According to figures compiled by Inside Mortgage Finance, Flagstar is the nation’s second largest wholesale/broker lender. It also has a fairly large presence in the warehouse market.
Ginnie Mae is telling sellers of mortgage servicing rights – and their advisors – that it wants upwards of 90 days to approve MSR transfers compared to just 30 currently. The agency gave seller/servicers a heads-up on the longer approval times in late November at an “education summit” in Washington attended by both new and existing issuers. A copy of Ginnie’s presentation was provided to Inside Mortgage Finance. Advisory sources said...[Includes one data chart]
According to the bank’s fourth quarter earnings statement, 68 percent of its originations were refis – the mirror image of Wells Fargo, which had 68 percent of its production in purchase-money loans.
The FHFA IG audit estimates that some 9.5 percent of claims for pre-foreclosure property inspections in 2011 and 2012 resulted in $5 million of overpayments by Fannie Mae.
It may be time for the mortgage industry to take a chill-pill: applications are on the rise again, rates have stabilized and some firms are actually hiring loan officers.
On a sequential basis, the origination results look slightly better: a 38 percent decline compared to the third quarter of 2013 for Wells and a 42 percent downdraft for JPM. Both have laid off thousands of mortgage workers over the few quarters.
As expected, the Mortgage Bankers Association this week lowered its 2014 origination forecast to $1.12 trillion, a $57 billion decrease from its previous estimate. Word of the reduction was making the rounds last week.
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