Investors at private equity firms told IMFnews that they believe Lawsky is using the DFS as a “bully pulpit,” paving the way for a possible run for public office.
Non-agency mortgage lending staged a minor revolt in 2013, reversing two years of increasing domination of the market by Fannie Mae, Freddie Mac and Ginnie Mae. The only growth spots in the mortgage market last year were in jumbo originations and home-equity lending, according to a new ranking and analysis by Inside Mortgage Finance. Jumbo production surged 20.9 percent from 2012 levels to an estimated $272 billion – the strongest output for the sector since 2007. Home-equity lending was...[Includes two data charts]
The InterLinc executive said there’s a great deal of interest from potential acquisition targets, but he cautions that, “Not everyone wants to make the move.”
“While we’re trying to lend fairly in an unfair world, the regulatory and enforcement apparatus have created this environment that we’re in and they will be looking to enforce based upon those rules,” said industry consultant Maurice Jourdain-Earl.
In early September, in an exclusive report, Inside Mortgage Finance broke the news about funding delays at the company. At the time, a Nationstar spokesman blamed the situation on the changing of document custodian vendors. (It would not name the vendor.)
Some mortgage technology consultants, speaking on-background, are prophesizing that the investment will lead to Google moving into the realty market and becoming a direct competitor to traditional Realtors.
Prospect Mortgage had roughly $975 million in committed warehouse lines at yearend. Its three largest providers include UBS Securities, Bank of America/Merrill Lynch and Fannie Mae.
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