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First Western Mortgage

Homeloans & Mortgages Perth West Australia CHOICE HOME LOANS CARINE WESTERN AUSTRALIA are a family financial consultancy. They specialise in home loans ...

MBS trustees score wipeout win in first trial of noteholder claims

(Reuters) - Big banks facing billions in dollars in claims  by mortgage-backed securities investors who allege the banks failed to live up to their obligations as MBS trustees can breathe a little easier today. On Friday, Judge Steven Martin of the Court of Common Pleas in Hamilton County, Ohio, delivered a complete defense win  to MBS trustee Bank of New York Mellon in the first noteholder case to go to trial.

Judge Martin not only found the specific evidence offered by noteholder Western and Southern Life Insurance to be unconvincing, but also – and more importantly for all MBS trustees – rejected investors’ entire theory that MBS trustees were obliged to protect noteholders as the mortgage market soured.

“The trustee was not a gatekeeper,” wrote Judge Martin, who presided over a three-week bench trial in January and February. “It was also not a trustee in the common law sense of the word. The trustee had the duties set forth in the contracts and only those duties. It did not have a fiduciary duty to the plaintiffs.

Western Ohio Mortgage Corp Selects ReverseVision's RV Exchange LOS for Home Equity Conversion Mortgage ...

WOMC is a community lender serving customers in Ohio, Kentucky, Indiana, Tennessee and Florida. An experienced originator of both conventional and specialized loan products, WOMC has offered HECM products for more than a decade, first as a broker and in more recent years underwriting its own reverse loans.

According to WOMC President Teresa Rose, the move to RVX coincides with growing interest in HECM origination among WOMC’s loan officers, particularly when it comes to the HECM for Purchase. HECM for Purchase is a FHA-insured reverse mortgage program through which qualified borrowers can use the equity from the sale of a previous residence to buy their next primary home and take out a reverse mortgage with no required monthly principal and interest payment.

“One of the great things about RVX is that it has safeguards built in to help loan officers who are new to HECMs avoid missing essential steps in the origination workflow,” said Rose. “Together with the specialized training Western Ohio Mortgage requires of all HECM loan officers, RVX makes it easy to originate HECMs efficiently and compliantly.”

How can one mortgage holder "sometimes" charge a processing fee but the other can not?

Aside from language that may be in either mortgage contract, is there a recent law or Court decision that keeps this from being collected in Ohio? What is it?

I live in Ohio.