Calyx Software, San Jose, Calif., has decided to drop its request for an injunction against Ellie Mae, Dublin, Calif.Calyx has sued Ellie Mae, alleging that the company committed copyright infringement by copying the look and feel of its Point product with the release of Encompass. To ensure that Ellie Mae doesn't sell Encompass until the case is decided, Calyx petitioned the court for an injunction. Calyx now says it was unable to get a proper discovery period and has therefore dropped the request until discovery can be conducted, at which time it reserves the right to reinstate the request. On the other side, Ellie Mae chief executive Sig Anderman called the entire request "frivolous." Mr. Anderman maintained that Calyx withdrew its request because Ellie Mae was going to ask the court to impose sanctions on Calyx should the court decide in Ellie Mae's favor. The first hearing in the copyright infringement case is scheduled for late this month.
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The company's servicing valuations fell but by less than in previous quarters. Lower rates both aided production and created recapture opportunities.
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Kin, a direct-to-consumer insurance provider, has started a mortgage broker in Florida which also takes loan applications through a call center or online.
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Bank of America has a playbook for government shutdowns, which includes providing fee and payment waivers as well as loan deferrals and forbearance programs, CEO Brian Moynihan said at the American Bankers Association's annual convention.
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The housing agency director also announced plans to donate his salary to help wounded veterans as CHLA and ICBA push for the enterprises to resume MBS buying.
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The NRMLA/Riskspan Reverse Mortgage Market Index set a new high of 502.42, with the dollar amount of home equity for those 62 or over reaching $14.4 trillion.
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Stenger joins the Chicago-based lender after more than a decade at Movement Mortgage and will oversee its retail platform, including new tech enhancements.
October 21