Residential lenders that are relatively new to the seller/servicer ranks of Fannie Mae continue to gripe about the purchase limits the GSE has placed on them, causing the agency to spell out its reasoning in an online commentary. According to a recent message posted to Fannies website by Executive Vice President and Chief Risk Officer John Nichols, the caps the GSE placed on new customers nonbanks primarily were caused by what the company calls a significant shift in the composition of our customer base and the emergence of many new originating institutions with whom we have done little or no business. He adds: This rapid change in the marketplace prompted...
Arch Bay Capital, once one of the most active buyers of nonperforming residential loans, has sold most of its NPL portfolio and launched a company that will originate non-agency mortgages, according to industry officials who have been briefed on its plans.
In a few weeks the White House will release its new budget and theres increasing speculation that it will ask for $3 billion to $5 billion for the beleaguered FHA Mutual Mortgage Insurance Fund
Ocwen Financial Corp. is meeting with its investment bankers on Wall Street today about a proposed senior credit facility that will help the nonbank continue to grow at a brisk pace.
Envoy Mortgage, a privately held nonbank, is the latest lender to jump into the correspondent lending arena. On Wednesday the firm issued a statement saying it has hired two industry veterans Dan Hastings and Todd Cheney to build and run the new division. Formed in 1997, Envoy has been a retail-only lender funding in 48 states Plus other mortgage news briefs.
Carrington Mortgage is contemplating the origination of non-agency mortgages to serve borrowers whose credit has been damaged during the Great Recession, company officials told Inside Mortgage Finance
Heres a pop quiz: Which top-ranked lender saw its residential fundings fall by 58 percent during the first nine months of the year while the rest of the competition soared? Answer: Bank of America.
Bank of America appears to have resolved a longstanding dispute with Fannie Mae over loan repurchases but will not begin selling more loans to the GSE.
In an email message to his members on Friday, Mortgage Bankers Association president David Stevens noted that the fiscal cliff deal does not substantially limit the mortgage interest deduction but it does phase out itemized deductions for certain higher income households.
The Consumer Financial Protection Bureau is expected to unveil its long-anticipated 'Qualified Mortgage rule this evening to certain parties with an official release coming Thursday morning, industry officials told Inside Mortgage Finance.