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Data Analytics, Servicing Products; STRATMOR s CD Workshop; Training and Webinars

Data Analytics, Servicing Products; STRATMOR s CD Workshop; Training and Webinars
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FHA, VA, Reverse News and Training; EverBank Name to Return; Movement Mortgage v DOJ in False Claims Violation?

The other night my cat Myrtle began squeaking in her sleep and moving her paws. She was either dreaming about a Chupacabra, a CFPB exam, or the Department of Justice holding on line 2. Movement Mortgage, LLC, was caught up in the latter, and has agreed to pay the United States $23.75 million to resolve allegations that it violated the False Claims Act by “failing to comply with material program requirements when it originated and underwrote mortgages insured by the Department of Housing and Urban Development’s (HUD) Federal Housing Administration (FHA) or guaranteed by the Department of Veterans Affairs (VA)… Movement Mortgage admitted that it certified for FHA mortgage insurance and VA home loan guarantees a material percentage of loans that did not meet applicable requirements and, therefore, were not eligible under those programs, despite inaccurately representing to HUD and the VA that such loans complied with applicable program requirements. Movement Mortgage

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TPO, Accounting Outsourcing, Processing, DPA Tools; Upcoming Training, Webinars, and Events

Did you know that cows snooze laying down for the four hours of sleep they need a day? Did you know that horses sleep standing up? These tidbits may come in handy for me this week as I head to Cody, Wyoming for the WMLA annual conference. Or they may not. Here’s a question not so trivial: what has 250,000 customers and a $37 billion unpaid principal balance? Answer: Rushmore Loan Management Services’ residential mortgage servicing platform, being sold to Mr. Cooper Group this year. Recall that Mr. Cooper agreed to acquire Roosevelt Management Company, LLC, Rushmore's parent company, to serve as the platform for its mortgage servicing rights fund asset management strategy. Lenders of all shapes and sizes have been selling their MSRs for various reasons, not the least of which is to raise cash in tough times, and it appears that “tough” times will be with our industry for a while. For many lenders, servicing is the only asset worth anything. Depository

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