Over the past 18 months or so, the DOJ has expanded FCA use to reverse mortgages and loan servicing, according to attorneys Phil Schulman and Kristie Kully…
Banks, thrifts and credit unions accounted for 50.5 percent of first-lien mortgage production by the top 100 lenders in the first quarter, according to survey figures compiled by Inside Mortgage Finance…
A group of servicers and other industry participants is focusing on issues with government-insured mortgages and has plans to simplify servicing practices. The Mortgage Servicing Collaborative was organized by the Urban Institute’s Housing Finance Policy Center. It includes representatives from a number of major servicers along with some officials from trade groups, consumer groups, investors, mortgage insurers, vendors and academics. The goal is...
Nearly every cross-section of the mortgage production business saw sharp declines in lending volume during the first three months of 2017, leaving the distribution of new originations virtually the same as last year. Banks, thrifts and credit unions accounted for 50.5 percent of first-lien mortgage production by the top 100 lenders in the first quarter. Their combined volume was down 32.2 percent from the fourth quarter, while the 54 nonbanks in the top 100 had an aggregate decline of 32.6 percent. There was...[Includes two data tables]
To date, the focus of housing-finance reform has been on Fannie Mae and Freddie Mac, but they aren’t the only government-sponsored enterprises in the current system. The Federal Home Loan Banks wobbled through the crisis without needing a bailout and have been profitable ever since. There’s increasing chatter in Washington circles that the FHLBanks should be addressed in reform too. One key question is the matter of consolidation. There are 11 FHLBanks, each operating with its own management team, highly paid directors and staffs that could be combined. According to former Chicago FHLBank President Alex Pollock, “Discussions of merging the FHLBs are...
Sindeo, a mortgage technology-centric company billed as a “disruptor” in some quarters of the industry, closed its doors earlier this month, spurring new talk that making headway via innovative software isn’t so easy – especially in a challenging origination market. As one veteran mortgage consultant put it: “There are no Amazons in this industry,” a reference to the online giant that has profited by causing a wave of destruction in the traditional retail space, including clothing stores and book outlets. Regarding Sindeo’s collapse, Jordan Brown, CEO of MarketWise Advisors, added...
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