pmuolo@imfpubs.com

Quicken Loans, the nation’s largest nonbank originator, is contacting its current base of servicing customers, offering unsecured loans of up to $45,000. The pitch actually comes from Quicken affiliate Rocket Loans…

Meanwhile, Caliber Home Loans is contacting Quicken customers (and other mortgagors as well) offering refinance options, including no “out of pocket” expenses. One pitch we saw was for a 30-year fixed-rate loan at 3.55%. Ah, competition…

In yesterday’s IMFnews we reported on signing bonuses being dangled to loan officers as a recruitment tool. Regarding the topic, Aaron Samples, CEO of First Guaranty Mortgage Corp., told us his company “does not have an issue paying reasonable market rates for top talent,” adding: “We do not want to be penny wise and pound foolish. However, our approach is that we want to be the company of choice in terms of offering a platform and culture that allows the greatest opportunity of success long term for any MLO.” That sentiment was expressed by other executives we interviewed as well…

MORTGAGE PEOPLE: Impac Mortgage, Irvine, CA, named Michael Falce as director of national correspondent sales. It’s Falce’s second tour of duty with the nonbank. He worked for the lender earlier in the decade. His previous employer was Cherry Creek Mortgage.

A Complete Seller-by-Seller Picture of Buyback History and Exposure

Since 2009, Fannie Mae and Freddie Mac have secured $79.8 billion in repurchases on loans sold into their mortgage-backed securities. Another $68.1 billion in repurchase demands was withdrawn or otherwise kicked to the curb in the same period. GSE Repurchase Activity: Cumulative to Second Quarter 2019 looks at the GSE buyback record lender by lender and year by year, providing details on every lender who has faced a buyback demand from either Fannie or Freddie since 2009. You’ll find out how much they paid, how much of it relates to each vintage of MBS, and how much they got Fannie and Freddie to back down on.