Contracts, Invoices & Legal

The MBA's Market Composite Index found mortgage applications rose 1.7% on a seasonally-adjusted basis from one week prior for the period ending May 8. View the full article

Alongside a bill that gives homeowners a year of forbearance after state-declared emergencies, lawmakers will consider extending wildfire-related moratoriums. View the full article

Regulators also accused Southern California-based E Mortgage of failing to properly supervise remote employees and cooperate with their examinations. View the full article

The provisionally approved rate hike would provide financial relief to State Farm's California subsidiary, which has said it needs to shore up confidence with solvency regulators and ratings agencies. View the full article

Representatives of both insurers and policyholders point out multiple flaws in the new laws and additional proposed bills. View the full article

A coalition of mortgagees said the zombie seconds law negatively impacts 1.2 million junior liens statewide, despite just over 500 potential "zombie" loans. View the full article

Of the 50 highest risk markets in the country, 16 reside in California, followed by New Jersey with nine, Attom found. View the full article

"Wildfire risk is not just an occasional catastrophe, but a recurring cost embedded in the state's economy," said the report issued this week by the California Earthquake Authority. View the full article

A $1 billion assessment announced Tuesday for California's FAIR Plan, the state-mandated insurer of last resort, is expected to drive up premiums as companies will likely pass some of the costs onto homeowners. View the full article

The move comes as the House of Representatives passed a successor bill this week to support distressed homeowners served by the Department of Veterans Affairs. View the full article

The documents that the Housing Policy Council obtained from FHFA show past debate over one newer score and concerns about a single report with redacted context. View the full article

The first quarter showed a narrowing in the market share spread between the six active underwriters, but that was before April's economic uncertainty. View the full article

Nearly half of all credit card users carry a balance, according to Academy Bank. Higher non-mortgage debt levels can affect home loan underwriting. View the full article

The acquisition complements existing lending channels at Carrington and also adds Reliance's full servicing portfolio to its platform, the company said. View the full article

The buyer will add around 800,000 loans to its hefty servicing portfolio, while Valon said it will shift away from servicing to focus on technology. View the full article

The company that the global firm is investing in owns a U.S. mortgage correspondent business and another domestic lender that does business with brokers. View the full article

The partnership between alternative investment managers adds to signs investors see the private mortgage market as attractive, albeit not immune to risk. View the full article

The partnership was designed to support the growth of Redwood's Sequoia platform and give Castlelake purchasing power for fully documented loans. View the full article

The CDFI Fund is updating definitions of eligible activity to be considered for the funds, including removing climate-focused financing and references to race and ethnicity. View the full article

The National Consumer Law Center is claiming the Credit Data Industry Association wants to suppress Consumer Financial Protection Bureau complaint filings. View the full article

The Consumer Financial Protection Bureau, now led by Treasury Secretary Scott Bessent, agreed to temporarily halt enforcement and litigation over its medical debt rule Thursday, handing the banking industry an immediate reprieve. View the full article

The regulator says its prior amicus brief, which cited the Fair Debt Collection Practices Act and sided with borrowers, was no longer valid. View the full article