Impac president Bill Ashmore said that at the end of 2Q, the lender had a $115.0 million pipeline of non-QM originations, about level compared to the pipeline the lender had at the end of the previous quarter.
JPMorgan Chase is a step closer to settling a dispute with Deutsche Bank and the Federal Deposit Insurance Corp. over certain mortgage securitization agreements in connection with the government’s takeover of failed mortgage lender Washington Mutual. According to Chase’s most recent 10-Q filing with the Securities and Exchange Commission, the firm, Deutsche Bank and the FDIC have signed a term sheet to resolve pending litigation brought by the German bank against Chase and the FDIC in relation to WaMu as well as Chase’s outstanding indemnification claims pursuant to the terms of the purchase-and-assumption agreement with the FDIC. The term sheet is subject...
A handful of investors, including Caliber Home Loans, are kicking the tires at PHH Corp., taking a close look at the company’s mortgage assets and platforms, investment banking sources told Inside Mortgage Finance this week. At this point in time, a sale of the company through a stock transaction is highly unlikely, but the disposal of some of its key assets – in particular, its $231.74 billion servicing portfolio – could finally materialize before yearend. It’s...
Among three nonbank servicers that grew significantly after the financial crisis, Nationstar Mortgage has managed to continue to acquire mortgage servicing rights and subservicing while Walter Investment Management and Ocwen Financial have recently sold MSRs and taken huge losses. Officials at Nationstar said the nonbank is on track to board servicing with an unpaid principal balance of $130.0 billion between August and the end of the year. The new servicing includes acquisitions of MSRs and subservicing agreements. Nationstar handled a $369.0 billion servicing portfolio at June 30, down from $386.0 billion in servicing at the end of March. “I don’t think...
Fairway Independent Mortgage, Madison, WI, has been quietly giving control of the company away to a group of investors who are key to its growth: its own employees. The nation’s 22nd largest lender – as ranked by Inside Mortgage Finance – has been issuing stock to some of its senior executives since late last year, but recently rolled out an employee stock ownership plan to anyone, provided they work there for at least a year. For employees, the best part is...
Homebuyer counseling classes should expand and evolve, according to some in the industry who said such programs are critical to promoting successful homeownership. And there have been a few changes this year that speak to the growing importance of borrower education. Studies show that borrowers participating in homebuyer counseling classes are more likely to sustain homeownership than those who haven’t been counseled. But a newly published paper from the Urban Institute said...
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