The headline might sound promising, but keep in mind that during the housing boom of 2003 to 2007, the industry averaged nearly $340 billion a year in home-equity originations.
With the first quarter coming to a close, the mortgage mergers and acquisitions market shifted into high gear this week as Ocwen Financial stepped up its auction of agency servicing rights and new revelations surfaced that RoundPoint Mortgage was almost sold, but the deal hit a snag over pricing. According to investment banking officials familiar with the RoundPoint situation, a buyer backed away from the transaction because the servicer’s owner, Tavistock Group ...
Nearly half of the troubled loans that were sold through the FHA’s single-family loan sale program have been resolved, and a significant portion of them are now re-performing, according to an agency report on the Distressed Asset Stabilization Program. Of the 48.6 percent of distressed loans that have been resolved, 43.5 percent have avoided foreclosure, the report said. The single-family loan sale (SFLS) has proven to be a borrower-friendly alternative to the ...
State regulators proposed prudential standards for nonbank servicers this week, including provisions that would apply solely to “large, complex” servicers. Many of the standards align with generally accepted business practices and existing standards, including those established by the government-sponsored enterprises. “State regulators have primary credentialing and licensing authority over nonbank mortgage servicers, and are working to ensure ...
Mortgage professionals overwhelmingly believe the Dodd-Frank Act should be revised, removing barriers to innovation and to reduce the cost of manufacturing a mortgage.
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