Federal regulators are expected to announce Wednesday that they have reached a settlement with the nation's largest subprime servicer, Fairbanks Capital Corp., MortgageWire has learned.The Federal Trade Commission and the Department of Housing and Urban Development launched an investigation of the Salt Lake City servicing shop in March in response to news reports that Fairbanks engaged in abusive servicing practices, including charging homeowners high fees and forcing them into foreclosure for failing to pay those fees. The two regulators have scheduled a news conference for Nov. 12 to announce a settlement, but they would not confirm that it involves Fairbanks. The PMI Group, a major shareholder of Fairbanks based in Walnut Creek, Calif., revealed on Oct. 22 that "FTC and HUD civil charges will require changes in Fairbanks' operations and the creation of a $40 million fund to benefit consumers allegedly harmed by Fairbanks."
-
The nonpayment rate for non-qualified mortgages is up 21 basis points from February and 134 basis points from March 2023, Morningstar DBRS said.
7h ago -
The government mortgage-bond guarantor will require additional information on foreclosure prevention actions, and retire some forbearance reporting.
7h ago -
But views are split, at least in the near-term on whether rising mortgage rates are holding back the Spring home purchase season.
8h ago -
The top five producers had an average dollar volume of FHA loans of more than $50 million in 2023.
11h ago -
The tool will provide helpful HELOC-related information to customer support staff to streamline the application process, Figure said Thursday.
April 18 -
The five states with the lowest property taxes have an average effective real-estate tax rate of 0.44%.
April 18