Although mortgage delinquency rates are once again at pre-crash levels, servicing costs continue to rise, leading some factions of the industry to ask whether Fannie Mae and Freddie Mac should increase the standard 25 basis point fee they pay to their servicers. The issue of higher servicing compensation was raised by an individual lender during the audience Q&A at a panel featuring the top single-family executives of the two government-sponsored enterprises at last week’s secondary market conference sponsored by the Mortgage Bankers Association. Both noted that servicing has changed significantly since the housing crisis, and that the Federal Housing Finance Agency has directed them to review servicing compensation. Subsequent interviews conducted by Inside Mortgage Finance revealed...
Fresh off of agreeing to buy California-based First Priority Financial, Caliber Home Loans is eyeing the purchase of other mortgage firms as well in an attempt to crack the top 10, according to industry advisors who have been tracking the firm. “Caliber is talking to a lot of people,” said Rick Roque, managing director of MiMutual Mortgage, Port Huron, MI. Roque declined to elaborate. One investment banker said...
The House this week approved legislation making it easier for loan officers working for depository institutions to go to work for nonbanks. Separately, the Senate last week approved a $39.2 billion fiscal 2017 funding bill for the Department of Housing and Urban Development. By a unanimous voice vote, House lawmakers approved H.R. 2121, the SAFE Transitional Licensing Act. The legislation provides for a 120-day temporary license for registered loan originators who change jobs and makes for an easier transition when moving from a financial institution to a state-licensed nonbank or to another state. Introduced last April by Rep. Steve Stivers, R-OH, the bill would require...
The housing bubble did in fact burst and I don’t recall Trump making any money off of it unless he did so through private investments that none of us know about...
Bad news for specialty servicers: Black Knight Financial Services said 58,700 foreclosures were started during April, the lowest reading in 10 years...
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