The Department of Housing and Urban Development’s inadequate response and poor implementation of corrective actions recommended by its own inspector general did little to stop claim files from squeezing through without reviews. HUD’s Office of the Inspector General urged Charles Coulter, deputy assistant secretary for single-family housing, to go back and implement the IG’s recommendations properly. The process HUD said it had implemented had failed to select all FHA loans that met review criteria, resulting in more than ...
However, according to figures compiled by Inside Mortgage Finance, the U.S. subsidiary of the Canadian-owned bank doesn’t even rank among the top 30 lenders, at least not yet.
For the nation’s three largest originators of home mortgages – Wells Fargo, JPMorgan Chase and Bank of America – the third quarter of 2013 turned out the way most observers expected, with slumping production, less revenue and tighter profit margins. The three major lenders, which accounted for almost 30 percent of loan originations in the first half of the year, saw big drops in refinance volume. Although they all unveiled plans to cut thousands of mortgage jobs, efforts to trim expenses did not come fast enough. Wells Fargo said...
“The exodus of a majority of the pre-crisis nonbank entities within the mortgage arena provides an opportunity for banks to re-establish their position within the mortgage market,” according to regulators in Connecticut.
On the servicing side of the balance sheet, Citigroup reported $180.3 billion in third-party servicing rights, a 2 percent decline from the same period last year.
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