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Originations
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CFPB Fines VA Lender NewDay $2 Million for Deceptive Ads, Kickbacks

February 11, 2015
Thomas Ressler
NewDay's chairman emeritus is former Ginnie Mae president Joe Murin.
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Jumbo MBS Investor Base Shrinking; Issuance Likely to be Flat This Year

February 11, 2015
Brandon Ivey
The ABS Vegas show attracted more than 6,000 attendees, but few investors appear ready to buy new jumbo MBS.
Read More

Securitization of Nonprime and Non-QM Loans Looking Doubtful for 2015

February 11, 2015
Paul Muolo
Bayview is purchasing from a network of correspondent sellers roughly $10 million per month in loans that don’t meet the QM test defined by the CFPB.
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Short Takes: HUD’s Castro Presents the Math / How Much?/ The Market for FHA Streamline Refis / Citadel Rolls Out ‘Alt A’ Product Named After a Dog / Arvest Mortgages Gets a New CEO

February 11, 2015
Paul Muolo
Citadel Servicing Corp., which has made a name for itself as a new-style subprime lender, has rolled out an Alt A mortgage called “Maggi.”
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Treasury’s Point Man on GSE Reform Punts on Handicapping Passage of a Bill

February 10, 2015
Brandon Ivey
Treasury counselor Michael Stegman noted that policymakers on both sides of the aisle are dissatisfied with the current status quo regarding Fannie Mae and Freddie Mac.
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FHA Working on a ‘Grid’ That Could Protect Lenders From Paying Huge Damages Due to ‘Manufacturing Defects’

February 10, 2015
Paul Muolo
A proposal from FHA could see the light of day within six weeks, some have speculated.
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FHA Lending Took It On the Chin in 2014

February 10, 2015
George Brooks
Among all lenders, Quicken Loans led the pack with $6.67 billion of production, a 27 percent drop from the prior year.
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Short Takes: Mortgage Servicer Hits the Auction Block / Wilshire Buying Mortgage Unit / More on FHA’s ‘Tweaks’ / The CFPB is Spending How Much? / Frank Talk on Risk Retention

February 10, 2015
Brandon Ivey, Paul Muolo, and Thomas Ressler
"My understanding is that FHA is planning on releasing supplemental performance metrics to ‘Neighborhood Watch’ to reduce reliance and focus on just a lender’s compare ratio," said Tim Rood.
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First Republic Top Jumbo MBS Contributor – By Far

February 9, 2015
Brandon Ivey
Some $2.67 billion of jumbo MBS contributions in 2014 were from unidentified lenders, accounting for 27.1 percent of total issuance.
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Mortgage Employment Almost Flat; One Issue: Hiring LOs With Heavy Pipelines

February 9, 2015
Paul Muolo
Another manager noted that, “It’s been very intense recruiting in the markets that have shown the most growth: Texas, California, Florida and the DC [Washington] area.”
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