Another Round of Servicing Layoffs for Ocwen: 300 Jobs in Iowa; India Workforce Continues to Grow September 24, 2015 Paul Muolo The old GMAC servicing platform in Iowa appears to be on a death-watch as Ocwen sells GSE servicing rights and opts for cheaper labor overseas...Read More
Ginnie Mae Chief Tozer to FHA: Find a Workable Solution for Loan ‘Certs’ September 24, 2015 George Brooks Mark Zandi, chief economist with Moody’s, said the biggest impediment to opening up the FHA credit box is the issue of loan certification. Read More
On the Rise Once Again (Finally): Mortgage Debt Outstanding September 24, 2015 John Bancroft Feeding the MSR growth: credit unions, which increased their holdings of un-securitized home mortgages by 8.2 percent over that period...Read More
Ginnie Mae to Ax Almost 100 Inactive MBS Issuers September 23, 2015 George Brooks Ginnie Mae defines “inactivity” as 18 months of dormancy. At least 50 issuers meet that definition...Read More
When Enforcement Becomes Regulation: Industry Reiterates Calls for Clarity on MSAs September 23, 2015 Thomas Ressler The former FHA commissioner noted that: “We’ve seen that before – when enforcement does replace regulation..."Read More
Short Takes: Ginnie Mae Chief Issues a Warning or Two / Ginnie Budget Woes? / Fear the Sale of Servicing Rights? Really? / MBA Reacts to Tozer’s Comments / A Clarification on the Lund SEC Case September 23, 2015 Paul Muolo Meanwhile, the MBA chief – and his members – were caught off guard by Tozer’s comments about nonbanks and servicing transfers.Read More
A Troubling Sign? Correspondent Buyer Throws in the Towel on Jumbo Lending Due to Competition September 23, 2015 Brandon Ivey “It was a great channel for some time, but the competitive landscape is expanding rapidly,” said one executive at the company.Read More
Institutional Investors Spurning Certain Public Mortgage Firms September 23, 2015 Paul Muolo For many investors it has boiled down to this: They’ve had enough and they want out.Read More
And the MSR Deals Keep Coming: $3.2 Billion from Phoenix Capital September 23, 2015 Paul Muolo All of the servicing rights being auctioned off are currently being subserviced by Cenlar.Read More
SEC Drops Case Against Former Fannie Mae Executive Thomas Lund September 22, 2015 Paul Muolo Lund’s vindication comes at a time when both GSEs are now earning several billion dollars per quarter.Read More
RSS