Countrywide Financial Corp., Calabasas, Calif., surpassed $700 billion in mortgage servicing rights for the first time in May.At the end of May, Countrywide serviced $707 billion of home loans, up 32% from a year earlier, the company said in its monthly business report. Company president and chief operating officer Stanford Kurland said Countrywide has been adding servicing rights to its books at a pace of $600 million a day since the beginning of this year.
Loandepot is arguing that its local rival, West Capital Lending, has no standing to sue it over the statute meant to protect consumers from predatory lending.
Christopher Peterson, a law professor at the University of Utah and former senior advisors at the Consumer Financial Protection Bureau, is the latest top hire for a Democratic state stepping up consumer protection.
U.S. District Judge James Robart found the complaint lacked statutory standing for a RESPA claim and the plaintiffs failed to identify any deceptive conduct.
The sale comes several months after private equity firm Hale Capital Partners acquired the financially troubled company formerly known as Voxtur Analytics.
Meanwhile, MISMO has updated its guide to incorporate the updated scores for use with mortgage insurers and VantageScore Solutions rolls out a new model, 5.0.
The real estate investment trust struggled with legacy assets and its bottom line, but sees a path forward with non-QM, third-party originations and AI.
