As reported by IMFnews late last week, Stewart Title is buying Allonhill, a due diligence firm based in Denver. Meanwhile, look for billions of dollars in NPL sales soon.
Mortgage income reported in bank call reports includes earnings from production, loan sales and net servicing results, so industry profits are not tied exclusively to new lending.
Radian has already paid $632 million to cover loss claims on the Freddie Mac loans through two different payments. It also had set aside $205 million in a collateral account to cover loss mitigation activity.
Many mortgage firms are hoping that a huge surge in purchase-money deals will compensate greatly for the declining refi market and that layoffs at their shops will be avoided.
A title insurance firm is taking a close look at due diligence provider Allonhill. Meanwhile, mergers and acquisitions in the residential finance industry could explode.
Fannie Mae has come up with a workaround for a computer software problem that erroneously reported short sales as foreclosures on consumer credit reports. “In an effort to assist borrowers in obtaining a new loan in an appropriate timeframe, [Desktop Underwriter] will be updated to disregard the foreclosure information on the credit report when instructed to do so by the lender on the online loan application,” Fannie explained in a recent updated notice.
The agency watchdog wants HUD to pursue civil remedies against The Lending Company and impose fines for incorrectly certifying that mortgages were eligible for FHA insurance.
Warehouse lending executives say they are seeing their nonbank clients earn less money this summer, but noted that profits are still strong by historical levels.
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