Supreme Court ruling eliminates autodialer use for FHA, VA collections
The U.S. Supreme Court's ruling in a Telephone Consumer Protection Act case will have an immediate impact on servicers of federally guaranteed mortgages who have used robocalls to reach borrowers.
The ruling ended an exemption that permitted autodialing to consumer cellphones for collections of government-related debt, like mortgages.
"While the Supreme Court's ruling did not add any new requirements for mortgage lenders, it reinforces that TCPA compliance remains very much in force," said Mike Eshelman, head of consumer finance at the fintech firm Jornaya. (Link to full story)
Corelogic rejects unsolicited bid, citing Cannae's ties to rivals
CoreLogic rejected the unsolicited offer for the company from Senator Investment Group and Cannae Holdings, citing in part Cannae Chairman Bill Foley's ties with other mortgage vendors.
"Our board is open to all viable paths to increasing shareholder value, and we are willing to meet with Senator and Cannae, but given CoreLogic's strong momentum, increasing margins, accelerating growth and multifaceted value-creation model, we are unanimous in our belief that CoreLogic will be able to deliver significantly more value to shareholders than this opportunistic proposal," Paul Folino, chairman, said. (Link to full story)
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Wells Fargo hires Flagstar Bank's Kristy Fercho to lead home lending
The president of Flagstar Bank's housing finance unit will soon be running Wells Fargo Home Lending, replacing Michael DeVito, who is retiring after more than 23 years at the company.
Kristy Fercho, who joined Flagstar's mortgage division in 2017, is also the vice chair of the Mortgage Bankers Association and its diversity and inclusion committee. Previously she was a senior vice president in Fannie Mae’s single-family division. (Link to full story)
Quicken Loans launches IPO
Rocket Companies Inc., the parent company of the mortgage giant founded by billionaire Dan Gilbert, filed for an initial public offering, disclosing an annual profit for the past three years.
The Detroit-based company, which owns Rocket Mortgage and Quicken Loans, listed the size of the offering in filing as $100 million, a placeholder amount that will likely change. (Link to full story)
NMN dove through the filing to learn more about how Quicken plans to operate the company going forward. (Link to full story)
Supreme Court to take up FHFA constitutionality
The Supreme Court will hear arguments in a case challenging the single-director structure of the Federal Housing Finance Agency, weeks after the court ruled that the directorship of the Consumer Financial Protection Bureau was unconstitutional.
Fannie Mae and Freddie Mac shareholders had petitioned the Supreme Court to take up Collins v. Mnuchin in September, claiming that the structure of the FHFA runs afoul of the separation of powers doctrine, and that a policy that sweeps profits of the government-sponsored enterprises into the U.S. Treasury is likewise unconstitutional. (Link to full story)