Also, Morgan Stanley recently increased its stake in Arch Capital Group to 6.3 percent. Arch owns CMG Mortgage Insurance, which is being renamed Arch Mortgage Insurance Company.
It appears that the Federal Housing Finance Agency has slowed its search for a chief executive and chairman to manage the fledgling common securitization platform, which is slated to be headquartered in Bethesda, MD. One former candidate for the CEO position told Inside The GSEs: Its pretty much turned into the mess I suspected it would a year ago. Discussing the chairman position, he added: They still havent come to terms on compensation for the person they want.
With residential loan production expected to decline by at least 30 percent this year, bank originators are looking at ways to cut costs without damaging their ability to handle an unexpected uptick in applications should rates unexpectedly fall. According to both lending executives and outsourcing firms, inquiries are picking up at vendors that process, underwrite and close residential mortgages. The banks are tired of ramping up and then cutting back, said Jeffrey Taylor, managing partner at Digital Risk ...
In terms of market effect, a DocuTech executive said that because of the new CFPB rules, "credit is going to slow down for a little while, maybe a month or so."
Ginnie Mae, Japan Sign Joint MOU; Russia Gets Help In Launching First MI. Ginnie Mae is helping Japan and Russia transition from their current secondary mortgage market structures to the U.S. companys model. On Jan. 9, Ginnie Mae and Japan Housing Finance Agency signed a joint memorandum of understanding to exchange information and help Japan create a securities program tailored after Ginnie Maes successful mortgage-backed securities program. Japanese Prime Minister Shinzo Abe has directed the JHFA to make the transition within three to five years. Under the MOU, the two countries will hold ...
Now that the Consumer Financial Protection Bureau has delivered its integrated mortgage disclosure project, the agency is asking consumers to identify the key pain points associated with closing and how they might by mitigated by market innovations and technology. The CFPB seeks to encourage the development of a more streamlined, efficient and educational closing process as the mortgage industry increases its usage of technology, electronic signatures and paperless processes, the bureau said in a recent notice. The plan is to encourage interventions that increase consumer knowledge, understanding and confidence at closing, the agency said. Specifically, comment is sought...
As expected, the Mortgage Bankers Association this week lowered its 2014 origination forecast to $1.12 trillion, a $57 billion decrease from its previous estimate. Word of the reduction was making the rounds last week.
Mobile technology may seem to be all the rage, with many lenders tapping vendors to help borrowers to shop for rates, mortgages and lenders from the palms of their hands. But a new Fannie Mae survey suggests that borrowers prefer to go old school and use their personal computers to find the best mortgage. The use of technology in mortgage shopping is likely to continue especially among younger borrowers with higher income and educational levels. Consumers say they use traditional ...
One mortgage executive had this to say about the W.J. Bradley case: This is fascinating for the implications of whether the LO or the company owns the customer. As you know, LOs have their little black books (or thumb drives) of all their customers and their information."