According to interviews conducted by Inside Mortgage Finance, Laus company, Pingora Loan Servicing, has amassed roughly $10 billion in MSRs in less than nine months.
The new service from Freedom Mortgage will handle all aspects of the mortgage transaction, from the initial customer call to closing and servicing of the loan.
One executive familiar with the practice of signing bonuses noted that typically the money is paid out over 12 months, but if the LO does not repeat their past performance the bonus can terminate in a given quarter.
It appears that the Federal Housing Finance Agency has slowed its search for a chief executive and chairman to manage the fledgling common securitization platform, which is slated to be headquartered in Bethesda, MD. One former candidate for the CEO position told Inside The GSEs: Its pretty much turned into the mess I suspected it would a year ago. Discussing the chairman position, he added: They still havent come to terms on compensation for the person they want.
Credit Suisse late last week broke a two-month lull in jumbo MBS issuance, and JPMorgan Chase appears to be planning a new security. However, the jumbo MBS market is far from flourishing as other issuers continue to avoid the sector. Credit Suisse issued a $287.42 million jumbo MBS last week. CSMC Trust 2014-IVR1 received a AAA rating from DBRS with credit enhancement of 6.85 percent on the top-rated tranche. The deal had...
The new judge presiding over Bank of Americas $8.5 billion settlement with MBS investors this week countermanded, for the moment, last weeks approval of the deal by her predecessor, giving a major opponent of the agreement another chance to argue against it. New York State Supreme Court Justice Saliann Scarpulla agreed to delay approval of the deal until at least Feb. 19 to hear American International Groups appeal. Last week, Justice Barbara Kapnick approved the settlement agreement, except for loan modification claims, as one of her last acts before she took a promotion to the states Appellate Division. BofA agreed...
The mortgage market is just one month into the world of qualified mortgage lending under the Consumer Financial Protection Bureaus ability-to-repay rule. But behind the scenes, investors, legal advisors and technology vendors are working to get ready to enter the non-QM space. I can tell you, at least from the investor side, from the number of investors that I talk to and some of these are cradle-to-grave guys that have originating arms in their organizations, or maybe correspondent networks for which theyre buying they are building infrastructure and capability to process and buy these non-QM type loans, said Dave Hurt, vice president at CoreLogic. So there is genuine interest and significant enough confidence that there will be a market that theyre making investments both in technology and infrastructure to do that. And its not...
Interest shortfalls in the residential MBS space continued to drift higher across different collateral types, tranche types and vintages throughout 2013, according to Morningstar Credit Ratings. As of the December 2013 remittance cycle, nearly one out of five deals (19.1 percent) in our sample experienced a shortfall in at least one tranche, Morningstar said in a recent report. Interest shortfalls take place...