When’s the last time a regional or megabank bought a nonbank mortgage company? Wells Fargo? JPMorgan? BofA? Citigroup? Nope, none of them, that we can recall...
Angela Klein, an attorney with the law firm Morrison & Foerster, said her firm has been talking to mortgage lenders that use big data about the risk and how little guidance there is about it.
By now the word is out: Certain unnamed secondary market investors are turning away mortgages because of compliance errors, expressing the opinion they do not want to be on the “liability hook” for any origination errors under the new integrated disclosure rule known as TRID. The Mortgage Bankers Association recently singled out a jumbo investor that’s been rejecting 100 percent of the loans offered by originators. The trade group declined to identify the investor, but other ...
Wells' lending performance stands in contrast to its closest JPMorgan Chase, which reported a 23.3 percent sequential decline in mortgage production for the period.
Goldman actually entered the subprime MBS and financing game a bit late compared to some of its peers. At one point it even owned a small subprime lender.
A handful of large nonbank servicers have expanded aggressively over the past decade by hiring cheap, back-office workers overseas, but don’t tell that to the nation’s largest subservicer, Cenlar FSB. The Ewing, NJ-based firm has no plans whatsoever to outsource its workforce to foreign lands. “We’ve looked at it for a number of years,” said Cenlar Executive Vice President of Business Development Dave Miller. “But it’s not something we felt comfortable with.” Will Cenlar ever change its ...
While mortgage lenders have been using traditional forms of data, like credit reports, to make their lending decisions, the Federal Trade Commission is concerned that “big data” will make it easier for banks to unfairly discriminate against certain segments of the population. Anytime big data is used to categorize consumers in ways that can result in certain populations being put at a disadvantage for things like a mortgage, it becomes a tool for exclusion, the FTC warned ...
There is still roughly $9.64 billion in housing-related funding available under the federal government’s Troubled Asset Relief Program, just in case mortgage lenders/servicers are interested in making more Home Affordable Modification Program loan modifications. According to a new report from the Government Accountability Office, as of Oct. 31, 2015, the Treasury Department has obligated $37.51 billion to three TARP housing programs – Making Home Affordable ...
A significant amount of mortgage originations that were set to be completed before the end of 2015 were pushed into early 2016, according to industry analysts. The closing issues could be related to the Consumer Financial Protection Bureau’s “TRID” integrated disclosure rule, with first quarter production expected to see a boost as lenders adjust to the new requirements. Late this week, JPMorgan Chase offered the first look at origination trends for major lenders ...
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