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PHH’s ‘Self Liquidation’ Continues. Most of its MSRs Slated for Sale to ‘New Rez’

December 29, 2016
Paul Muolo
The sale proceeds exclude estimated transaction fees and expenses of roughly 5.0 percent...
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Parent of Nation’s Largest Wholesaler Settles FHA Claims for $48 Million

December 29, 2016
Paul Muolo
DOJ notes that although the lender’s internal quality control reviews “showed severe problems with FHA insured mortgages, USFS routinely failed to provide any meaningful information to senior management…”
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Bayview Issues $226.4 Million Non-Agency MBS Backed by Seasoned ‘Daily Simple Interest’ Mortgages

December 29, 2016
Brandon Ivey
The new MBS is backed by 4,274 mortgages that have seasoned for an average of 10.6 years.
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To Privatize (or Not) Fannie and Freddie, That is the Question

December 29, 2016
Carisa Chappell
Tim Howard, a former Fannie Mae CFO, called Mnuchin’s comments “a welcome reset…”
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On the Rise: FHA Loan ‘Defects’

December 29, 2016
George Brooks
The leading cause of adverse findings was incomplete or missing loan documents...
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Short Takes: A Host of Approvals Needed on PHH Deal / A $10 Million Termination Fee / Sell and Subservice / And the Ginnies Go To… / New Hire for Gateway Mortgage

December 29, 2016
Paul Muolo
New Residential is entitled to a $10 million termination fee if the sale falls apart...
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When it Comes to Jumbo Lending, Retail Channel Dominates, By Far

December 29, 2016
John Bancroft
Wells Fargo, for example, reported that 90.7 percent of its third-quarter jumbo originations came through the retail channel…
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Mortgage Insurance Stocks Have Been on a Tear of Late. Can it Last?

December 29, 2016
Paul Muolo
Rising interest rates are good for MI stocks because it translates into greater “persistency…”
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Both Sides of Mortgage Banking Posted Significant Profit Gains in 3Q16

December 28, 2016
John Bancroft
JPMorgan Chase was the only firm that saw a decline in production-related revenue during the third quarter…
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FHFA IG Notes Lack of Transparency in CSP Costs

December 28, 2016
Carisa Chappell
Instead, the FHFA only disclosed specific CSP cost data once – in a September 2015 status report…
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