There has been some speculation that DeMarco might want the CSP CEO job, which pays in the range of $400,000. But many sources we talked to doubt it will happen.
Under the proposed rule, participating states would require that an AMC register in the state and be subject to its supervision. Only state-certified or licensed appraisers would be allowed to participate in federally related transactions, such as the closing of a home mortgage.
According to exclusive figures compiled by Inside Mortgage Finance, almost 85 different lenders made FHA mortgages in 2013 that had FICOs of less than 550.
All the world loves the CFPB? Not in the mortgage space, it seems. Financial services consultant Joe Garrett said he has six mortgage clients that have undergone exams by the agency. To say the least, it hasn't been a happy experience.
When Fed Chair Janet Yellen was subsequently asked to define what the committee meant by the term “considerable time,” she replied that it is “hard to define” but “probably means something on the order of around six months.”
Top Democrats on Capitol Hill are peeved that the Justice Department is not making the prosecution of mortgage lender and servicer abuses much of a priority, and they are pressing Attorney General Eric Holder for a meeting to discuss what to do about it. Their ire was raised by a recent report from the DOJ’s Inspector General that found, among other things, that the department had not prioritized the investigation of mortgage fraud and that it reported unreliable, inflated statistics about the scope of its prosecutorial efforts. In a letter to the DOJ, Reps. Elijah Cummings, D-MD, and Maxine Waters, D-CA, and Sen. Elizabeth Warren, D-MA, focused...
Bank and thrift holdings of adjustable-rate mortgages have increased significantly in recent years, according to an analysis by Inside Mortgage Finance, driven in part by originations of jumbo mortgages. Banks and thrifts held $647.42 billion in ARMs in portfolio as of the end of 2013, according to call-report data. The total ARM portfolio increased by 0.7 percent last year, the third annual increase in a row, while the aggregate bank and thrift retained portfolio of first-lien mortgages fell 3.0 percent. ARMs accounted for 37.1 percent of the bank/thrift mortgage portfolio at the end of 2013, compared to just 31.9 percent at the end of 2011. Lenders have to keep generating...[Includes two data charts]
It’s been a busy quarter for sales of mortgage servicing rights, but most of them have involved portfolios of $2 billion or less, spurring talk in the industry that regulatory oversight of MSR transfers is affecting the mergers and acquisition market. In particular, dealmakers are starting to call it the “Lawsky Effect,” named after Benjamin Lawsky, the superintendent of the New York Department of Financial Services who in early February put a “hold” on Wells Fargo’s sale of $39 billion in MSRs to Ocwen Financial. Lawsky has stated his concerns about Ocwen’s fast growth, its capacity to take on massive new assignments and complaints about some of its servicing practices. “I have not heard...
FHA lenders reported $8.7 billion in new originations in January, down from $10.9 billion in December and $23.7 billion from a year ago. Most were fixed-rate mortgages and 77.1 percent were purchase transactions.
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