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The Mortgage MSR Evolution Continues: From Banks to Nonbanks

April 20, 2016
John Bancroft
Nonbanks serviced $2.085 trillion of agency MBS at the end of March, a 2.9 percent increase from the fourth quarter.
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Short Takes: All in the Mortgage Family / Can Ditech’s TPO Strategy Work? / The Megabanks Feeling Less Love for GSE Loans? / 38,865 Fannie Mae Shareholders / FRB Sets 1Q Production Record

April 20, 2016
Paul Muolo and Brandon Ivey
Would you lend money to your relatives? One mortgage firm has made it a business model...
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GSE Roundup

April 20, 2016
FHFA’s Revised NPL Sale Guidelines: This week, the Federal Housing Finance Agency enhanced its nonperforming loan sale guidelines with three key changes. NPL buyers must evaluate borrowers whose mark-to-market loan-to-value ratio is above 115 percent for modifications that include principal reduction and/or arrearage for forgiveness. NPL buyers cannot “walk away” from vacant properties. …
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It was Thought the TRID ‘Scratch & Dent Market’ Would Peter Out. It Hasn’t

April 20, 2016
Paul Muolo
To date, Mid America has bought roughly $115 million worth of product with TRID errors...
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Mortgage Complaints Down Across the Board – According to the CFPB

April 20, 2016
Thomas Ressler
Wells Fargo was the subject of more mortgage complaints than any other player in the sector. Then again, Wells is both the largest lender and servicer.
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Fannie Mae Captured a Slice of Market Share in a Slumping 1Q16

April 20, 2016
John Bancroft
Wells Fargo was the top seller to the GSEs in the first quarter with $22.75 billion, followed by Quicken Loans ($11.33 billion) and JPMorgan Chase ($6.87 billion).
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Next Up for the Blackstone Group/Finance of America: Non-QM Loans

April 20, 2016
Paul Muolo
It’s expected that Blackstone/Finance of America will target borrowers who are self-employed and have a harder time qualifying for conventional mortgages.
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How to Beat TRID in the MBS Sector: Issue Securities Backed by Investment Properties

April 20, 2016
Brandon Ivey
Investors take note: The collateral has a current interest rate of 8.15 percent.
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Short Takes: Wells Fargo Stays the Course on FHA / But FHA Production Drops / A Large MSR Auction from Prestwick / A FHLB Deal from Phoenix / New Hires for New Penn and Ellie Mae

April 19, 2016
Paul Muolo
Wells Fargo spokesman Tom Goyda called FHA lending an “important tool” for the bank.
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GOP Votes to Subject CFPB to Congressional Budget Process

April 19, 2016
Thomas Ressler
The American Bankers Association said it “strongly supports the principle of accountability and balance, and commends the sponsor of this measure for working to improve the accountability of the bureau.”
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