Nonbank loan administrators expanded their share of the mortgage servicing market during the second quarter, mostly capturing agency business abandoned by large banks, according to a new ranking and analysis by Inside Mortgage Finance. Commercial banks, savings institutions and credit unions reported a combined single-family servicing portfolio of $6.930 trillion as of the end of June, according to call reports. That was down 0.5 percent from the previous quarter despite the fact that the total depository portfolio holdings of unsecuritized mortgages increased 1.7 percent during that period. But bank, thrift and credit union loan servicing for others – typically loans held in mortgage-backed securities trusts – fell...[Includes two data tables]
With liquidity and an uncertain regulatory environment dominating this year’s Ginnie Mae summit in Washington, DC, top agency officials called on stakeholders and other market participants to stand up to the challenges posed by a rapidly evolving Ginnie marketplace. Chief among those challenges is the growing domination of the Ginnie market by independent mortgage bankers, who now account for 80 percent of the agency’s monthly issuance volume. Ginnie President Ted Tozer reiterated his concerns raised last year about the increasing number of nonbanks in the agency mortgage-backed securities market with very little experience and liquidity. In his opening remarks, Tozer acknowledged...
Meanwhile, if you want to know where Clinton and Trump stand on the issue of homeownership in America, you can review their respective party platforms...
Impac Mortgage Holdings late last week came to market with a “follow-on” offering of 3 million shares of common stock, the first public equity sale by a pure-play mortgage company in almost three years. Unfortunately, investors were not happy. When the shares hit the New York Stock Exchange last Friday, not only did Impac’s stock price tumble almost 9.0 percent, but it has continued to drift downward, resting at just over $13.00 a share as Inside Mortgage Finance went to press this week. The share price of the nation’s 28th largest originator hit...
Some residential mortgage-backed securities loan originators are moving away from performing internal post-acquisition quality control loan reviews in lieu of obtaining feedback from their whole loan investors, according to a new report from Moody’s Investors Service. “Some aggregators are relying more on their investors for quality control feedback,” said Moody’s. The ratings service identified in particular Redwood Residential Acquisition Corp. and JPMorgan Mortgage Acquisition Corp., which it said “are relying more on feedback from whole loan investors to monitor the quality of due diligence firm loan reviews, as opposed to conducting their own internal reviews, since a large portion of their acquisitions are sold in whole-loan trades.” Moody’s noted...
Founded by former Goldman Sachs executive Donald Mullen, Pretium Partners bills itself as a specialized investment management firm with roughly $6.5 billion of assets under management.
Margaret Sweeny, the judge presiding over the case, is growing increasingly frustrated with the government’s attempt to keep documents out of the public domain
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