The CFPB in a recent court filing said buyers of mortgage servicing rights are responsible for violations even if the obligation remains with the original owner for a short period of time.
One of the best kept secrets in the industry surrounds CEO compensation at the nation's largest nonbank originators. According to interviews conducted by IMF, some CEOs earn $10 million to $15 million per year.
Waterstone Bank plans to test the waters of the non-QM market, a niche that most depositories have avoided. Is this part of a growing trend or just an isolated detour into the unknown?
Lower interest rates resulted in strong originations in the second quarter, causing lenders to smile. But for firms with large MSR portfolios, asset writedowns were the norm.
Earlier this year, Wells Fargo offloaded roughly $20.7 billion in Ginnie servicing rights. The buyers? A bank and a nonbank. Meanwhile, the Equifax data hack will cost upwards of $700 million in settlement costs.
Mortgage Grapevine: MSR auctions have been few and far between of late, but all that may soon change. Meanwhile, Stearns Lending has secured the cooperation of its largest bondholder, PIMCO, to reduce its debt load. Now, it's just a matter of time and working with the bankruptcy court.
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