Legislative sources say the partial government shutdown did not significantly impede the Senate Banking Committee’s work toward finding a solution to Fannie Mae and Freddie Mac.
The refrain from bank management was virtually unanimous: mortgage production dropped significantly and gain-on-sale margins narrowed. Although mortgage servicing right values continued to climb, that doesn’t always translate into improved earnings on that side of the business.
Is Ed DeMarco unimpressed with Fannie and Freddie's return to profitability? “…we should keep the recent reports of positive net income in perspective,” he told the audience of the Bipartisan Policy Center this week. “Much of it has been related to one-time adjustments..."
The market for servicing sales has been strong for most of 2013, but could get even better between now and year-end as the megabanks look to dump their “legacy” problems and small shops sell mortgage servicing rights to boost earnings in a weak origination market. “It used to be that Bank of America, Wells, and JPM were the buyers [of servicing],” said Tom Piercy, managing member of Interactive Mortgage Advisors, Denver. “Now they’re the sellers. It’s a totally different environment now.” A year ago ...
Roughly 4,100 people have registered to attend the annual convention of the Mortgage Bankers Association, which launches Sunday night in Power City USA.
A senior executive at Residential Finance Corp. confirmed that the company’s chief financial officer Nick Hahn left the lender/servicer last month, but has since been replaced.
Marc Savitt, president of National Association of Independent Housing Professionals, a broker/appraiser trade group, noted that the short-term outlook for the sector looks difficult.
RSS