Selling mortgage servicing rights into a declining interest rate environment can be tough sledding, but now that rates have headed north again, advisors that play in the space are anticipating strong sales through the fourth quarter and into the early months of 2016. “In the third quarter, we saw a number of large deals and even a handful of $500 million deals that just didn’t get done,” said Stephen Harris, managing director of MIAC Capital Markets. Harris also pointed out a ...
The Department of Housing and Urban Development said it has no plans for now to reduce the FHA annual mortgage insurance premium further in the wake of an annual report to Congress showing the Mutual Mortgage Insurance Fund in better health and achieving a required capital reserve ratio a year sooner than experts predicted. In a press briefing, HUD Secretary Julian Castro said talk about any potential pricing change would be premature despite a ...
The Consumer Financial Protection Bureau’s new integrated disclosure rule didn’t cause a sig-nificant spike in delayed home sales in October, according to the latest Campbell/Inside MortgageFinance HousingPulse Tracking Survey. The Truth in Lending Act/Real Estate Settlement Procedures Act Integrated Disclosure rule took effect near the beginning of October. Many industry participants predicted that the new rule would disrupt mortgage closings ...
Although loanDepot’s multi-million dollar initial public offering is off the table for now, the privately held nonbank is expected to test the market some time again – it’s just a matter of when. The deal was scuttled late last week, after questions were raised about how the company was valuing itself in the IPO documents. Another sidebar was the revelation in the S-1 filing that Chief Financial Officer Jon Frojen had resigned just weeks before loanDepot’s stock was slated to trade. In the S-1, loanDepot tries to dispel the notion that Frojen’s resignation had anything to do with the IPO, saying the change was made by management prior to the
A sense of urgency is starting to grip mortgage industry lobbyists and other officials as they try to push forward a wish list of legislative initiatives in the waning days of the first session of the 114th Congress. One fear is that if provisions they advocate aren’t enacted by year-end, presidential election year dynamics will keep anything substantive from being achieved in 2016. Ron Haynie, head of mortgage finance policy for the Independent Community Bankers of America ...
Industry groups view recently-issued temporary guidelines for approving condominium projects for FHA finance as limited but positive, with the hope that other issues can be addressed in a more comprehensive rulemaking. Announced on Nov. 13, the interim guidelines took effect immediately and will remain for one year to give FHA sufficient time to implement more comprehensive condo rule changes. They include certain changes to the current lengthy and complex ...
As the housing market witnessed its best year yet in terms of recovering from the financial crisis, reports are pointing to continued progress in 2016, albeit at a slower pace. Pent-up demand coupled with sustained job growth and rising home values encouraged homeowners to put their homes on the market, a trend that Lawrence Yun, chief economist at the National Association of Realtors, said he expects to continue into 2016. “Sales activity in 2016 will once again be ...
The OCC’s language was not as strong as earlier reassurances from the CFPB that it would not be taking a “gotcha” or punitive approach when it commences with TRID examinations…
Donatacci helped steer Clayton from survival mode during the financial crisis to solid profitability before the due diligence vendor was sold to Radian Group for $305 million in 2014.
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