CORRECTION: The jumbo share of total originations in 2014 hit the highest level seen since 2002, not since 2003, as reported in the Feb. 20, 2015, issue of Inside Nonconforming Markets. A New York appeals court approved a long-disputed $8.5 billion settlement this week involving Bank of America and non-agency mortgage-backed securities issued by Countrywide Financial. If no further appeals are brought, investors in the deals ... [Includes seven briefs]
At Impac, Mangiaracina will split his time between the nonbank’s headquarters in Irvine, CA, and New York where the company has just opened a new satellite office.
Most mortgage lenders reported solid increases in refinance originations during the fourth quarter of 2014, but the faltering purchase-mortgage sector still accounted for most of their business. A new Inside Mortgage Finance ranking and analysis reveals that refinance originations increased by 16.9 percent from the third to the fourth quarter. Based on securitization figures from Fannie Mae, Freddie Mac and Ginnie Mae, refi activity rose by a more modest 14.0 percent, although these data trail the primary market by one or two months. Meanwhile, purchase-mortgage originations were...[Includes five data charts]
The bid price for “flow” mortgage servicing rights is beginning to soften, having fallen from the peaks seen in the summer of 2014, according to both investors and certain advisors running the deals. But if a buyer of flow product is looking for bargains, it’s not likely to happen anytime soon. In other words, prices have drifted down, but are hardly cheap. In fact, a handful of sources contend that Nationstar Mortgage – one of the most active flow buyers of the past year – has ceased...
Although George Ellison’s salary was not disclosed in the press release announcing his employment with the company, a subsequent filing provided details: $450,000 per year, another $450,000 in incentive bonuses...
RSS