The correspondence, which includes the signature of ranking minority member Sherrod Brown, D-OH, notes: “We are simply requesting that the GSEs be permitted to build capital...."
Redwood Trust has seen strong demand from borrowers and correspondent lenders for its “expanded prime” program that the aggregator introduced last year. The real estate investment trust’s Choice products allow for somewhat looser underwriting than the super-prime mortgages that have dominated the jumbo market after the financial crisis. The Choice program was introduced in April 2016. Volume has increased relatively quickly and could top $1.0 billion this year. Officials say...
Mortgage originators that produce $1 billion to $4 billion a year in loans are continuing to be courted by potential suitors, but not many sale agreements are getting signed these days, according to investment bankers. “Private equity firms are still looking to enter the business, and sellers are listening, but I’m not seeing too many deals being completed,” said Chuck Klein, a managing partner at Mortgage Banking Solutions, Austin, TX. At the beginning of the year, Klein was...
Ocwen Financial Corp. and Ocwen Loan Servicing recently agreed to pay a $1 million fine to resolve an issue of force-placed insurance (FPI) under the national mortgage settlement that was reached in 2014.At issue was the company’s performance as loan servicer as measured against one particular metric, metric 29, the purpose of which is to test whether Ocwen complied with the servicing standards regarding the timeliness of terminating FPI and refunding premiums to affected borrowers. Under the settlement, Ocwen must terminate FPI within 15 days of obtaining proof that a borrower has an existing insurance policy. As it turned out, Ocwen exceeded the mandated error threshold of 5 percent for Metric 29 during the first quarter of 2017, according ...
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