Cowen: “We continue to believe the Senate Banking Committee must release a legislative plan in 2017 for Fannie and Freddie if it is to be enacted in the 115th Congress.”
A little over two years ago, nonbank mortgage giant loanDepot unveiled a second-lien lending program, paving the way for some of its peers to enter the space. But so far, few have stuck their toe in the water. Moreover, it doesn’t seem as though loanDepot is exactly lighting the world on fire with the product, but that could change in the quarters ahead, especially if rates rise and consumers opt to tap equity by taking out a second. loanDepot declined to talk about its program and ...
The GSEs are also working toward issuing credit-risk transfer deals as real estate mortgage investment conduits, which would allow REITs to hold more of the assets.
BRAWL chief Tony Casa said if loan brokers want to send a message to firms that operate in both wholesale and retail, brokers should take their business elsewhere.
Plenty of executives we’ve spoken to the past few months believe the industry is in for a considerable spate of M&A in the year ahead. Then again, we’ve heard that prediction before...
Shopping timelines for purchase mortgages are continuing to shrink, according to a new study by LendingTree, an online loan marketplace based in Charlotte, NC, confirming a broader downward trend identified as well by Ellie Mae, a cloud-based platform provider in Pleasanton, CA. Much of the progress was attributed to the digitalization of the mortgage process. LendingTree analyzed data from a sampling of more than 5,000 closed loans from March 2016 through May 2017 ...
Wells Fargo is working on an online mortgage application process that’s even more advanced than Quicken Loans’ Rocket Mortgage, according to officials at the bank. “I would describe what we’re doing as kind of the next generation, because it’s not just about giving a fast answer,” Timothy Sloan, president and CEO of Wells Fargo, said last week during the bank’s earnings call. He was asked to compare the application Wells is developing with Rocket Mortgage, which allows for a ...
Quicken Loans is a step closer to completing a process that would take it away from aging legacy systems into the world of digital mortgages. The Detroit-based lender has announced a partnership with eOriginal, Inc. that would enable it to complete the final steps towards digitally creating an electronic mortgage note. The process would also allow Quicken to store the e-note securely as an “authoritative copy” and transmit it to a custodian and the secondary market almost instantaneously ...
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