Shellpoint Partners, a specialty finance company, has completed the acquisition of New Penn Financial to provide residential mortgage products to creditworthy borrowers who are locked out of the market. Acquisition cost and other details of the transaction, which was announced June 2, were not disclosed. The New York-based Shellpoint Partners said acquiring New Penn will provide additional liquidity and options to creditworthy borrowers who do not fit the existing underwriting criteria for government-backed mortgages, including jumbo loan borrowers and...
Fannie Mae and Freddie Mac mortgage-backed securities remained a preferred investment for the Federal Home Loan Banks during the fourth quarter of 2010, though down slightly from the previous quarter, according to a new analysis and ranking by Inside The GSEs based on data from the Federal Housing Finance Agency. Meanwhile, Ginnie Mae securities continued...[Includes one data chart]
The Federal Housing Finance Agency announced late this week it has directed Fannie Mae and Freddie Mac to establish consistent mortgage loan servicing and management requirements for loan servicers acting on behalf of the two GSEs. FHFA’s Servicing Alignment Initiative requires...
Even though the collapse in the mortgage market took down some bigger lenders structured as real estate investment trusts, the surviving REITs have emerged stronger and some are edging back into originations. Market capitalization for the sector has surged, from about $1.6 billion in 2000 to $36.1 billion (residential) as of May 31, 2011, according to a new report by analysts at Keefe Bruyette & Woods. But there have been some pretty big sinkholes along the way, with Thornburg Mortgage and New Century forced to shutter their operations. Their demise represented a combined loss of...
Even though only 14 servicers were ordered by federal regulators to change some of their practices, there is a general understanding that the rest of the industry will also have to adhere to some of the new standards just to keep up and avoid future problems, according to experts at a webinar hosted this week by...
Freddie Mac made a major reshuffle of its executive suite this week with its announcement of new leadership in each of its three lines of businesses and the creation of a new division at the GSE, as well as a number of other senior leadership changes.With the move, Freddie consolidates the previously separate Single-Family Credit Guarantee, Single-Family Portfolio Management and Operations & Technology divisions into the new Single-Family and Operations & Technology division.
Using consumer behavior analytics, FICO said it has developed a method to profile so-called “strategic defaulters” in order to determine who is most likely to try to skip out on their mortgage loans. The credit-assessment firm, best known for its FICO credit score, said its research improves on...
The Treasury Department this week announced that it is withholding servicer incentive payments for the three largest lenders in the industry following compliance reviews that found them needing significant improvement in their Home Affordable Modification Program activity. The three servicers – Bank of America, JPMorgan Chase and Wells Fargo – each typically collect about $7 million a month in servicer compensation for non-agency mortgages, according to an Inside Mortgage Trends analysis of Treasury data. Treasury found a fourth servicer – Ocwen Financial – was also in need of...[contains one data chart]
A steep decline in loan origination activity dragged mortgage banking income during the first quarter of 2011 to its lowest level in over two years, according to a new Inside Mortgage Trends analysis. Earnings reports filed by 21 major mortgage lenders showed aggregate mortgage banking income of $3.097 billion for... [Includes one data chart and one graph]
RSS