The Prestwick Mortgage Group, Alexandria, Va., is brokering the sale of servicing rights on a $140 million portfolio of Fannie Mae and Freddie Mac loans, all on properties in Michigan.The portfolio has a 5.570% weighted average note rate. The average loan balance is $105,495, and the weighted average seasoning is 25 months. The delinquency rate is 0.83%. Bids are due June 23.
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.
