Andrew Martinez

3 weeks ago | nationalmortgagenews.com | Andrew Martinez

The Department of Housing and Urban Development's own counsel is reportedly concerned that Trump administration-induced staff cuts could disrupt mortgage operations and increase fraud and litigation risks. The revelations stem from an internal HUD document seen by Bloomberg Citylab, according to an article published Thursday.

3 weeks ago | nationalmortgagenews.com | Andrew Martinez

Invitation Homes is stepping into the lending business, loaning $32.7 million to a Texas developer for a Houston housing project. The single-family rental giant said the loan to the unnamed builder will support 156 homes, and it will have the option to purchase the project. The publicly traded company, which owns or manages over 110,000 properties nationwide, said it anticipates more development lending.

3 weeks ago | nationalmortgagenews.com | Andrew Martinez

Rocket Cos. is offering a combined $4 billion in senior notes to pay some of Mr. Cooper's ten-figure debt in anticipation of the major acquisition. The Detroit-based fintech said Tuesday it wants to sell $2 billion of senior notes due 2030 and an additional $2 billion of senior notes due 2033, unconditionally guaranteed by Rocket Mortgage. The notes will also be guaranteed on an unsecured basis by Mr. Cooper and Redfin, pending Rocket's acquisition of the public companies.

3 weeks ago | nationalmortgagenews.com | Andrew Martinez

Feds have terminated a consent order against a mortgage lender feds accused of "systemic racism" in the Philadelphia region. A federal judge Monday approved the government's request to terminate its deal with Trident Mortgage, just over two years before it was set to expire. Attorneys with both the Consumer Financial Protection Bureau and the Department of Justice told a Pennsylvania court the long-defunct lender was in compliance with its $22.4 million settlement terms.

3 weeks ago | nationalmortgagenews.com | Andrew Martinez

Newrez wants to dismiss a trio of "zombie" second mortgage lawsuits, suggesting its servicing arm didn't violate, nor is subject to, the lending laws consumers cite. Borrowers accuse Newrez's Shellpoint of inflating the balances of their long-dormant second mortgages, and for long periods failing to send them monthly statement notices. The prospective class action complaints in Georgia, Massachusetts and North Carolina allege various violations of state and federal consumer and lending laws.