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GSEs in Conservatorship Seen as Working ‘Pretty Well’ for Lenders

April 14, 2015
Brandon Ivey
“Fannie and Freddie have made tremendous strides to provide clarity in the system and create innovations,” said Peter Carroll, executive vice president for mortgage policy and counter party relations at Quicken Loans.
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Wells Fargo’s Originations for First Quarter 2015 Up By 36% Compared with Year Ago

April 14, 2015
Brandon Ivey
Wells' application pipeline is at the highest level seen since the second quarter of 2013.
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Chase Boosts Its Mortgage Originations But Income Takes a Hit Due to Competition

April 14, 2015
Brandon Ivey
Chase had $326 million in net income from mortgage banking in the first quarter of 2015, down 3.6 percent compared with the previous quarter.
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Ocwen Reports Fourth Quarter Earnings, Nonbank’s Auditor Has Concerns

April 14, 2015
Brandon Ivey
Ocwen officials stress that the company has made significant progress in strengthening its operations and capital structure.
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Short Takes: Bank Servicers Better Positioned / Lenders Aren't Ready for TRID / Appraisal Issues / Foreclosure Trends

April 14, 2015
Brandon Ivey
“The greater comfort that banks have in the current regulatory environment has situated them as more potential buyers of mortgage servicing product than was the case several years ago,” Fitch Ratings said.
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Top Lenders Will Accelerate Their Closing Processes for TRID

April 13, 2015
Thomas Ressler
BofA and Chase are among the lenders that will move up their consumer-disclosure related processes.
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Short Takes: Consolidation Among GSE Sellers / Chase Sells MSRs to SPS / House to Vote on Points-and-Fees Bill / Characteristics of Loan Shoppers

April 13, 2015
John Bancroft and Brandon Ivey
The share of GSE business that came from the top five sellers increased slightly in the first quarter of 2015 compared with the previous quarter.
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COO Out at New Day USA as Part of Settlement with State Regulators on LO Testing Issues

April 13, 2015
Brandon Ivey
Regulators found that New Day staff completed continuing education requirements for CEO Robert Posner and COO Paul Alger at least 18 times.
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Heavy Refinance Volume Buoys GSE MBS Business in 1Q15

April 10, 2015
Fannie Mae and Freddie Mac issued a robust $189.92 billion of single-family mortgage-backed securities during the first three months of 2015, according to a new Inside The GSEs analysis.Business in the GSEs’ core MBS guaranty program grew 5.9 percent from the fourth quarter of last year. The pace in early 2015 was up a hefty 47.0 percent from the same period last year, which was the weakest quarter in over a decade. Nonbank seller/servicers continued to gain market share. These companies accounted for 45.6 percent of GSE MBS issued in early 2015, and their total production was up 7.7 percent from the previous quarter. (Includes 2 exclusive charts).
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Sen. Grassley Demands PSPA Third Amendment Transparency

April 10, 2015
Sen. Chuck Grassley, R-IA, chairman of the Judiciary Committee, sent letters on April 7 to the Department of Justice and the Treasury requesting documents and details regarding the government’s 2011 decision to take the bulk of Fannie Mae’s and Freddie Mac’s profits. This comes on the heels of reports suggesting President Obama has invoked executive privilege over some of the documents pertaining to the decision. While admitting that he’s unclear whether or not the president asserted executive privilege, Grassley emphasized the importance of transparency and said taxpayers have a right to know what transpired that resulted in billions of dollars going to the Treasury. “But instead of transparency, there appears to be an invocation of executive privilege,” he said. “If true, this is cause for concern.”
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