According to an informational circular on Angel Oak Mortgage Solutions, some of the top executives at the firm used to work for Southstar Funding in Sandy Spring, GA.
Business is booming at Fannie Mae and Freddie Mac thanks to a healthy surge in refinance activity, according to a new Inside Mortgage Finance analysis of mortgage-backed securities issued by the two government-sponsored enterprises during the first quarter of 2015. Fannie and Freddie issued a total of $189.92 billion of single-family MBS during the first three months of the year. That was up 5.9 percent from the fourth quarter of 2014, and it marked the biggest output for the GSEs since the third quarter of 2013. Early 2015 was leaps and bounds ahead of the pace set during the same period last year, which marked a 14-year low in mortgage production. All of the oomph came...[Includes three data charts]
If preapproval letters from certain lenders are routinely unreliable, real estate agents tend to suggest that homebuyers apply for a mortgage with a different lender, according to new research by Campbell Surveys, based on a national survey sponsored by Inside Mortgage Finance Publications. “Agents are sometimes skeptical of mortgage providers selected without their consultation,” said Tom Popik, research director of Campbell Surveys. Before working with a potential homebuyer, real estate agents largely prefer...
The nation’s two largest nonbank servicers – Ocwen Financial and Nationstar Mortgage – have relatively low replenishment rates, meaning it’s harder for them to replace portfolio runoff through new production, according to a new analysis from Inside Mortgage Finance. Based on full-year origination and servicing figures for 2014, Ocwen was only originating enough new loans to replace 1.03 percent of its servicing portfolio. Nationstar had a somewhat stronger replenishment rate of 4.46 percent. In the overall market, 2014 originations of $1.24 trillion equaled...[Includes one data chart]
The integrated disclosure rule from the Consumer Financial Protection Bureau continues to shake up the mortgage industry months before it even takes effect. Particularly unsettled are settlement agents, who hope they continue to stay relevant in the new world of mortgage originations, but fear their role will be diminished if not rendered obsolete. “The lender is ceding less authority to the closing agent but they are still letting them close the transactions with greater supervision,” said one industry insider. “Could that change? There is a fear it might, but that is not how it is now.” Joseph Ventrone, vice president for regulatory and industry relations at the National Association of Realtors, put...
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