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Short Takes: Arch Winds up with a Larger Market Share than Anticipated / Silver Point Sells Some of its Stake in PHH / No. 13 / Trading Desks Take on Nonprime / New Hires for LenderLive

April 27, 2017
Paul Muolo
PHH Corp. releases its first quarter results the second week of May.
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Some Variety in Post-Crisis Nonprime Mortgage Originations: Less-than-Full Income Documentation or Lower Credit Scores

April 27, 2017
The market for new nonprime mortgages includes some options for borrowers, allowing for income verification via bank statements for borrowers with moderate credit scores or somewhat stringent underwriting for borrowers with exceptionally low scores. And loans to borrowers with scores around 700 have features that fall between the two offerings. Originations of nonprime mortgages remain suppressed compared with the pre-crisis heyday for subprime loans and Alt A mortgages. However, the market has slowly started to gain traction in recent years thanks to Lone Star Funds. An affiliate of Lone Star is...
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The Early Read: Bank Mortgage Lending Down in 1Q17, Nonbanks Fare Better?

April 26, 2017
Paul Muolo
It’s still early in the reporting season, but when it comes to home lending, nonbank executives seem more optimistic than their depository peers…
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When it Comes to MI Volume, California Continues to Lead the Nation

April 26, 2017
John Bancroft
Roughly $12.50 billion of agency mortgages securitized during the first quarter with some form of primary MI were tied to Golden State properties.
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Ocwen Elevates its Legal Battle Against the Regulatory Establishment, Asks Court to Decide if the CFPB is Unconstitutional

April 26, 2017
Thomas Ressler
Ocwen’s counsel includes Goodwin Procter LLP, which also is representing PHH Corp. in its legal battle against the agency…
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Thanks to UGC Purchase, Arch MI Boosts Gross MI Premiums by 214 Percent

April 26, 2017
Paul Muolo
Arch reported primary mortgage insurance in force of $237.8 billion at March 31…
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Meanwhile, in the PHH Case, DOJ Gets 10 Minutes

April 26, 2017
Thomas Ressler
The DOJ, as anticipated, switched sides in this dispute after President Trump took office.
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Short Takes: More GSE Reform Plans / Fannie-Freddie Speculators May Make Out After All / Ocwen Gets a Break / Hey Ben, Call Your Friends in the White House and Tell Them … / This HUD Job About to be Filled?

April 26, 2017
Paul Muolo
Is the White House pondering HUD-related nominations?
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ICBA Calls for Delay of Single Security Until GSEs are Recapitalized and Released from Conservatorship

April 25, 2017
Brandon Ivey
The ICBA believes the GSE risk-sharing securities are illiquid and would likely “dry up” in times of market stress.
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Flagstar’s 1Q17 Results: Originations and Earnings Both Fall; MSR Sales Will Continue

April 25, 2017
Paul Muolo
Flagstar sold $8.0 billion of residential servicing rights during the first quarter compared to $6.7 billion in the fourth quarter.
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