Metrocities Mortgage of California -- one of the largest remaining privately held nondepositories in the United States -- is slated for sale to a hedge fund, industry sources have told MortgageWire.The sale would also include the lender's wholesale affiliate, No Red Tape Mortgage. At deadline time, Metrocities chief executive Paul Wylie could not be reached for comment. According to the Quarterly Data Report, Sherman Oaks, Calif.-based Metrocities ranks 53rd among all residential lenders. "There's a bid letter out on the company," said one adviser. (For complete details, see the April 16 edition of National Mortgage News.)
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Elevated delinquency levels have not affected expected losses, however, due to home price appreciation, Fitch Ratings said.
7h 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.
8h ago -
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.
8h ago -
The agreement, in which the real estate giant admits no wrongdoing, will cover around 70,000 agents.
10h ago -
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