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JPM Grows Residential Lending by Almost 13 Percent in 3Q17, Keeps Adding to Whole-Loan Portfolio

October 12, 2017
Paul Muolo
Total mortgage banking revenue for the period came in at $1.56 billion compared to $1.43 billion in 2Q17...
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Ocwen Settles Servicing Disputes with Two More States

October 12, 2017
Thomas Ressler
In all of these agreements, Ocwen neither admitted nor denied liability…
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KBW: Don’t Expect Much Improvement from Gain-on-Sale

October 12, 2017
Paul Muolo
“We estimate that gain-on-sale margins will be roughly flat quarter to quarter,” writes KBW analyst Bose George…
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Short Takes: Residential Production Plunges at Citi / MSR Holdings Down Too / But a Nice Profit for 3Q17 / JPMorgan Readies New Non-Agency MBS / Ocwen Exiting Wholesale Channel / Fannie Announces New NPL Auctions

October 12, 2017
Brandon Ivey and Paul Muolo
Citi’s third-party servicing portfolio is down to $49.1 billion from $147.6 billion at Sept. 30, 2016...
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Widespread Defaults Predicted for Vintage HELOCs Didn’t Happen; Performance Helped by Price Gains

October 12, 2017
Federal regulators and industry analysts raised concerns that defaults would spike once pre-crisis home-equity lines of credit hit their amortization periods. Those fears didn’t come to pass as vintage HELOCs have performed well, thanks to home-price appreciation and low interest rates. Pre-crisis HELOCs typically had interest-only periods for the first 10 years then switch to fully amortizing or required a full payment as part of a balloon feature. According to a 2015 report by the Office of the Currency ...
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The GSEs Should Report Robust Earnings for 3Q17. Here’s Why…

October 11, 2017
Paul Muolo
A previously announced legal settlement with Royal Bank of Scotland will soon hit the books...
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Did the Department of Justice Ever Opine in the CFPB Case? Hard to Say…

October 10, 2017
Thomas Ressler
No one’s talking, and there’s been no indication that the DOJ has even filed a brief in the Ocwen case…
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As the New Quarter Begins, More GSE MSR Deals Hit the Auction Block

October 10, 2017
Paul Muolo
The first offering is for $524 million and comes from an independent mortgage banking firm…
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PHH Private-Label Customer Morgan Stanley Slashes Stake in Nonbank to 0.2 Percent

October 9, 2017
Paul Muolo
Back in 2015, the Morgan Stanley PLS contract accounted for roughly 20 percent of PHH’s originations…
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Mortgage Brokers Added 1,400 Jobs in August, Lenders Not so Much

October 9, 2017
Paul Muolo
Steve Abreu, founder and CEO of Newfi, said the privately held nonbank is taking resumes from wholesale representatives and underwriters.
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