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February 21, 2014

What We’re Hearing: Nonbank Servicers Get No Respect / Fannie Mae CEO Doesn’t Fear Nonbanks / Freddie Did It First / Ocwen’s Interesting New Bond Deal / Mortgage Vendor About to Announce a Huge Purchase?

By Paul Muolo

Although some regulators have anxiety problems with nonbank servicers, Fannie Mae apparently does not. Meanwhile, a large mortgage vendor M&A deal could be revealed late Friday.

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Poll

What is it going to take to convince lenders to loosen the credit box (i.e., remove underwriting overlays)?

The recent rep and warranty changes announced by the Federal Housing Finance Agency should go a long way in protecting lenders from future buybacks and help expand mortgage credit.
There won’t be any significant elimination of underwriting overlays until the government stops seeking huge mortgage-related penalties and settlements from lenders.
There shouldn’t be any expansion of the mortgage credit box since looser underwriting is what caused the recent mortgage crisis.

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