Freddie Mac has begun reviewing servicing-related violations of its program rules, issuing notices of defect for certain violations, mostly related to the conveyance of properties to the GSE with title problems.
According to exclusive figures compiled by Inside Mortgage Finance, once Fifth Third departs, there will be just two depositories in the top 10: Flagstar and U.S. Bank.
“Cheap is the goal now,” said Chuck Klein, a managing partner at Mortgage Banking Solutions, Austin, TX. “I’m seeing many mortgage-banking firms that want to buy, and they’re looking at either smaller firms or branches.”
Citadel is the most active non-agency, non-prime lender in the U.S. In an interview with IMFnews, company founder and CEO Dan Perl said, “We’ll do $11 million to $12 million, at least" for the month of March.
Another bank bites the dust in wholesale: Fifth Third Bank, which ranks second among depositories in the channel, according to Inside Mortgage Finance.
In a new report, Compass Point Research & Trading asks: “Are the special servicers bad actors?” CPR&T concludes the answer is no, but notes “there is some merit” to concerns about the rapid portfolio growth at certain firms…
The new version incorporates lessons learned from the financial crisis of 2008 along with contemporary concerns about mortgage originations and servicing.
According to exclusive survey figures compiled by Inside Mortgage Finance, loan brokers accounted for 9.8 percent of all originations in the fourth quarter, a slight improvement from the 9.6 percent market share reading in the third quarter.
Mortgage repurchases peaked in 2009 at $34.276 billion, fell to $31.811 billion in 2010 and $20.943 billion in 2011, and then dropped to just $12.966 billion in 2012.
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