Entries by Lindsay

First American to acquire subservicer ServiceMac

First American Financial Corp. announced Monday an agreement to acquire subservicer ServiceMac, which it anticipates closing at the end of 2021. First American Financial, which provides title insurance, settlement services and risk solutions for real estate transactions, has acquired a minority interest in ServiceMac’s parent company and that interest will convert into equity of ServiceMac […]

How servicers continue to protect neighborhoods amid COVID

HousingWire recently spoke with MCS CEO Caroline Reeves about self-service technology, the shift to virtual events and how servicers can prepare for post-COVID success by improving processes today.    HousingWire: What role has technology played in servicers’ ability to react to COVID-19? Caroline Reeves: Technology has always been critical in our industry. Most recently, we […]

Mortgage forbearances down 2 basis points to 5.9%, led by Fannie and Freddie

The U.S. forbearance rate measuring the share of mortgages with suspended payments fell slightly to 5.9% last week, according to the Mortgage Bankers Association. Though the rate fell 2 basis points, the decline has begun to slow after two weeks of what MBA’s chief economist Mike Fratantoni called “a flurry of borrowers” exiting as they reached the six-month […]

Townstone Financial files motion to dismiss CFPB redlining lawsuit

On Monday, Townstone Financial Inc., a Chicago-based nonbank retail mortgage lender, filed a motion to dismiss a lawsuit the Consumer Financial Protection Bureau filed against the company in July. The July 15 complaint alleged that Townstone violated the Equal Credit Opportunity Act (ECOA) and Regulation B by engaging in discriminatory mortgage-lending practices and that those […]

Should banks be worried about skyrocketing fintech valuations?

Speculation is part of the reason for the growing differential in market capitalization between legacy financial institutions and upstarts. But one venture capitalist says it’s “a call to action” for traditional banks to match fintechs’ all-digital, customer-friendly services. Source: American Banker