CFPB Chief Cordray Continues to Defend ‘Rate Checker’ Tool March 11, 2015 Thomas Ressler The CFPB seems to be spending quite a bit of time defending its "rate checker" tool, which is still in beta testing.Read More
Solutions to the LO Overtime ‘Problem’ Being Weighed March 11, 2015 Paul Muolo When it comes to mortgage overtime, management might just say "no."Read More
Short Takes: LO Overtime Pay: Just Say No / Always Working? / FHFA Critical of Fannie’s Audit Committee / Fitch Rates Rushmore / Mystery Over Spike in Ocwen’s Share Price March 11, 2015 Brandon Ivey and Paul Muolo The Supreme Court decision on overtime pay for loan officers is just over 48 hours old, but already some companies are fearing the worst...Read More
An Onslaught of Legislation to Change the CFPB? QM a Target March 10, 2015 Thomas Ressler Bills are expected to include provisions such as providing “qualified mortgage” status for many portfolio loans, with a much broader impact than the CFPB’s recent proposal. Read More
PHH’s Ticking Time Bomb: the Merrill Lynch Private-Label Contract March 10, 2015 Paul Muolo The early betting is that PHH will hold onto the Merrill contract, but in mortgage banking, anything can happen...Read More
Non-Agency MBS Outstanding Increased in February. What? March 10, 2015 Brandon Ivey The increase was a rare occurrence: Since 2009 the balance of non-agency debt outstanding has been on the wane. Read More
Short Takes: No Future for Common Shareholders of Fannie and Freddie? / DocMagic Furthers Electronic Closings / BofA MBS Settlement Gets One Green Light / Stonegate Hires Someone with Cha-Cha Experience March 10, 2015 Brandon Ivey and Paul Muolo KBW, by the way, has set a $1 per share price target for both Fannie and Freddie.Read More
Supreme Court Rules in Favor of Loan Officers in Overtime Pay Case March 10, 2015 George Brooks The Supreme Court ruling could cost mortgage bankers a bundle in terms of overtime pay. Or maybe not...Read More
Originations of Interest-Only Loans Held Steady in Fourth Quarter, Sort Of March 9, 2015 Brandon Ivey For the full year, PHH Mortgage was the top IO lender in the nation with $12.81 billion in production... Read More
HECM Lending Spiked in 4Q, but Down for the Year March 9, 2015 George Brooks Reverse volume leader American Advisors Group funded $2.0 billion in 2014, giving it a market share of 14.7 percent.Read More