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Nationstar debt collection case tossed for lack of standing
For the second time, a federal court judge in Pennsylvania has dismissed a legal action filed against Nationstar and others, now stating the plaintiff lacked standing to sue.The other defendants are Wilmington Savings Fund Society as the trustee for a mortgage-backed securities trust, and A&D Mortgage, who originated the loan in September 2023 and securitized it the following month.However, Judge Mia Roberts Perez of the U.S. District Court for the Eastern District of Pennsylvania dismissed the case without prejudice and she is allowing plaintiff Kimberly Byrd Estate to refile another amended complaint by Dec. 4.Judge Perez issued her decision on Nov. 13.Byrd first filed the case in March 2024 with the first amended complaint filed in May of that year, the docket said.Judge Perez dismissed the first amended complaint this past March because Byrd in her view did not sufficiently allege the defendants were debt collectors under the Fair Debt Collection Practices Act. Furthermore, Byrd did not sufficiently allege the defendants intentionally misled her or that she justifiably relied on their misrepresentations. Nor did Byrd identify specific statutory provisions or state laws that were violated, Perez wrote in her latest ruling.The judge then gets into past precedents regarding issues involving Byrd's legal standing raised by the latest amended complaint. Byrd must prove three things: she suffered an injury; that it is fairly traceable to the defendant's conduct; and the injury can be redressed by a favorable judicial decision.Those precedents include a June 2021 U.S. Supreme Court decision involving standing, Transunion v. Ramirez, which was then used to vacate a decision against Amrock, the title agent business owned by Rocket."Plaintiff's claims revolve around certain misrepresentations or omissions by Defendants," Judge Perez wrote. "Applying the above principles, it is clear the [second amended complaint] does not establish either informational or traditional injury sufficient to confer standing for any of Plaintiff's claims."Later Perez wrote that Byrd did not establish "even a 'trifle of injury' stemming from the alleged conduct." Byrd is representing herself in this matter, the docket report said. Her fiduciary, Chris Nero, spoke on her behalf in an interview.Byrd will both appeal Judge Perez' ruling and file another amended complaint, Nero said.Nero compared what has been going on with this case with a game of checkers, where the judge put Byrd in "an unconscionable situation."Byrd's first move was affidavits which the defendants never responded to because the judge blocked them with "an unlawful order," said Nero.As soon as Byrd "moves that checker and amends. It's over because she made the wrong move," Nero said.The loan was for $437,850. The mortgage note was separated from the deed of trust, Nero said.Nationstar started servicing the mortgage after it went into default, but did not provide Byrd with a change of ownership or beneficial interest, the amended complaint said.Nero claimed the lenders did not have to tell Byrd this fact unless she asked."And that's the problem, Ms. Byrd dared to ask," Nero stated. "They wouldn't give her a remedy, she went into the court, and now the court is now doing things that are, quite frankly, unconstitutional."Byrd's second amended filing alleged violations of the FDCPA, as well as the Truth-in-Lending Act; Home Ownership and Equity Protection Act; and the Real Estate Settlement Procedures Act. Other violations were alleged including the state's unfair trade practices law.Ocwen was originally a defendant in this case, but a stipulation was reached in July 2024 which dismissed the company with prejudice.MERS was listed as a defendant in the amended complaint. But it was terminated from the proceeding in April, the docket report said.National Mortgage News reached out to Rocket (which acquired Mr. Cooper, the rebrand of Nationstar Mortgage); WSFS and AD Mortgage (the rebranded A&D) for comment. WSFS does not comment on ongoing legal matters, it responded in an email.
What privatizing the NFIP would cost homeowners: Insurify
Privatizing the National Flood Insurance Program would raise premiums by hundreds of dollars, according to a study that estimates the impact as policymakers weigh potential changes and mortgage-related coverage costs climb.The average 64% increase would equate to an additional $600 in annual costs for the average homeowner with flood insurance, who currently pays $933 a year, according to Insurify. The comparison shopping platform also found increases could be far higher in some states.The recent budget-related government shutdown that affected the NFIP, and speculation that the Trump administration could heed a conservative think tank's suggestion to privatize the program, have increased interest in measuring how such a change could add to homeowner costs.Like many federal budget items, the NFIP program was renewed through the end of January and retroactively authorized as part of agreements that ended the recent 43 day shutdown, the longest in US history. Which states would have the biggest price hikes if NFIP was privatized?Hawaii would face the biggest percentage increase with its payment rising 218% from $787 to $2,507. West Virginia would follow with a 176% which is magnified by the fact homeowners in the state currently pay a particularly high average $1,678 premium that would rise to $4,633. New Hampshire would experience a 131% increase, with its average premium rising from $1,140 to $2,637.None of these states are in the top five that dominate NFIP policies by volume but they all do have some prominent flood concerns. Insurify notes that research from climate-risk modeling non-profit First Street shows over 30% of the properties on Hawaii's islands face elevated risk, West Virginia's "steep inclines and narrow valleys" contribute to its high insurance costs and New Hampshire contends with "snow accumulation and heavy rains."How much would prices go up in states with the most NFIP policies? States that account for most of the nation's flood policies would see notable premium increases under privatization, even if the spikes fall short of those expected in Hawaii, West Virginia and New Hampshire.Florida, which accounts for around 38% of domestic flood policies, would experience a 76% increase that would drive the average premium up from $902 to $1,584. Texas' share of the flood market is 13%, and its average premium would rise by 53% from $923 to $1,408. Louisiana, the state that takes out the third largest number of flood policies in the United States, counts on the NFIP for 97% of its coverage and would see its average premium of $965 rise 87% to $1,805.The methodology behind Insurify's findingsInsurify examined data from the NFIP, Federal Emergency Management Agency and the National Association of Insurance Commissioners' Private Flood Data Call report to estimate privatization's impact.Data specifically examined included FEMA's median pricing data for single-family homes, which it applied risk-based insurance rates to at the state level.Insurify noted that estimates may not match rates of individual insurers and could vary widely depending on the property or company involved.
Zillow launches new tool to help renters build credit
Zillow is helping renters use their monthly payments to boost their credit profiles through CreditClimb, a new tool powered by Esusu.Renters can now enroll in CreditClimb directly through Zillow to have their on-time rent payments reported to the three major credit bureaus for $20 a year. The tool also helps renters track their credit score and allows them to input their last two years of rent payments to further improve their score."Renters have more options when they have paths to establish and strengthen their credit," said Michael Sherman, senior vice president of Zillow Rentals, in a press release Wednesday. "That can mean qualifying for better financing, securing their next rental or moving confidently toward homeownership. With CreditClimb, renters can use the rental payments they already make to build credit and strengthen their financial future."More than 85% of renters don't see their monthly payments reflected in their credit reports, according to a TransUnion report, limiting the loans they can apply for. But those using Esusu-powered programs have seen an average increase of 45 points to their credit score, unlocking more than $30 billion total in mortgages after reporting rent payments, the release said. CreditClimb submits payments to Equifax, Experian and TransUnion, so that on-time payments contribute to a renter's credit profile.Zillow launched free rent reporting early last year, and has since helped more than 147,000 renters improve their credit scores, according to the release."Esusu is honored to support CreditClimb and expand new credit-building opportunities for Zillow users across the country. Credit is more than a number on a page. It is a gateway to dignity, stability, and a chance to pursue the American Dream," said Samir Goel and Wemimo Abbey, co-founders and co-CEOs of Esusu, in the release. "By joining forces, Esusu and Zillow are helping millions of renters …"Esusu, a financial technology platform, has been helping renters build credit for years, partnering with Freddie Mac in 2021 and lenders like Berkadia.
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