Servicing

The agreement would generate $250 million in proceeds, which the nonbank mortgage company plans to use to pay down and refinance existing debt, while also investing in its servicing and origination businesses.

Gains in consumer financial stability helped to decrease the rates of distressed home loans, but job creation is needed to make recovery sustainable, a CoreLogic report found.

While loan performance is improving in aggregate, some borrowers remained unaware of the relief available or were unable to access it, according to the Research Institute for Housing America.

Meanwhile at Essent, more loans exited the inventory in January than in December.

The housing market’s boom led to more borrowers building home wealth but the pandemic’s negative impact brings concern for underwater owners, according to Attom Data Solutions.

Acting Director Dave Uejio wrote in a blog post that the Consumer Financial Protection Bureau needs more time to consider rules that were finalized under the Trump administration but have not yet gone into effect.

The waivers to standard procedure will remain in place until December 2021.

However, the share of new impairments increased, likely as a result of the high concentration of these loans given to self-employed borrowers.

Now approved by Fannie Mae, the digital servicer aims to shake up the status quo by reducing costs caused by a “monopoly in the market.”

The coalition, led by New York’s Letitia James and Minnesota’s Keith Ellison, argues that PHH Mortgage’s payment processing fees violate some state laws.