Bank of America will pay $1 billion to the U.S. largest false claims act settlement relating to mortgage fraud, states attorneys general and the federal administration announced Thursday. In the largest settlement of its kind encompassing 49 states attorneys general and the federal government, Bank of America is one of five servicers involved in defrauding [...]

Genworth Financial (NYSE: GNW) reported strong fourth quarter earnings of $107 million, up from a $161 loss in the fourth quarter of 2010 and beating analysts’ estimates. Earnings per share were 22 cents compared with a loss of 33 cents in the fourth quarter of 2010. In its quarterly report, Genworth noted the move away from [...]

Urban Financial Group has hired former Genworth account executive Ryan Menerey to join its wholesale lending team, Urban announced today. Menerey joins Urban from his most recent position as regional account manager for Genworth Financial Home Equity Access, where he managed West Coast production. “We were looking for someone to help us as we continue [...]

Reverse mortgage wholesaler and correspondent lender Live Well Financial announced last week that it has received approval to issue Ginnie Mae HECM-backed mortgage securities—more than three years after submitting its application. “We were encouraged to see they approved us,” says Michael Hild, chairman and CEO of Live Well, who attributes the timing to a changing [...]

Urban Financial Group notified its wholesale partners this week that it is seeking feedback on proposed financial assessment guidelines for its reverse mortgage borrowers. In a memo obtained by RMD, Urban outlined the draft of proposed guidelines for borrowers and is seeking comments between now and January 27. The company has not indicated any time [...]

Generation Mortgage has announced that it’s moving away from its proprietary lending system to the use of Mortgage Cadence’s enterprise lending platform, Orchestrator, Finale Document Services, and the Mortgage Cadence Opus imaging solution. “Making the transition from our own technology to working with Mortgage Cadence will allow us to focus on our business processes and [...]