Earlier this year, the CFPB brought a $3.5 million enforcement action against Prospect Mortgage, accusing the firm of illegal kickbacks for referrals from two real estate brokers…
Early on, after the lender was sued, Quicken even threatened to leave the FHA program but never did and instead has dominated the FHA “direct” lending market…
The jumbo mortgage market generally kept pace with the robust growth in first-lien originations last year, but the agency component clearly did better than the non-agency side, according to a newInside Mortgage Finance ranking and analysis. An estimated $534.57 billion of single-family mortgages with loan balances exceeding $417,000 were produced last year, an increase of 20.0 percent from 2015. That was in line with the 19.0 percent growth in total first-lien production in 2016. But the agency jumbo market – loans in high-cost markets eligible for securitization by Fannie Mae, Freddie Mac and Ginnie Mae – was...[Includes three data tables]
The nation’s residential subservicing specialists increased their contract base to $1.93 trillion at the end of 2016, a 2.7 percent sequential gain and an impressive 22.9 percent improvement over yearend 2015, according to survey figures compiled by Inside Mortgage Finance. It’s a sign that this segment of the industry is beginning to look a bit crowded, which means profit margins could come under pressure. Over the past year, several fairly large players in the market – Flagstar, Nationstar Mortgage, Walter/Ditech and PHH Mortgage – have sold...[Includes one data table]
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