Last week, word began to leak out that Caliber Home Loans was talking to New Residential Investment Corp. about a deal. Turns out, the sale chatter was true.
Though the CFPB wants to allow lenders to continue to use the patch for another 18 months, the PSPA requires Fannie and Freddie to cease buying patch loans as of July 1.
SoftBank places a $500 million bet on the digitization of residential finance by taking a stake in Better.com. Also, mortgage earnings season has begun.
A number of groups representing lenders and consumer advocates said the CFPB should abandon an effort to extend the QM patch beyond July 1. The regulator also faces hurdles involving the GSEs and federal rulemaking requirements.
Most banks reported further declines in their home-equity portfolios, and the three biggest players in the sector continued to pull back. But credit unions and some regional banks stepped up. (Includes three data charts.)