Two years ago, no megabank in its right mind would dare originate a jumbo mortgage without asking for at least a 20 percent downpayment – unless the borrower was a special client of the company’s wealth management division. Today, it’s a different story. As refi volumes begin to dwindle, a handful of large banks are loosening their jumbo underwriting standards, allowing for lower downpayment requirements and higher debt-to-income ratios. Wells Fargo has been offering...
Stonegate Mortgage plans to raise up to $100 million in an initial public offering, according to documents filed with the Securities and Exchange Commission late last week. Meanwhile, stock prices for other mortgage-related companies that priced IPOs this year have declined. Stonegate is unique among mortgage company IPOs this year in that it’s not a real estate investment trust. Three of the four mortgage-related IPOs that have priced in 2013 have been for REITs and the other was a nonbank affiliated with a REIT. Stonegate was founded...
The city council’s favorable vote represents a rare notch in the win column for MRP, which has suffered numerous defeats in local jurisdictions across the nation, likely at a substantial loss to the firm’s financial backers.
Two Harbors revealed that it sold several billions of dollars’ worth of agency MBS in the third quarter as the assets became less attractive with rising rates. The proceeds will be used to buy MSRs.
The program is intended to provide smaller mortgage lenders that lack direct access to the secondary mortgage market with another option for their home buying customers.
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