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Lower GSE Loan Limits Could Test Non-Agency Capacity

September 24, 2013
Brandon Ivey
The talk has prompted speculation that the FHFA could lower the conforming loan limit to $400,000 or, as conservator of the GSEs, direct them to reduce high-cost loan limits.
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Citi Cuts 1,000 Mortgage Workers, Won’t Rule Out More Layoffs

September 24, 2013
Paul Muolo
The bloodletting in Citigroup's mortgage division may just be starting.
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Former BofA Mortgage Chief Art Ringwald Hopes to Raise $100 Million

September 24, 2013
Paul Muolo
Art Ringwald, who helped put Bank of America on the mortgage map before departing in 2001, is looking to do "roll-ups," among other things.
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Short Takes: So Far, Loan Officers Have Been Spared / Nationstar Raises More Money / DOJ About to Sue JPM? / 200,000 Consumer Complaints Filed with CFPB / FHA Updates Loss Mitigation Options / Wilbur Ross Cleans Up on Ocwen

September 24, 2013
Paul Muolo and George Brooks
Loan officers, so far, have been spared the layoff carnage, but that may change depending on where volumes wind up.
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Banks Continue to Shed Home Equity Loans

September 23, 2013
Brandon Ivey
Banking regulators believe delinquency rates on HELOCs soon may rise sharply upward as a significant number of second liens reach the end of their draw period.
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OMB Signs Off on FHA Draft QM Rule, But HUD Mum on Details

September 23, 2013
George Brooks
HUD declined to discuss the contents of the proposed standards or indicate a timetable for a final QM rule.
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Nationstar Gets $1 Billion Servicing Advance Facility

September 23, 2013
Paul Muolo
Nationstar's new filing with the Securities and Exchange Commission offers little in the way of information on the terms of the new $1 billion facility.
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Short Takes: Is PHH In Play? / The GSE Buyback Plague Isn’t Quite Over Yet / Jumbo Rates May Spike / Servicing Term Loan Coming / Government Shutdown Could Delay Lower GSE Loan Limits

September 23, 2013
Paul Muolo
PHH saw its share price spike late last week after rumors spread that it may sell a large block of mortgage servicing rights.
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Citi Latest Megabank to Cut Mortgage Jobs: 1,000 Get Pink Slips

September 23, 2013
Paul Muolo
Citi handed pink slips to 1,000 mortgage workers on Monday. It appears that some loan officers were let go.
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Lender Proxies on Capitol Hill Press Cordray on QM Implementation

September 23, 2013
The CFPB’s ability-to-repay qualified mortgage rule is steaming full speed ahead with January implementation, and that has anxious lenders appealing to sympathetic ears on Capitol Hill for relief, one way or another. During a hearing earlier this month before the House Financial Services Committee, Rep. Shelley Moore Capito, R-WV, raised with CFPB Director Richard Cordray concerns she’s been hearing from some of her mortgage lender constituents about the bureau’s pending mortgage rules, including the ATR/QM. During a roundtable she held...
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