The past few weeks haven’t been particularly good for Nationstar Mortgage: Two top executives – including President and Chief Operating Officer Harold Lewis – announced their sudden retirements, and a handful of law firms accused the nonbank of making false statements about its financial condition. Achieving class action status on shareholder lawsuits can be a long and difficult road, but in general, investors in the nation’s largest nonbank servicer aren’t ...
Small and mid-sized independent mortgage bankers have key decisions to make about secondary market strategies and what to do with the mortgage servicing rights they create through originations, and experts say there isn’t a one-size-fits-all strategy. In secondary marketing, lenders that have become Fannie Mae or Freddie Mac approved sellers typically start out at the cash window, said Philip Rasori, chief operations officer at Mortgage Capital Trading ...
An increase in mortgage origination volume helped lenders increase earnings from loan production and secondary market activities during the first quarter of 2015, according to a new analysis by Inside Mortgage Trends. A diverse group of large and mid-sized companies reported a total of $1.910 billion in net earnings from their loan origination and marketing activities during the first three months of the year. That was up 20.1 percent from the ... [Includes two data charts]
Commercial banks and thrifts – most of them – continued their years-long retreat from the mortgage servicing rights market during the first quarter of 2015, according to a new Inside Mortgage Trends analysis of call reports. Banks serviced a total of $4.282 trillion of home mortgages for other investors as of the end of March. That was down $134.2 billion, or 3.0 percent, from the fourth quarter. Compared to a year ago, bank mortgage servicing ... [Includes one data chart]
Several well-known actors, including Henry Winkler, Robert Wagner and Fred Thompson, have appeared in such ads over the past few years, vouching for the products and their safety.
The FHA expects to finalize the proposed rule in August of this year, according to HUD’s new regulatory agenda, although the agency rarely comes close to its projected rulemaking timelines.
The dreary state of the prime jumbo mortgage securitization market will continue for the short term but there’s a silver lining around the bend, according to an analysis by rating agency DBRS. Despite last year’s downturn, the jumbo prime market has seen steady growth in the last five years. In 2010, Sequoia Mortgage ended the drought in the non-agency MBS with a $478.1 million deal backed by newly originated prime jumbo loans. There have been...
Fitch Ratings this week put out a new report detailing the latest updates to its criteria for monitoring U.S. residential MBS for possible ratings changes and to analyze re-securitizations of real estate mortgage investment conduit deals. Among the most significant revisions is a loss severity adjustment for newly-issued re-REMIC transactions. Fitch will adjust the model-projected loss severity assumption for pools backing newly issued re-REMIC transactions by as much as 10 percent to account for differences between model projections and recently observed loss severity trends, according to the report. Fitch’s RMBS loan loss model “assumes...
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