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Surprise: FHA Chief Carol Galante Resigns, Effective This Fall

August 11, 2014
George Brooks
In late July Galante met with the press to discuss working with FHA lenders. But now she's handed in her resignation. Why?
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Walter Posts $12.9 Million Loss for 2Q, Servicing Growth Anemic

August 11, 2014
Paul Muolo
At June 30, Walter/Green Tree serviced $235.2 billion in mortgages, almost flat compared to March 31.
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SIFMA: The Playing Field is Slanted Against Non-Agency MBS

August 11, 2014
Brandon Ivey
SIFMA noted that in recent years both the FHFA and Congress have increased the GSEs’ guarantee fees in an effort to reduce their market share and make non-agency MBS issuance more competitive.
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Massachusetts Bank Selling Bulk Fannie Mae MSR Package

August 11, 2014
Paul Muolo
One of the largest packages currently out for bid is a $1.2 billion Fannie Mae/Ginnie Mae portfolio from Interactive Mortgage Advisors.
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Short Takes: Why is Galante Leaving FHA? / Not All Lenders are Suffering (Compared to Last Year) / Stonegate Has to Spend Money to Make Money / Caliber Hires Builder Chief

August 11, 2014
Paul Muolo
Stonegate Mortgage last week posted a meager second quarter profit of $300,000.
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Originations Increase Across Production Channels in Second Quarter

August 8, 2014
John Bancroft
Mortgage origination volume was up in all three major production channels during the second quarter of 2014, with a slight shift in market share toward the retail channel as well as to brokers, according to a new Inside Mortgage Finance analysis and ranking.
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Smaller Private Mortgage Insurers Report Mixed Results for Second Quarter

August 8, 2014
Brandon Ivey
Essent has another quarterly profit while National MI took a loss.
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Fifth Third Settles with DOJ on Alleged Discrimination Against Consumers with Disability Income

August 8, 2014
Brandon Ivey
The DOJ took issue with Fifth Third for asking potential borrowers with disability income to obtain a letter from their doctor to document the income.
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Short Takes: Ellie Mae to Buy AllRegs / Hope for the Non-Agency Market / Defense of Nonbank Servicers / Combining Ginnie Mae MBS

August 8, 2014
Brandon Ivey
Ellie Mae will pay $30.0 million for AllRegs.
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Agency MBS Issuance Continued Climbing In July, Volume at Highest Since October

August 8, 2014
Fannie Mae, Freddie Mac and Ginnie Mae combined to produce $85.33 billion of single-family MBS in July, up 11.6 percent from the previous month, according to a new Inside MBS & ABS market analysis and ranking. July was the fourth straight monthly increase in agency MBS issuance after the market hit a 14-year low in March of this year. On a year-to-date basis, production was off 54.3 percent from the first seven months of 2013, and it will take a significant increase in issuance over the next five months for the market to hit the $1 trillion mark by the end of this year. All three agencies posted...[Includes two data charts]
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