In the new “Mortgage Professional’s Handbook,” residential finance technology expert Jeff Lebowitz predicts the industry “is about to exit its Victorian era of technology use."
Ocwen continues to face regulatory issues, including constraints on growth via acquisitions. However, Fitch recently upgraded a number of the firm’s servicer ratings from a level 4 to a level 3-minus with a “stable” outlook.
As IMFnews went to press Monday, investors were once again punishing the stock, with shares trading down 20 percent on the day to $4.95. Its all-time high is $60 a share.
Last week, the Securities and Exchange Commission provided new guidance, in a question and answer format, about certain programming changes to its online disclosure system that have been made to support recently adopted revisions to Regulation AB and new Exchange Act Rule 15Ga-2. More specifically, the guidance covers the procedures that a filer must use in the Electronic Data Gathering, Analysis, and Retrieval (EDGAR) system that enable it to file a preliminary prospectus and to furnish Form ABS-15G, along with accompanying tables and third party due-diligence reports. It also addresses...
"Assuming we achieve our cost, volume and other business objectives, and the market unfolds as forecast, we expect core earnings before notable items to be breakeven to modestly profitable for 2016," said CEO Glen Messina.
Many small and medium-sized nonbanks have been earning steady profits the past three years, but all that ended in the fourth quarter of 2015, thanks to the integrated disclosure rule known as TRID. At least that’s what some warehouse managers told Inside Mortgage Finance. These credit executives, who spoke under the condition their names not be used, were somewhat surprised by the development, but were quick to caution that about a third of their clients posted losses. The managers also noted...
Guaranty-fee income increased in 2015 at Fannie Mae and Freddie Mac despite the fact that average g-fees on new business acquisitions were down slightly. The two government-sponsored enterprises reported a combined $17.33 billion in net income for all of last year, a 20.9 percent drop from 2014. However, g-fee income at the two GSEs was up 8.2 percent from 2014 to 2015, and continued to account for a growing share of their income as their investment portfolios shrank. G-fee income did not climb...
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