When the National Home Equity Mortgage Association merged into the larger Mortgage Bankers Association late last year, the MBA registered a net gain of 77 new members -- but almost half those companies have never paid dues to their new trade master.The MBA said the 37 firms in question likely failed. "They just didn't make it," said Paul Green, the MBA's senior vice president of corporate relations. Mr. Green noted that NHEMA also had its billing cycle last summer -- while the merger was under way. The deal closed in November. NHEMA had 192 members, but 115 were already members of MBA. According to figures compiled by National Mortgage News, at least 30 nonprime-related shops or wholesale platforms have shut down since last year. (See the March 19 issue of NMN for details.)
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Elevated delinquency levels have not affected expected losses, however, due to home price appreciation, Fitch Ratings said.
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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