Moody's Investors Service has downgraded the servicer quality rating of First Tennessee Bank NA as a primary servicer of second-lien loans from SQ2-plus to SQ2 and removed it from review for possible downgrade. Moody's said the downgrade was prompted by "the high level of volatility" in the U.S. residential mortgage market, as well as the rating agency's downgrade of the long-term, senior unsecured debt rating of First Tennessee's ultimate parent, First Horizon National Corp., from A3 to Baa1 and of First Tennessee Bank's long-term deposits from A2 to A3. Both ratings have been assigned a negative outlook.
-
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.
April 25 -
Members of the LGBTQ community were most likely to have experienced housing bias, according to a Zillow survey, which also found many people don't recognize how fair lending laws could help.
April 25 -
Senior executives making over $151,000 would still be subject to such clauses should the rule go into effect this year.
April 25 -
Christopher J. Gallo and his aide, Mehmet A. Elmas, allegedly withheld information in mortgage applications, hiding that borrowers were purchasing second home properties.
April 25 -
Mortgage rates rose 7 basis points this week, Freddie Mac said, and more increases are likely following a weaker than expected gross domestic product report.
April 25 -
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.
April 25