MGIC Investor Services Corp., Milwaukee, is brokering the sale of $988 million of mortgage servicing rights for an undisclosed Midwestern lender.The offering consists entirely of Fannie Mae and Freddie Mac loans. The weighted average interest rate is 7.44% and the weighted average remaining term is 263 months. The portfolio contains 12,360 loans, 44% of which are in Indiana, 24% in Illinois, 10% in Minnesota, and 9% in Wisconsin. Bids are due Sept. 23.
The lawsuit accuses the lender of violating 17 sections of the California labor code, including failure to pay all minimum, regular and overtime wages.
Consumers have filed at least 30 such complaints against industry players this year for allegedly violating the Telephone Consumer Protection Act.
In line with broader trends, the GSEs have been putting new limitations on forbearance and putting more of an emphasis on mods.
AnnieMac Home Mortgage will pay 171,074 customers impacted in a 2024 hack, making it the fourth lender in recent weeks to end a class action suit over a breach.
Fannie Mae and Freddie Mac are under directives to make mortgage-backed securities purchases that can exert downward pressure on rates or limit increases.
The Federal Deposit Insurance Corp. and the Office of the Comptroller of the Currency issued a joint notice of proposed rulemaking for the Community Reinvestment Act that would tailor requirements for smaller institutions and monitor which groups receive community development grants.
