Only two lenders have consistently provided more than 5.0 percent of the dollar volume in jumbo MBS Redwood has issued this year: First Republic Bank and Quicken Loans.
John Shrewsberry, CFO of Wells Fargo, told the bank’s investors last week that Wells is taking some steps to boost mortgage originations, including an emphasis on interest-only loans. “We are making some modest changes to generate new loan originations, including offering interest-only jumbo mortgage loans to high quality borrowers ...,” Shrewsberry said during Wells’ earnings call. However, when asked for further details, Tom Goyda, a spokesperson for Wells, downplayed ...
The Department of Housing and Urban Development’s lender disciplinary arm, the Mortgagee Review Board, has suspended a Pennsylvania FHA lender from originating or underwriting any new agency-insured loans. In addition, HUD’s enforcement center suspended owner John Seckel from doing business with the federal government. According to HUD, Seckle Capital of Newton, PA, and its owner submitted statements and certifications purporting to show the firm was properly audited by independent certified public accountants, when, in fact, it was not. The MRB said Seckel and his firm engaged in a “years-long pattern” of deceit and falsehoods. The action is the result of HUD’s ongoing effort to hold the mortgage industry accountable for the loans it originates, underwrites or services. According to HUD’s Neighborhood Watch website, Seckel Capital has a compare ratio of 164 percent. Of the 557 loans the ...
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