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What We’re Hearing: New Rez CEO Not Worried About Ocwen / $425 Million / The CFPB has Been Defanged? / Falling in Love with Nonprime / The GSE Hearings Commence / Sen. Mark Warner’s Constituents (Freddie Employees)

June 23, 2017
Paul Muolo
We can only assume Sen. Warner knows Freddie Mac is headquartered in his state, which means the company’s employees are his constituents.
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New House Legislation Would Allow REITs With Captive Insurers to Stay in the FHLBank System

June 22, 2017
Reps. Randy Hultgren, R-IL, and Gwen Moore, D-WI, want to restore Federal Home Loan Bank membership for captive insurance lenders that joined the system prior to the Federal Housing Finance Agency’s rulemaking that restricted membership of firms that would otherwise be ineligible. H.R. 289, the Housing Opportunity Mortgage Expansion (HOME) Act, would allow FHLBank members that were booted from the system to rejoin it, as well as the retention of those whose departure is pending, if they can demonstrate a commitment to residential mortgage activities. Most of the affected companies are real estate investment trusts. The sponsors explained...
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Sen. Warner: GSE Reform Could Come Before Dodd-Frank

June 21, 2017
Carisa Chappell
Sen. Warner noted the Trump administration is committed to doing something about the GSEs…
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Short Takes: Is Nationstar Listening to Trump? / India Office Will Stay Open / What Will Ocwen Financial Do? / Big M&A Maybe / DocMagic Ready for UCD

June 21, 2017
Paul Muolo
The Nationstar news begs another question: Will Ocwen Financial, which employs thousands of servicing workers overseas, follow suit?
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Nonbanks to FHFA: We’d Rather You Didn’t Examine Us

June 20, 2017
Paul Muolo
Bottom line: Nonbank mortgage firms don’t want another regulator to answer to…
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Short Takes: Fed Vice Chair Fischer Says Go with the ‘Explicit’ Guarantee / Asking the Fed’s Opinion on GSE Reform? / FBR Bullish on MI / A Slight Pay Cut for MGIC’s CEO / Ocwen Hires Ex-Stonegate Executive

June 20, 2017
Paul Muolo
FBR believes continued changes at FHA will benefit private mortgage insurers...
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FHFA to Seek Authority to Examine Nonbank GSE Servicers

June 19, 2017
John Bancroft
Counterparty risk appears to be on the mind of the FHFA…
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A 15.1 Percent Jump in GSE Loan Buybacks for 1Q17, But Overall…

June 19, 2017
John Bancroft
There will likely be more buyback demands on the 2015 book of business in the future, but the total may not ever get to even 0.1 percent of issuance.
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PHH Closes on Freddie Mac MSR Sale, Amends Contract

June 19, 2017
Paul Muolo
The Fannie Mae portion of the MSR sale is expected to close sometime in the third quarter.
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Short Takes: loanDepot Beefs Up Social Media Research / Fairholme Attorney on the Phone / Stated-Income Loan from Silver Hill / What Cowen Expects / Premium Title Grows Sales Team

June 19, 2017
Paul Muolo and Carisa Chappell
Fairholme is scheduled to talk about its investment in Fannie Mae and Freddie Mac...
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