Residential Production Slowed in 1Q: The Wells Fargo Effect April 25, 2013 John Bancroft Home lenders funded $500 billion worth of new mortgages in the first quarter, a strong showing, but down 5 percent from the fourth quarter. Quicken Loans had the strongest growth rate among the top 10. Read More
Department of Justice to Lenders: Settle With Us Now or Pay More Later April 25, 2013 Thomas Ressler The government is warning mortgage lenders to settle their fair lending cases upfront instead of litigating.Read More
Flagstar Sees Production Decline, Stock Hammered in Trading April 24, 2013 Paul Muolo Although Flagstar earned money on its mortgage business in the first quarter, its gain-on-sale margin took a major hit. Read More
Redwood and Other Non-Agency Players Want Congressional Help to Boost Production April 24, 2013 Brandon Ivey The non-agency/jumbo market cannot truly revive until Congress passes laws aiding transparency and decreasing risk to potential participants.Read More
Michael Laus Pingora Buys Delaware Mortgage Banking Firm April 24, 2013 Paul Muolo Michael Lau, the man who helped Phoenix Capital corral Bank of America as a client, has purchased his own mortgage banking firm. Read More
Short Takes: Stearns Gets Serious About Servicing / BofA Has High Delinquencies on Second Liens / FHFA Continues to Hunt for MBS Platform CEO / Akre Departs Trading Firm for Oak Circle / CFPB Frets About Pay Day Lenders April 24, 2013 Paul Muolo and Thomas Ressler Stearns Lending, one of the fastest growing servicers in the U.S., has hired a new manager to help it with servicing acquisitions. Read More
As GOP Complains, CFPBs Cordray Defends Agencys Data Collection Efforts April 24, 2013 Thomas Ressler Republicans in Congress worry about the CFPB collecting too much data on consumers but are their concerns overblown? Read More
Short Takes: CFPB Showing Some Love for Banks / Fannie About to Award a Big Tech Contract? / FHFA Doesnt Want Higher Minimum Net Worth / Home Buyer Traffic Spikes / 100 Percent LTV Loans Not on NCUAs Radar? April 23, 2013 Paul Muolo Residential lenders can rest easy: the GSEs aren't about to hike their net worth minimums. Also: the CFPB shows some love to banks. Read More
House Banking Chairman Wont Let CFPBs Cordray Testify April 23, 2013 Thomas Ressler Although Rep. Hensarling rebuffed Cordray, the CFPB chief delivered the agencys semi-annual report to the Senate Banking Committee Tuesday morning. Read More
Prices Climbing for Jumbo Mortgages April 23, 2013 Paul Muolo The jumbo market is heating up, which means the price paid for whole loans is on the rise.Read More