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Short Takes: Changes for the HARP Program / Still Eligible: 143,000 / But Shrinking / Citadel Servicing Crosses $1B Mark / A New CIO for Freddie Mac

August 17, 2017
Paul Muolo
The FHFA estimates that roughly 143,000 GSE borrowers are still eligible to use the HARP program.
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Lenders Starting to Use Webcams to Close Loans

August 17, 2017
Brandon Ivey
The company is also working with Stewart Title...
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Mortgage Lenders Starting to Use Webcams to Close Loans, Providing Borrowers More Flexibility

August 17, 2017
Mortgage closings moved out of the office years ago to places more convenient for borrowers. Now, technology allows closing to occur without all the parties being present in the same place. United Wholesale Mortgage claims to be the first lender to have completed a “virtual e-closing” with a refinance that closed at the end of July. The lender allowed the borrowers and notary to use webcam technology and electronically sign all of the closing documents. Previously, lenders offering e-closings have required some in-person contact with a notary to e-sign closing documents. “This ultimately eliminates...
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Mortgage Servicers May Be on the Cusp of a New Era But Borrower Satisfaction Suddenly Takes a Hit

August 17, 2017
With the troubles from the financial crisis fading in the rear-view mirror, the residential mortgage servicing industry could be on “the edge of glory,” if companies can elevate their game and keep it at a high level, according to analysts with S&P Global Ratings. “The financial crisis left mortgage servicing hanging on a moment of truth,” they said in a new report. “This led to substantial changes in the industry in the past 10 years, the effects of which are still being felt today.” The changes included...
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Federal Appeals Court Rules Mortgage Underwriters are Entitled to OT Pay

August 16, 2017
George Brooks
Under this test, an employer must show that the employee is paid at least $455 per week…
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Mortgage Hiring Spree Tapering Off?

August 16, 2017
Paul Muolo
Another digital lender that’s hiring is NewFi Lending of Emeryville, CA…
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Fannie, Freddie Earnings Could Hit $10 Billion in 3Q17 Thanks to RBS Settlement

August 16, 2017
Paul Muolo
If the $10.4 billion figure proves accurate it will result in another hefty dividend payment by Fannie and Freddie to the holder of its senior preferred stock: the U.S. Treasury.
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For Sale by MountainView: $94 Million of NPLs/RPLs and More

August 16, 2017
Paul Muolo
Over the past three years MountainView has sold $3.8 billion of whole loans as measured by unpaid principal balance…
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Alternative Credit Scores for GSE Loans will Have to Wait for the Single-Security Project

August 16, 2017
Carisa Chappell
Mel Watt called the credit score explorations one of the “most difficult” evaluations he’s taken on as FHFA director.
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RE Crisis Post-Mortem: Home-Price Depreciation a Bigger Driver of Defaults than Unemployment

August 15, 2017
Brandon Ivey
S&P focused on mortgages originated between the second half of 2005 and the first half of 2008.
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