Redwood CEO Chris Abate: “Our game plan in the third quarter was a bit unconventional – we ran an up-tempo offense, squarely in the face of mortgage market headwinds.”
The modest decline in total first-lien mortgage originations during the third quarter affected most sectors of the market, but it hit a little harder at the prime-jumbo space, according to an exclusive new Inside Mortgage Finance analysis. (Includes two data charts.)
Increasingly worried about the liquidity of its largest nonbank issuer/servicers, Ginnie Mae is telling this select group of companies to come up with a plan to address what an agency spokesman characterized as “eventualities.” (Includes one data chart.)
Lenders that predominantly originate purchase mortgages might have been better prepared for the shift away from refinances but they’re not immune to the tighter margins that have accompanied increased competition for volume in recent months.
The potential sale of Ditech Financial – the largest prize in the mortgage M&A arena – hit a potential snag this week after the New York Stock Exchange suspended trading in the company’s common stock along with Series A and B warrants.
PennyMac Financial Services is turning profits, increasing originations, acquiring servicing and looking to grow market share while other lenders are faltering under increased competitive pressure.
Fannie Mae and Freddie Mac generated a combined net income of $6.72 billion during the third quarter of 2018, down slightly from the $6.96 billion they generated in the previous period.
The Department of Housing and Urban Development is working on a memorandum of understanding on the proper use of the False Claims Act in FHA enforcement and considering increased penalties under the Mortgagee Review Board as an alternative to FCA.
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