Loan correspondents and mortgage brokers continue to play a major role in the agency mortgage market, accounting for 42.9 percent of loans securitized by Fannie Mae, Freddie Mac and Ginnie Mae in 2013, according to a new Inside Mortgage Trends analysis. Correspondents accounted for most of the third-party originations securitized by the agencies, and Wells Fargo was the top producer of these loans. Just over half of the loans sold by Wells were ... [Includes one data chart]
In the last couple of years, the wholesale origination channel has been a revolving door for industry players, with some exiting for various reasons and new ones coming in to take up the slack. Those currently in the game expect the instability will continue for some time. Wholesalers say the decision to exit the business or enter at one’s own peril boils down to perception: Is the glass half empty or half full? Brian Benjamin, a mortgage broker and president/CEO of Two River Mortgages ...
Company executive Doug Reilly, commenting on the mortgage M&A market, had this to say: “It seems we need to take 20 girls to the alter just to marry one”…
A few weeks back, Rep. Mark Takano, D-CA, called for Congressional hearings on the single-family rental MBS market, singling out investments made by the Blackstone Group.
The first two months of 2014 generated just $132.85 billion of new agency MBS, down 57.6 percent from the same period last year. A harsh winter in many parts of the country hasn’t helped.
The Department of Justice is investigating PNC Financial Services Group and Bank of America in connection with their FHA-related mortgage lending practices, the two financial institutions disclosed in filings with the Securities and Exchange Commission. PNC said it has received subpoenas from the U.S. Attorney’s Office for the Southern District of New York seeking information relating to National City Bank’s lending practices in connection with FHA-insured loans as well as the origination of non-FHA loans and their sale and securitization. Another subpoena was issued...
Warehouse lines of credit extended by commercial banks to non-depository lenders fell a modest 11.8 percent in the fourth quarter on a sequential basis, but executives who work in the sector are reporting usage ratios as low as 20 percent. Based on exclusive survey figures compiled by Inside Mortgage Finance, warehouse providers had an estimated $30.0 billion in commitments at Dec. 31 compared to $34.0 billion at the end of the third quarter. But a commitment is...[Includes one data chart]
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