Over the past week or so, at least two institutional investors have filed notice with the Securities and Exchange Commission that they no longer own large positions in PHH Corp., the publicly traded nonbank that’s trying to reinvent itself as a subservicing specialist. The two filers are investment banking powerhouse Morgan Stanley – which at one time owned 5.2 percent of PHH – and Hotchkis and Wiley Capital Management, whose stake totaled 8.8 percent. Today, Morgan’s position ...
Organizations representing different segments of the mortgage industry broadly support the Consumer Financial Protection Bureau’s plan to address the so-called black hole in the integrated disclosure rule under the Truth in Lending Act and Real Estate Settlement Procedures Act, or TRID. The black hole refers to situations in which a lender may not use a closing disclosure to reset fee tolerances. This causes closing delays due to fee changes that arise in the origination process ...
Social Finance, the high-flying marketplace lender, has an active mortgage-lending joint venture with Stearns Lending, according to David Schneider, CEO of Stearns. In a recent interview with Inside Mortgage Finance, Schneider said his company “covers a lot of [SoFi’s] business” and buys any loan the joint venture produces. “They do some, and we do some,” Schneider said. He added that Stearns doesn’t service any loans for SoFi. At the recent ABS East conference in Miami, Ashish Jain ...
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