General Electric has officially closed its subprime unit, WMC Mortgage of Burbank, Calif., and is preparing to sell its remains to an undisclosed buyer, MortgageWire, has learned."They're down to a transition team," said a spokesman for GE Money, a division that oversees WMC. Last year the nonprime lender ranked 21st among all funders in the U.S., according to the Mortgage Industry Directory. The spokesman said he no longer represents WMC but said the lender is being sold. He would not elaborate. WMC president and CEO Laurent Bossard could not be reached for comment at press time. On Monday morning a receptionist at WMC said there were no executives in the building who could comment.
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Elevated delinquency levels have not affected expected losses, however, due to home price appreciation, Fitch Ratings said.
6h ago -
Retail lenders, including Beeline, Tomo Mortgage and Rocket Mortgage, settled with the department over infractions like submitting a false certification to not having the proper liquidity to be in the program.
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A pair of bills, one with bipartisan support, look to address the issues around heirs' property so these families can have clear title on their homes.
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The agreement, in which the real estate giant admits no wrongdoing, will cover around 70,000 agents.
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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