Axia Home Loans sues MasonMac for poaching

Another non-bank mortgage lender is taking a competitor to court over poaching claims, suggesting its rival's scheme is still ongoing. Axia Home Loans sued Mason-McDuffie Mortgage two weeks ago in a California federal court, requesting the lender return all information it took with departing employees. MasonMac, the name under which Mason-McDuffie conducts business, poached 28 Axia workers last summer from branches in Florida, Minnesota, Oregon and Washington, according to the lawsuit.

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Foreclosure filings up 13% in first half of 2023

Foreclosure filings during the first six months of 2023 increased 13% year-over-year and were 185% higher than two years ago, but are still lower than historic norms, Attom Data Solutions said. Through the end of June 185,580 properties nationwide had some sort of activity — default notices, scheduled auctions or bank repossessions — up from 164,581 for the same period in 2022. "Similar to the first half of 2022, foreclosure activity across the United States maintained its upward trajectory, gradually approaching pre-pandemic levels in the first half of 2023," Attom CEO Rob Barber said in a press release.?

Figure adds four nonbanks to HELOC partnership program

Figure Technologies, the blockchain-focused fintech, has entered into partnerships with four independent mortgage bankers to provide a private-label home equity line of credit product as first-lien business declines. The four companies are CMG Financial, CrossCountry Mortgage, Fairway Independent Mortgage and The Loan Store. These agreements were announced nearly a month after Figure Technologies launched its own HELOC wholesale loan production platform. "As a company committed to innovation in both platforms and products, we are honored to have a collaboration with Figure that enhances the advantages of homeownership," said Christopher George, CMG Financial president and CEO, in Figure's press release.

Beeline rolls out an AI chatbot named Bob

If you have a question about the mortgage process or a specific product, Beeline Loans' AI chatbot, Bob, will likely know the answer. The bot, launched in early July, was in development for over five months, according to Nick Liuzza, the CEO of Beeline. As conversations around ChatGPT and AI gained steam in the first half of the year, leadership at the digital mortgage lender believed having an AI-powered solution such as Bob would set it apart from the competition. The bot has been taught to "speak the Beeline speak," to understand the difference between a conventional and non-conventional mortgage and can provide a quote to a borrower.

Borrowers would run with the bulls to escape their debt, survey finds

Eleven percent of Americans would run with the bulls to get out of their debt, a survey by Beyond Finance said. Twelve percent would swim with the sharks, and 31% would spend the night on a deserted island. Although many current homeowners refinanced over the last few years, the average American struggles with debt because of current high interest rates: 33% of those surveyed said their debt prevented them from buying a home and 30% said it prevented them from buying or leasing a car. "There's extreme amounts of anxiety and stress out there," Erika Rasure, a licensed financial therapist on the Financial Therapy Clinical Institute research board, said.

Wells Fargo $94M settlement in limbo after judge declines to lift stay

An Ohio federal judge refused to lift a pause on a proposed $94 million settlement between Wells Fargo and a group of borrowers who claim the bank placed them into forbearance without their consent during the pandemic's early days. Both the plaintiffs and the bank filed a motion for the federal court to once more consider the settlement, which was originally reached in mid-2022, but the judge ruled that neither party articulated "sufficient reasoning to meet the high bar." Instead, the court in Ohio ruled that continued litigation in California's Northern District, closely related to the case, justifies the need to continue the stay to "promote efficiency and fairness."?

Mortgage rates creep closer to 7%: Freddie Mac

The 30-year fixed rate mortgage rose 15 basis points last week to just shy of the 7% mark, according to Freddie Mac. However, other rate trackers moved more in line with the 30-basis-point drop in the benchmark 10-year Treasury yield since Monday. Freddie Mac's Primary Mortgage Market Survey put the 30-year FRM at 6.96% for July 13, up from 6.81% seven days prior and 5.51% for the same period one year ago. The 15-year FRM increased just 6 basis points week-to-week, to 6.3% from 6.24%. For this week in 2022, it was 4.67%.

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