Mortgage-investing real estate investment trusts are having a field day this year, selling additional common stock – and even preferred – to the public, while nonbank lender/servicers continue to be locked out of the market. And given the fact that origination volumes could wind up 20 percent lower this year than in 2016, it’s unlikely that investors will give nonbanks much of a chance unless they can prove themselves as “disruptors” with a “fintech” bent to their operating strategy. But that isn’t...
For years, big banks have delivered nearly all of their conforming mortgage production to the government-sponsored enterprises and retained their jumbo mortgages in portfolio. But some big banks have changed tactics, exploring differing execution options for their originations. Paul Donofrio, CFO of Bank of America, said the bank retained about 90.0 percent of its mortgage production on balance sheet in the second quarter of 2017. BofA had $18.0 billion in originations during the quarter, including first mortgages and home-equity loans. The loans retained...
Watt noted that, “Some lenders are finally showing more willingness to extend credit to borrowers who meet the broader credit criteria reflected in the enterprises’ credit boxes…”
Ocwen originated $699.6 million in the second quarter, with a near doubling of retail originations unable to fully offset the wind-down in correspondent production…
Cowen & Co. analyst Jaret Seiberg believes the Senate Banking Committee remains on track to unveil GSE reform legislation late in the fourth quarter...
In past SEC filings Radian hinted that a write-down tied to its 2014 $305 million purchase of Clayton might be in order, but the company never pulled the trigger.
The biggest surge was in non-agency securitization of mortgages on hotels and other lodging properties, which jumped 88.7 percent from the first quarter.
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