The drop in warehouse commitments mirrored, somewhat, the fall-off in residential originations, which declined almost 19 percent in the third quarter, according to figures compiled by Inside Mortgage Finance.
The rating service this week placed the primary servicer rating of EverBank Mortgage on “watch” for a potential downgrade due to changes to the servicer’s platform.
Compared to June 30, MBS investments by REITs are off 6 percent. Moreover, the industry has lost nearly all of the huge volume of MBS that were acquired in early 2012.
Advisors note that Walter should be concerned that it has a large MSR portfolio – $194 billion at Sept. 30, according to figures compiled by Inside Mortgage Finance – but a relatively small origination platform.
Loan broker Anne James, who runs Reliance Funding in Wittier, CA, told us recently that “I have wholesale lenders calling me daily to sign up.” She notes, however that “Loans are not dropping out of the sky” but adds that she’s getting quite a few calls for second mortgages.
The top Democrat and Republican on the Senate Banking, Housing and Urban Affairs Committee acknowledged this week they will not make their ambitious deadline of clearing a housing-finance reform bill by the end of this year. But the senior lawmakers said they remain “bullish” on moving legislation to the Senate floor sooner rather than later in 2014. Speaking at a Bipartisan Policy Center event, Committee Chairman Tim Johnson, D-SD, blamed “a couple of curveballs,” including the 16-day government shutdown, for falling short of the deadline he and Idaho Republican Mike Crapo set for the committee. The committee did manage to hold 12 hearings on reform and what to do with the two government-sponsored enterprises that have been in conservatorship for a little over five years. “Beyond private capital, we are also working...
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