The city councils favorable vote represents a rare notch in the win column for MRP, which has suffered numerous defeats in local jurisdictions across the nation, likely at a substantial loss to the firms financial backers.
Two Harbors revealed that it sold several billions of dollars worth of agency MBS in the third quarter as the assets became less attractive with rising rates. The proceeds will be used to buy MSRs.
The program is intended to provide smaller mortgage lenders that lack direct access to the secondary mortgage market with another option for their home buying customers.
Over the years, HUD has seen a steady decline in its staffing level perhaps to its lowest level ever, in fact while at the same time being called upon to administer an increasing number of programs.
At an investor conference in New York this week, officials from Wells Fargo predicted that residential originations at the bank will fall 30 percent this quarter on a sequential basis.