Since Mel Watt was sworn into a five-year term as Federal Housing Finance Agency director on January 6, the former North Carolina Congressman has made no public appearances or policy statements except for canned comments attributed to him in routine FHFA press releases.
One loan officer based in Southern California said hes seeing bonus offers made to colleagues, but cautioned: Its true, but only if you can prove good volume today not eight months ago.
Fed chairman Janet Yellen told legislators: I think it is really very important for Congress to put in place a new system to address GSE reform. I think we still have a system that has systemic risk."
The FHFA permitted Fannie Mae to continue without the ability to assess repurchase late fees because the GSE claimed the cost of setting up such a program could cost $5.4 million
Despite the news concerning a possible sale, PHHs share price on Wednesday was trading up, but not by much. Its price is still more than $1 below its 52-week high of $26.76.
Still, purchase-mortgage originations fell sharply in the fourth quarter, dropping almost 23 percent from the previous period, according to figures compiled by Inside Mortgage Finance.
Among the changes on the table are disclosing the loan term, total points and fees, the length of any teaser or introductory rate, and the applicant or borrowers age and credit score.
New York regulator Lawsky raised concerns about the servicing cost-savings long touted by Ocwen, which are achieved via technology and employees largely located outside of the U.S.