Scaling from Freelancer to Business Owner

The Troy, Michigan-based lender and servicer faces at least seven lawsuits over a hack in June allegedly perpetrated by a known ransomware gang. View the full article

In the New Jersey case, MV Realty and its principals agreed to pay $28 million in fines and restitution for these "Homeowner Benefit Agreements." View the full article

The contract rate on a 30-year mortgage dropped 8 basis points to 6.32% in the week ended Nov. 28, which included the Thanksgiving holiday, according to Mortgage Bankers Association data released Wednesday. View the full article

Bank of America was the leader in this study, with Rocket as the only nonbank mortgage lender which got a score higher than the industry average. View the full article

The drop in mortgage rates as measured by Freddie Mac, came about even as the 10-year Treasury yield used to price loans moved higher since Thanksgiving. View the full article

The Government Accountability Office has agreed to investigate Federal Housing Finance Agency Director Bill Pulte for allegations of misuse of power and violations of federal privacy laws View the full article

Delinquency trends split in Q3, with securitized and agency loans showing more strain while banks and life companies saw small improvements amid uneven vacancy and rent conditions. View the full article

BTIG is waiting with "baited breath" for Fannie Mae and Freddie Mac to relist their common stocks, but if spreads widen, it could derail it from happening. View the full article

In oral arguments held Monday morning, a majority of Supreme Court justices seemed poised to overrule a 90-year-old precedent validating multimember independent commissions, but it remains uncertain what limits — if any — the court may impose on the president's removal powers. View the full article

New rules means sellers and servicers will need to have plans demonstrating proper oversight of their artificial intelligence and machine learning practices. View the full article

November rate locks fell seasonally but hit their strongest level since 2021, led by refis, while lenders shifted more loans to the GSE cash window. View the full article

A senior advisor at NAIC, the association of state insurance regulators, told attendees of its fall meeting that the imminent FEMA Review Council report should answer questions about funding for disaster relief and flood insurance, as well as other related issues. View the full article

Approximately 70% of home purchasers do not get more than one quote in the mortgage process, doing so could reduce their rate by 50 basis points, Zillow said. View the full article

Treasury Secretary Bessent said FSOC is readjusting its approach to avoid stifling growth in moves with implications for capital, technology and mortgages. View the full article

Rohit Chopra is named senior advisor to the Democratic Attorneys General Association's working group on consumer protection and affordability; Flagstar Bank adds additional wealth-planning capabilities to its private banking division; Chime promotes three members of its executive leadership team; and more in this week's banking news roundup. View the full article

Fannie Mae and Freddie Mac have added billions of dollars of mortgage-backed securities and home loans to their balance sheets in recent months, fueling speculation that they're trying to push down lending rates and boost their profitability ahead of a potential public offering. View the full article

Nonfarm payrolls increased 64,000 in November after declining 105,000 in October, according to Bureau of Labor Statistics data out Tuesday. View the full article

New-home purchase activity rose 3.1% year over year, but dropped 7% from October, the Mortgage Bankers Association said. View the full article

Congress has passed a bill giving taxpayers who have been affected by natural disasters some extra time to file a claim for a tax credit or refund. View the full article

Existing-home sales in the US barely rose in November, as a recent moderation in price growth and mortgage rates motivated buyers at the margin. View the full article

The carryovers range from some $2.4 million in California and some $1.9 million in Texas to $44,851 in Alaska and $39,297 in Vermont. View the full article

Fannie Mae sees growth in refinance activity pushing volumes upward, but flattening purchases will temper lender momentum, according to its December report. View the full article

A federal judge threw out the criminal charges against former FBI Director James Comey and New York Attorney General Letitia James, ruling that the prosecutor who brought the cases had been illegally appointed. View the full article

The new cap of $88 billion per company tops this year's $73 billion limit, but keeps pace with multifamily mortgage volume growth in recent months. View the full article