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]
The nation’s three largest funders of home mortgages – Wells Fargo, JPMorgan Chase and Bank of America – this week reported hefty declines in originations during the fourth quarter of 2013. Wells originated $50 billion in residential mortgages during the fourth quarter, a stunning 60 percent decline from the same period a year earlier. The last time this perennial market leader had fundings this low was in the fourth quarter of 2008 when financial markets were reeling worldwide and the U.S. housing market was in the throes of an historic collapse. But Wells’ closest competitors fared...[Includes one data chart]
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.
The GSEs' largesse is gaining new attention in Washington with the news that the two helped the U.S. government post a budget surplus of $53 billion in December.
RSS