What We’re Hearing: Top Production Exec Ready to Depart? / The Mel Watt Era at the FHFA is About to End / Will IBM do to Promontory What it Did to Seterus? / Ugly Mortgage Job Numbers / Selling Ditech Shares / Dynex Hires Dave Stevens as a Director January 4, 2019 Paul Muolo One former Fannie Mae executive familiar with Seterus opined that IBM likely received “pennies” compared to what it invested in Seterus... Read More
MBS/ABS Market Ends Year with Lackluster Production. Weakest Reading in Five Years January 4, 2019 John Bancroft The biggest reason for the slump: the decline in single-family MBS production by Fannie, Freddie and Ginnie…Read More
A Very Ugly Application Reading for the Week Ending Dec. 28. Surprise? January 3, 2019 Paul Muolo Brian Benjamin of Two Rivers Mortgage & Investment in Red Bank, NJ, noted that since the bond market rally in late December, “I’ve seen a pickup in calls, but refis are still dead.”Read More
A Not-So-Pretty 4Q18 for GSE MBS Issuance January 3, 2019 John Bancroft Fannie and Freddie continued to see a slippage in the purchase market…Read More
Short Takes: A Government Shutdown-Related Reminder from Fannie Mae / A Fundraising Record for MBA’s MORPAC / Rising Worries, Falling Rates / Nervous / AI Gets a New (Annual) President January 2, 2019 Paul Muolo and Brandon Ivey At press time, the yield on the benchmark 10-year Treasury was at 2.67 percent, the lowest reading in almost 12 months…Read More
PennyMac Financial Cuts New Employment Deals with Top Officers January 2, 2019 Paul Muolo Kurland was given an annual base salary of $900,000 from Jan. 1 of this year until Dec. 31, plus cash and equity incentives.Read More
Employee Satisfaction at the CFPB Plunges December 31, 2018 Yemeng Yang A CFPB spokesperson said that 2018 was, no doubt, “a tumultuous year of great change.”Read More
Short Takes: Worrying About the IRS / NRMLA Talking to Members about the HECM Situation / Most Underwriting Can Continue / Mnuchin’s Future / OCC Hires SBC Attorney December 31, 2018 Paul Muolo Capital Alpha Partners: “Mnuchin’s job is in danger the same as any cabinet member under Trump...." Read More
Interest-Only Lending Declines in Third Quarter December 31, 2018 Brandon Ivey First Republic Bank, the top IO lender in the group, originated $1.68 billion of product…Read More
GSE Credit Scoring Models: The Future is Unwritten December 31, 2018 Dennis Hollier Fannie and Freddie tossed out the idea of creating their own internal models as impractical...Read More
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