OCC Warns of Credit Risk as Banks Loosen Underwriting Standards for Mortgages December 21, 2016 Brandon Ivey The OCC’s study covers 85 banks that originate first-lien mortgages…Read More
Subservicing Continues to Gain Market Share; Cenlar Maintains Dominance December 21, 2016 Paul Muolo The privately held Cenlar ended the third quarter with a subservicing market share of 25.6 percent, Inside Mortgage Finance found.Read More
CFPB Urged to Perform Risk-Based Evaluation on Private-Label Servicing December 21, 2016 George Brooks The private-label and subservicing sectors are dominated by nonbanks…Read More
Fitch Assigns Subprime Servicer Rating to Citadel. Could a ‘Rated’ Nonprime MBS Deal be Next? December 21, 2016 Brandon Ivey The company doesn’t outsource or offshore any of its servicing activities.Read More
New Home-Equity Lender Could Fund $450 Million in 2017; Seeks to Hire LOs December 21, 2016 Paul Muolo Shellpoint owns part of Spring EQ and both firms have common owners.Read More
Interest-Only Originations Falter (For Some) in 3Q16 December 20, 2016 Brandon Ivey After PHH Mortgage, the other top IO producers in 3Q16 were JPMorgan Chase, First Republic Bank, MUFG Union Bank, and Citibank. Read More
Short Takes: PHH Files Layoff Notice with NYS / Jobs Will be Offered to Certain Employees / Altisource Wanted to Buy LPS / Mortgage Network Names New President December 19, 2016 Brandon Ivey and Paul Muolo PHH had been subservicing the loans for HSBC and the new owner of the MSRs had opted to bring the loans inhouse instead of using PHH…Read More
And the Beat Goes On: Nonbanks Keep Taking MSR Share from Depositories December 16, 2016 John Bancroft Commercial banks reduced their securitized servicing by 1.9 percent during the third quarter, though they still accounted for 52.5 percent of that market.Read More
What We’re Hearing: As Rates Move Higher, Disaster Looms for the Mortgage Industry (Not Really) / The Stock Market Will ‘Correct’ on This Date… / New Fannie Survey Finds Lenders Glum / He’s Back: Nonprime Veteran Jon Daurio December 16, 2016 Paul Muolo If rates don’t improve in the next few months, one area where lenders will try to save money is on loan officer compensation... Read More
Home-Equity Lending Softened Slightly in 3Q16 as Refis Surged December 15, 2016 John Bancroft Bank of America once again ranked first as the top home-equity lender in the nation, although its production fell 17.7 percent…Read More
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