluntary.
While evolving market conditions have made retaining servicing rights more attractive to independent mortgage bankers, making the right choice between an in-house operation or engaging with a subservicer is critical to the new business line's success.
Federal Housing Finance Agency Director Mel Watt's decision Thursday to stand up the affordable housing trust funds sharply divided lawmakers along party lines, with Democrats welcoming the decision as overdue while Republicans denounced it as a mistake.
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