The Prestwick Mortgage Group, Alexandria, Va., is brokering the sale of servicing rights on a $37 million portfolio of Ginnie Mae loans.The portfolio has a 6.749% weighted average note rate and a 44-basis-point average servicing fee. The average loan balance is $105,437 and the weighted average seasoning is 29 months. The delinquency rate is 12.39%. States with the highest concentration of loans are Georgia, Michigan, Texas, and Tennessee. Bids are due May 25.
Seasonal gains fueled the highest dollar volume of loans acquired since the third quarter of 2022, suggesting lenders are getting business from homebuyers.
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.