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Rocket Mortgage wins $10 million dismissal in 2012 lawsuit

Housing Wire

A group of 2,769 West Virginian borrowers claimed in the lawsuit, which was originally filed on July 23, 2012, that Rocket Mortgage (known then as Quicken Loans ) and its insurance arm, Amrock (formerly Title Source ), were unfairly influencing home appraisal values. Rocket Mortgage has faced other legal activity over the last year.

Mortgage 370
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Former Fannie Mae chief named as CEO of Silicon Valley Bank N.A.

Housing Wire

The Federal Deposit Insurance Corporation (FDIC) has named former Fannie Mae CEO and Blend president Tim Mayopoulos as CEO of Silicon Valley Bank N.A. , After being promoted to CEO in 2012, Mayopoulos returned Fannie Mae to profitability, delivering more than $167 billion in dividends to the U.S.

Insurance 397
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FHA finalizes updates to reverse mortgage debenture interest rates

Housing Wire

There are three core provisions in the ML, including a modification of HECM insurance regulations “by defining the date of default as the date for determining the debenture interest rate on loans that become due and payable” after publication of the ML. HERMIT was launched by HUD in October 2012 after a protracted development cycle.

Mortgage 459
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Wolters Kluwer appoints Vikram Savkar as EVP and GM

Housing Wire

Savkar has been a part of Wolters Kluwer since 2012, when he joined as vice president and general manager of the Legal & Regulatory division. During his tenure, he played a crucial role in accelerating the growth of the company’s international legal business.

Legal 365
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Fannie Mae and NAR at odds over flood-risk disclosures

Housing Wire

housing entities are at odds over the future of the federal government’s cash-strapped flood insurance program. NAR, meanwhile, no longer wants to see states excluded from the federal government’s flood insurance program due to not meeting FEMA standards. After Hurricane Sandy in 2012, Congress increased NFIP’s borrowing limit to $30.5

Insurance 397
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The Week Ahead: Servicers Navigate Policy Updates

Appraisal Buzz

Meet the speakers Lisa Banal , Executive Director and Assistant General Counsel in JPMorgan Chase Bank, supports the default servicing legal team and is responsible for providing legal advice to the residential mortgage loan servicing business relating to Regulation X and loss mitigation. He accepted his current position in 2012.

Law 195
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The Proposed NYC "Pied-A-Terre Tax" Looks Catastrophic to NYC Real Estate

Miller Samuel

If you said you are going to impose a special surcharge on apartments that are worth more than $20 million, that would be perfectly legal,” said Peter L. From the New York Times article of October 26, 2014: Pied-à-Neighborhood. “If Faber, a partner at McDermott Will & Emery. That is unconstitutional under the interstate commerce clause.”.