Goldman actually entered the subprime MBS and financing game a bit late compared to some of its peers. At one point it even owned a small subprime lender.
Wells' lending performance stands in contrast to its closest JPMorgan Chase, which reported a 23.3 percent sequential decline in mortgage production for the period.
By now the word is out: Certain unnamed secondary market investors are turning away mortgages because of compliance errors, expressing the opinion they do not want to be on the “liability hook” for any origination errors under the new integrated disclosure rule known as TRID. The Mortgage Bankers Association recently singled out a jumbo investor that’s been rejecting 100 percent of the loans offered by originators. The trade group declined to identify the investor, but other ...
Angela Klein, an attorney with the law firm Morrison & Foerster, said her firm has been talking to mortgage lenders that use big data about the risk and how little guidance there is about it.
When’s the last time a regional or megabank bought a nonbank mortgage company? Wells Fargo? JPMorgan? BofA? Citigroup? Nope, none of them, that we can recall...
Compliance violations with a disclosure rule that the Consumer Financial Protection Bureau implemented in October continue to cause problems for non-agency mortgages in the secondary market. The CFPB and Fitch Ratings separately provided guidance recently regarding the so-called TRID integrated disclosure rule that could help industry participants get more comfortable with TRID. There have been reports that some buyers of non-agency mortgages have balked at ...
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