FHA Commissioner Nominee Brian Montgomery: “To be clear, fraud and misrepresentation have no place in any industry … but I wonder if we haven’t gone too far.”
Mortgage originations continued to gain momentum in the third quarter of 2017, although most experts are calling for a slowdown in the final three months of the year. An estimated $495.0 billion of first-lien home loans were originated during the third quarter, according to a new Inside Mortgage Finance ranking and analysis. That represented an 8.8 percent increase over the April-June cycle and brought year-to-date production to $1.335 trillion – off ... [Includes two data charts[
Some history: When GMAC imploded earlier in the decade, some of its GSE servicing rights were sold to Ocwen. Ocwen eventually sold those contracts to Nationstar.
Officials from the Department of Housing and Urban Development and Fannie Mae made lender-friendly announcements this week at the Mortgage Bankers Association’s annual convention, while Melvin Watt, director of the Federal Housing Finance Agency, focused on some issues that he acknowledged might not be popular with lenders. HUD Secretary Ben Carson said the department is working to make lenders more comfortable originating FHA mortgages. “We have heard ...
For the most part, 2017 has been void of any headline-grabbing merger-and-acquisition deals affecting the mortgage market, but all that is about to change. Investment banking and mortgage officials believe two enticing possibilities are now considered in play: Ocwen Financial, the nation’s 12th largest servicer of home mortgages, and Social Finance, the formerly ballyhooed “fintech” lender that has taken a stab at the jumbo origination space. Ocwen, which has been losing ...
Nearly a dozen industry trade groups sent a letter Tuesday to every member of the U.S. House of Representatives, urging them to support legislative changes to loosen up the points-and-fees cap associated with the qualified-mortgage standard. The legislative vehicle of choice is the bipartisan H.R. 1153, the Mortgage Choice Act (not to be confused with the far more comprehensive, and controversial, Financial CHOICE Act). The measure was introduced in February by ...
The bulk market for mortgage servicing packages is revving up once again as October draws to a close and deal makers try to wrap up transactions before yearend, allowing clients to book income. “I would say that right now the market is pretty good,” said one investment banker. “Pricing is firm, but not as good as it was earlier in the year. Still, it’s the best it’s been in a few months.” Part of the reason for that strength is rising interest rates. As the week draws to a close, the yield on ...
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