Based on reports from non-QM lenders Angel Oak and Citadel, the third quarter was a strong one for most originators. Meanwhile, the Ditech wind-down is almost over.
Will the FHFA trim cash-out refis by Fannie Mae and Freddie Mac? For now, all is quiet on the topic. In other news: HUD ushered in new regulatory changes for FHA condo financing, making it easier for borrowers and lenders.
One of the best kept secrets in the industry surrounds CEO compensation at the nation's largest nonbank originators. According to interviews conducted by IMF, some CEOs earn $10 million to $15 million per year.
The MBA and ABA made recommendations to strengthen practices and procedures of FHA’s loan-asset sales as the agency moves to make the program permanent.
Lenders are seeking significant revisions to FHA loan-level certifications and defect taxonomy in order to increase participation. Banks fled the FHA market following the financial crisis due to the False Claims Act cases brought against them by the Justice Department.
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