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Inside The GSEs
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Short Takes: Caliber Brings Ginnie MSR Deal / The Nation’s Highest Paid Loan Broker: Doug Lebda ($59M) / Ex-Fannie Exec a Candidate for FHFA Job? / The PHH Head Count

May 8, 2018
Brandon Ivey and Paul Muolo
It was a nice pay check last year for LendingTree founder and CEO Douglas Lebda...
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Arch Capital CEO Defends IMAGIN Pilot Program

May 7, 2018
Carisa Chappell
The MI executive said there are a number of misconceptions about the program…
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Freddie Now Extending Lines of Credit to Nonbanks. The Collateral: Mortgage Servicing Rights

May 7, 2018
Paul Muolo
One former Fannie Mae executive was critical of the effort, calling it “mission and charter creep.”
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Origination Profit Margins Stay Ugly. Is Relief on the Way?

May 7, 2018
Paul Muolo
One consultant said he’s conducted 14 warehouse reviews on lenders this year with 11 of them turning a profit and three losing money.
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Risk Factors Creep Higher in FHA and VA Loans During Early 2018

May 7, 2018
John Bancroft
The average credit score for FHA loans in Ginnie MBS issued during the first quarter was 671.1, the lowest level since the agency began reporting loan-level data…
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Figuring Out Who Might Succeed Mel Watt as FHFA Director – It’s Complicated…

May 4, 2018
Paul Muolo
Also, there’s a growing fear that in the absence of Congressional action, a free-market leaning Treasury Department, in tandem with a Trump-appointed FHFA director, might alter the way GSEs operate...
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Price War on GSE Guarantee Fees Appeared to End in Early 2018 in Response to FHFA Directive on Targeted Returns

May 4, 2018
Competition between Fannie Mae and Freddie Mac on MBS guarantee fees appeared to play a role in Freddie’s surge in market share during the fourth quarter, but the price war seemed to ease up in 2018.
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PennyMac’s Net Income Declines as Nonbank Cites Intense Competition for Originations

May 4, 2018
Brandon Ivey
PennyMac entered the broker channel in January and took in $7 million worth of product during the first quarter…
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What We’re Hearing: The New MBA CEO Will Be… / A ‘November Surprise’ for GSE Reform? / Is it 10 Years Already? / What ‘Mr. Market’ Thinks of Fannie and Freddie / GSE CRT Deals, a Great Return? / NewDay in the Clear?

May 4, 2018
Paul Muolo
Here’s a prediction: GSE reform legislation will only pass if, and when, the Democrats take control of the House, Senate and the White House.
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Jumbo Production Declines in 1Q18, but Optimism for the Spring

May 4, 2018
Brandon Ivey
“Los Angeles, San Francisco and Boston continue to be quite supply-constrained,” said First Republic CEO James Herbert.
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