Low revenues, high expenses and trend lines moving in the wrong direction are causing large bank-owned mortgage companies to underperform compared to independent mortgage banks in the retail space, according to a report by Stratmor Group.
Mortgage Grapevine: Rushmore is buying another origination platform, a sign that mortgage M&A could be on the rise again. Meanwhile, Fannie Mae is offering buyout packages to a select group of employees.
Within the White House, the administration’s point person on GSE issues is Andrew Olmem, who serves on the National Economic Council. Prior to joining the NEC in 2017, Olmem was a partner at Venable, LLP. He also served as the Republican chief counsel and deputy staff director of the Senate Banking Committee.
Noting the disparity, analysts at Wells Fargo Securities suggested that Google search trends provided a more realistic gauge of potential refi activity and prepayment speeds.
The Federal Deposit Insurance Corp. found violations of anti-kickback provisions under the Real Estate Settlement Procedures Act during 2018 supervision activities.
A top CFPB official has defended the bureau’s proposed payday lending rule on Capitol Hill as state attorneys general weighed in to oppose the proposal, noting it will limit states’ ability to protect consumers.
In the first quarter of 2019, the average credit score for retail production included in agency MBS was 725.97, 7.3 points higher than the average for correspondent production and 7.5 points above the figure for brokers.
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