The starting salary for the CEO is said to be about $450,000 plus benefits, which is roughly double what the new director of the Federal Housing Finance Agency, Mel Watt, earns.
American Advisors Group, whose spokesman is former U.S. Sen. Fred Thompson, R-TN, led with $1.05 billion in reverse mortgage originations and a 9 percent market share.
An industry source said lenders in the Riverside-San Bernardino-Ontario housing market are gearing up to petition HUD to recalculate the FHA loan limits in those areas.
Consumer advocate Ralph Nader has spent years demanding satisfaction for GSE shareholders from the Obama administration, regulators and members of Congress.
New Penn Financial accounted for almost 81 percent of mortgages included in the jumbo deal. In the past, the lender’s originations have been securitized by the affiliated Shellpoint Partners.
The CFPB last week initiated an administrative action against PHH Mortgage, accusing the firm of participating in a multi-million-dollar kickback scheme involving captive mortgage insurance reinsurance. The regulator said an investigation it conducted showed “that when PHH originated mortgages, it referred consumers to mortgage insurers with which it partnered. In exchange for this referral, these insurers purchased ‘reinsurance’ from PHH’s subsidiaries.” The bureau continued, “PHH took the reinsurance fees as kickbacks, in violation...
Republicans on the House Financial Services Committee last week unveiled a new data form on their website, inviting anyone who has been affected by the bureau’s work to “come forward and tell their story” via the new online feature. The GOP members said the webpage function is a part of their efforts to “hold the CFPB accountable.” Perhaps revealingly, one of the webform instructions reads, “please explain any limitation on how we might use your story in our investigation.” Even though the new function had only been operational for...
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