Short Takes: Origination Profits Down 6 Percent / Black Knight: Foreclosure Inventory Continues to Head South / Underwater GSE Inventory / Purchase-Money Stand-Outs According to IMF / UWM Names Chief Digital Officer December 4, 2014 Paul Muolo If you’re looking to buy a foreclosure for a quick “flip,” you might want to act quickly. Inventory is shrinking rapidly...Read More
Treasury’s OFR: Standard Used for QRMs Wasn’t Meant to Protect Lenders or Investors December 3, 2014 Brandon Ivey The Treasury Department noted that QRM standards do not include requirements for loan-to-value ratios. Read More
Genworth Survey: Industry Concerned About G-Fee Increase December 3, 2014 George Brooks Some 61 percent of mortgage executives believe lenders are overly restrictive with underwriting standards.Read More
Some Nonbanks Post Spectacular Growth in Correspondent Lending December 3, 2014 John Bancroft and Paul Muolo As one West Coast-based mortgage executive told IMFnews: “It can be a very tough space. You need lots of capital."Read More
Bank Holdings of Non-Mortgage ABS Spiked Higher in 3Q December 3, 2014 John Bancroft The sharp increase in industry holdings was fueled by a massive acquisition of credit card ABS by TD Bank...Read More
PennyMac Jumps Into Multifamily and Small-Balance Commercial Loan Market December 3, 2014 Paul Muolo Eventually, PMFS hopes to securitize its originations through PMMIT. Initially, its maximum loan amount will be $10 million,Read More
Short Takes: Mortgage Job Outlook for 2015: Go With the Nonbanks / Thanksgiving Gives Mortgage Business Indigestion / Warehouse Execs Flock to Trade Show / Questions Raised on New Warehouse Firm / HUD Finally Gets #2 December 3, 2014 George Brooks and Paul Muolo We’ve heard scattered reports about a new nonbank warehouse provider that is offering extremely cheap financing while asking for large fee payments upfront...Read More
Hedge Fund Glenview Increases Stake in PHH Corp. December 2, 2014 Paul Muolo At 7.59 percent, the hedge fund is now the third largest institutional investor in PHH.Read More
WinWater Set to Issue Its Third Jumbo MBS, FirstKey Helps Aggregate December 2, 2014 Brandon Ivey Prospect Mortgage is the top contributor to the deal with an 11.2 percent share of the collateral.Read More
Fannie/Freddie Guaranty-Fee Disparities: All But Gone? December 2, 2014 John Bancroft At the same time, the market share of GSE business has been redistributed toward the smaller lenders.Read More