Secondary markets

The Detroit-based lender said the program will "accelerate loan purchases" and "eliminate significant costs" for its partners

The agreement includes roughly $300 million in restitution, and a $100 million civil money penalty that will be one of the largest in New Jersey's history if it receives court approval.

The impairment rate for securitized non-qualified mortgages improved a little in August after increasing slightly the two previous months.

The slight increase was the first seen since May 2020, according to the Federal Housing Finance Agency's July report on the performance of loans backed by the government sponsored enterprises it oversees.

The introduction of utility, cable and telco payment information follows noticeable growth in the past year toward the inclusion of rental history in underwriting.

Compliance is crucial in light of regulatory attention to mortgage companies' ability to provide continuity of care to distressed borrowers in particular.

Altogether, the lender has reduced funding capacity by over $900 million in the past month.

The amount of outstanding mortgage-backed securities insured by the agency kept growing despite an uptick in rates.

One man had paid bribes and kickbacks for improper sales of foreclosure properties, and another had engaged in ownership and wire fraud in a loan relief scheme, the courts determined.

The automation is aimed at ensuring compliance-sensitive information gets transferred with an audit trail in an active MSR market.