Fitch Assigns Subprime Servicer Rating to Citadel. Could a ‘Rated’ Nonprime MBS Deal be Next? December 21, 2016 Brandon Ivey The company doesn’t outsource or offshore any of its servicing activities.Read More
New Home-Equity Lender Could Fund $450 Million in 2017; Seeks to Hire LOs December 21, 2016 Paul Muolo Shellpoint owns part of Spring EQ and both firms have common owners.Read More
CFPB Urged to Perform Risk-Based Evaluation on Private-Label Servicing December 21, 2016 George Brooks The private-label and subservicing sectors are dominated by nonbanks…Read More
OCC Warns of Credit Risk as Banks Loosen Underwriting Standards for Mortgages December 21, 2016 Brandon Ivey The OCC’s study covers 85 banks that originate first-lien mortgages…Read More
Subservicing Continues to Gain Market Share; Cenlar Maintains Dominance December 21, 2016 Paul Muolo The privately held Cenlar ended the third quarter with a subservicing market share of 25.6 percent, Inside Mortgage Finance found.Read More
New Penn CEO Jerry Schiano Launches ‘Home Equity’ Lender Targeting the ‘Underserved’ December 20, 2016 Paul Muolo The startup is emphasizing its “user-friendly digital” loan process…Read More
Short Takes: MSR Markups Could be Off the Charts / Good News for Ocwen, Nationstar, PHH, Others… / Habib on Rates / Greystone’s Freddie MF Loan / Selene Unveils Staff Changes December 20, 2016 Paul Muolo Barry Habib of MBS Highway told us the Dow will hit 20,000 and then around mid-January stocks will pull back but “not crash.” Read More
Ginnie Mae President Ted Tozer Set to Leave Jan. 20, but Would Like to Remain as a Consultant (For a While) December 20, 2016 Paul Muolo Since the election, Tozer has met with the Trump Department of Housing and Urban Development “landing team” once, for a 90 minute meeting that included Shawn Krause… Read More
The NYCB-Astoria Financial Merger is Kaput December 20, 2016 Brandon Ivey Consumer advocates were among the groups that opposed NYCB’s acquisition of Astoria…Read More
Interest-Only Originations Falter (For Some) in 3Q16 December 20, 2016 Brandon Ivey After PHH Mortgage, the other top IO producers in 3Q16 were JPMorgan Chase, First Republic Bank, MUFG Union Bank, and Citibank. Read More