The Blackstone Group this week continued its expanding reach into the mortgage industry, agreeing to buy – through an affiliate – Interactive Mortgage Advisors, Denver, one of the busiest sellers of mortgage servicing rights in the nation. No purchase price was revealed. IMA is being sold through an “asset” transfer. Its trading desk affiliate, Spurs Capital, is not part of the transaction, though the two firms will maintain a working relationship. In the fourth quarter, IMA brokered...
While the mortgage insurance industry patiently waits to see if the FHA will cut government MI premiums further this year, the sector is facing another potential threat to profitability: pricing concessions from the nation’s second largest retail originator, Quicken Loans. Moreover, Quicken – also the largest nonbank lender in the U.S. – is promising to pass on 100 percent of the cost savings to its customers, at least that’s what a company spokesman told Inside Mortgage Finance this week. “We take...
In general, the OCC doesn't like the idea of banks funding loans with LTV ratios above 90 percent unless the mortgage has appropriate credit support...
Redwood noted that although it is quitting commercial mortgage production, it will continue to “opportunistically invest in mezzanine and subordinate CMBS tranches that meet our risk/return profile.”
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