Who's winning and losing in mortgage today

Bill Dallas, industry veteran and former president of Finance of America, saw the writing on the wall and left the Plano, Texas-based mortgage lender in mid-2022. Following his departure, the mortgage shop announced an exit from the forward-mortgage space in October. "I think [Finance of America] will come out a winner on the other side," said Dallas. "It's just not in the forward business anymore and they made that decision because the company foresaw that this was going to be a tough slog… and it is." Since then, Dallas has stepped into an active role of advising lenders through his consultancy company, Dallas Capital, which he has been running since 1999.

READ MORE: Bill Dallas on who's winning and losing in mortgage today

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FHA foreclosure prevention fix for higher rates draws mixed reviews

A strategy floated by the Federal Housing Administration as a way to lower the payments of troubled borrowers even when current rates are higher than theirs could work with adjustments, some groups say. "The [payment supplement partial claim], while straightforward in theory and conceptual design, is unnecessarily complex," three associations said in a letter sent to the administration on June 30. In a partial claim, borrowers can push some of their first-mortgage obligations into a second-lien loan that can be repaid later. The PSPC applies that in such a way that loan terms can be temporarily modified below market rates if borrowers have a hardship.

AnnieMac seeks nearly $500,000 from former branch manager

AnnieMac is suing a former branch manager to recoup an alleged $500,000 signing bonus, its second such federal lawsuit against a former employee in the past two months. Peyton Elizabeth Fullerton, a Denver-based originator, owes $496,136.63 after voluntarily leaving the company in January, AnnieMac alleges in its complaint filed last week.

Guaranteed Rate acquires remaining stake in Premia

Guaranteed Rate is buying out its joint venture partner, relocation services company Serva, and acquired the remaining interest in specialty originator Premia Relocation Mortgage. Details about the transaction were not immediately available, including price and the share of Premia that Serva owned prior to the sale. Last August, it merged with another relocation provider, BGRS Worldwide, when it picked up the interest in Premia.

Ellington adds to its NPL, servicing with Great Ajax acquisition

Ellington Financial's proposed acquisition of fellow real estate investment trust Great Ajax creates synergies for its nonperforming and reperforming mortgage loan portfolios as well as in servicing, the company said. "We are extremely excited about the opportunity to add a significant portfolio of strategic assets, including over $1 billion of highly creditworthy first-lien residential RPL and NPL investments at attractive prices, which complement our existing investment portfolio nicely and align with our expertise and existing management platform," Laurence Penn, Ellington's CEO, said in a press release. 

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