Subservicer Rushmore Launches Consumer-Direct Channel; Former Nationstar Exec Leads the Effort August 30, 2016 Paul Muolo While Rushmore’s headquarters is in Southern California, the production operation is based in Dallas, where Steve Mix worked for Nationstar.Read More
Prestwick Selling $502 Million of Fannie Mae/ Freddie Mac Servicing Rights August 30, 2016 Paul Muolo All of the loans were funded through the retail channel by the seller company.Read More
MBA: Servicing Losses Worsen by 36 Percent, But Origination Profits Rise 104 Percent August 30, 2016 Paul Muolo The results should surprise few: big gains on production, losses on servicing…Read More
Short Takes: Bank Says ‘We’re a Subprime Lender Too’ / No Ties to BofA / And the Big Three of Nonprime Lending Are… / REIT Exits NPL Market / Former MGIC Chief Lacy Dead at 71 August 30, 2016 Paul Muolo The largest nonprime (non-QM) lenders are likely (in no certain order): Citadel Loan Servicing, Deephaven Mortgage and Angel Oak...Read More
REIT MBS Holdings Up Modestly in 2Q16, but… August 29, 2016 John Bancroft Annaly Capital Management remained the top REIT MBS investor despite an 0.8 percent drop in its portfolio.Read More
MBA Issues Warning on Lenders Getting Involved in Downpayment Assistance Programs August 29, 2016 George Brooks The FHA and the Inspector General of HUD currently are at odds over permissible sources of single-family downpayment assistance offered through housing finance agencies.Read More
A $2.5 Billion a Year Lender Files IPO Documents. It’s a Bank Though… August 29, 2016 Paul Muolo In 2014, FB Financial began retaining more of its servicing rights and now has a $4.0 billion portfolio.Read More
Short Takes: Just Because You’re Kicked Off the NYSE, That Doesn’t Mean… / Buying an MB for Diversification Purposes / A 10 Percent Broker Market Share and Holding / Clayton and Angel Oak / Nationstar is Hiring! August 29, 2016 Paul Muolo The nation's fourth largest servicer, Nationstar Mortgage, will hold a job fair on Sept. 12 at the Maude Cobb Convention Center in Longview, TX. Read More
Should Residential Loan Officers Worry About Their Jobs and Automation? August 26, 2016 Paul Muolo Depending on where they work, mortgage loan officers can earn anywhere from 20 to 100 basis points per loan.Read More
GSEs Introduce a New Loan Dispute Appeal Process… August 26, 2016 Carisa Chappell Fannie Mae and Freddie Mac introduced the IDR program back in February as the final piece to the representation-and-warranties framework.Read More