With growth via acquisitions of servicing portfolios on hold, Ocwen Financial is pursuing a number of different initiatives, including originations of non-agency mortgages. The nonbank primarily known for servicing high-touch mortgages is currently testing originations of jumbo mortgages and working toward originating nonprime mortgages. “The business is building a robust new product pipeline and is currently in the market testing a new jumbo mortgage product,” Michael Bourque ...
Two Harbors Investment is working to increase its non-agency conduit activity, launching a nonprime product along with a low-downpayment jumbo for high-quality borrowers. Officials at the real estate investment trust said Two Harbors also plans to be a regular issuer of non-agency mortgage-backed securities. “It has been clear to us for some time that the market has a need for products like this, and we are excited to be able to extend our reach as a capital provider to these segments ...
Jaron Van Maanen of the FDIC said the lender should determine if the factor determining the LO’s comp consistently varies with terms over a significant number of transactions...
A proposal from the Conference of State Bank Supervisors to increase reporting requirements on state mortgage call reports has been met with strong resistance from a number of lender trade groups. In October, the CSBS proposed collecting additional quarterly information regarding qualified mortgages and servicing, among other data submitted as part of the Nationwide Mortgage Licensing System and Registry’s mortgage call report. The comment period closed late last week. “We join...
In 2013, Provident Funding Associates of California was the second largest originator of home mortgages through loan brokers, but it has fallen from that high perch in recent quarters. Moreover, there have been recent reports that the privately held nonbank may significantly trim the number of states where it’s willing to accept submissions from brokers. Wholesalers and brokers alike told Inside Mortgage Finance they have heard talk of a large-scale pullout by Provident in multiple states, but have seen nothing definitive. According to agency mortgage-backed securities data compiled by Inside Mortgage Finance, Provident was active with brokers doing business in 41 states over the first nine months of 2014. One broker trade group official, requesting anonymity, said...
Of the dozen or so mortgage company sales that have been announced over the past two months, just one has involved a servicing portfolio of any size and even that transaction – $1.5 billion of mortgage servicing rights owned by Continental Home Loans – was small. In today’s merger and acquisitions market, it’s all about building loan origination capacity as buyers such as Freedom Mortgage, LoanDepot and Guild Mortgage try to keep growing. Moreover, this thirst for production comes...
PennyMac’s MSR portfolio is almost evenly divided between subservicing for others, the company’s own originations, and mortgage servicing rights acquired from others.
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