Bank of the West executive Paul Wible said the lender believes, "A well-underwritten, interest-only mortgage can be a good choice for our customers" and are safe for the depository to hold in portfolio.
Back in September SLS – a subsidiary of the publicly traded Stewart Information Services – bought key assets of Allon’s Allonhill LLC for an undisclosed sum.
Industry consultant Joe Garrett is telling clients that, “We’ve heard of at least one company that uses a fake rate sheet when recruiting loan officers. As you can guess, it shows really great rates, all fake, of course.”
Through the first nine months of 2013, commercial banks sold $1.077 trillion of home mortgages, according to call-report data compiled by Inside Mortgage Trends.
The settlement covers damages suffered by Fannie Mae from misrepresentations Lehman was alleged to have made regarding the quality of non-agency product it sold to the GSE.
Rep. Shelly Moore Capito, R-WV, said many credit unions and community banks “feel that they’re not going to be able to have the flexibility to give the farmer, the medical student, the single mother, the ability to get the home because they’re not going to fit into the QM box.”
The fast growing nonbank servicer/lender also disclosed a preliminary fourth quarter profit in the range of $101 million to $106 million, a 50 percent jump from the prior period.
Mortgage topics don’t always make the President’s State of the Union speech, but President Obama Tuesday night may touch on the issue of credit availability and whether the government has “gone too far.”
In fact, 10 of the 17 banks tracked by Inside Mortgage Trends posted increased mortgage-banking income during the final three months of 2013, and all of them reported a positive showing.
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