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New HECM Underwriting Changes Could Reduce Program Volume by 20 Percent

August 31, 2017
George Brooks
During a press briefing with the media this week, HUD officials estimated there are roughly 24 million seniors with untapped equity in their homes…
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Short Takes: Navy Federal Would Like to Purchase Servicing Rights / An MSR Offering from Prestwick / Fed Okays Sterling’s Purchase of Astoria / A Clarification / New Hires for Castle & Cooke

August 31, 2017
John Bancroft and Paul Muolo
The Fed just greenlighted a bank M&A deal...
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HUD Quadruples the Upfront Reverse Mortgage Premium. NRMLA Not Happy

August 30, 2017
Paul Muolo
NRMLA said the changes "diminish the benefit (amount of loan proceeds) available and increase the costs (increased upfront mortgage insurance premium) to most borrowers.”
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A One-Year Moratorium on Mortgage Payments in Hurricane-Ravaged Counties?

August 29, 2017
Paul Muolo
Cowen & Co. predicts that storm damage caused by the hurricane could “encourage” lender consolidation…
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Short Takes: Huge Changes Coming to FHA HECM Program / UWM Ponies Up More Money for Brokers / One is the Loneliest Number / Scrutiny for Industrial Loan Charters / AI CEO Resigns After 10 Years

August 29, 2017
Paul Muolo
So, how is the program doing? A spokesman for UWM said 40 firms were created with the first round of seed money and all are still in business.
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Prestwick Readies $532 Million Fannie/Ginnie Bulk MSR Portfolio for Auction

August 25, 2017
Paul Muolo
The weighted average servicing fee is 34 basis points, the delinquency ratio 3.13 percent.
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Vendor That’s Digitizing the Mortgage Process Lands $100 Million in Funding

August 24, 2017
Paul Muolo
In earlier funding rounds, Blend's backers have included businessman Peter Thiel, who co-founded PayPal...
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Eagles Named HUD Acting Deputy Secretary; Pantenaude on ‘Hold’ in the Senate

August 24, 2017
George Brooks
Senate Democrats opposing the administration’s proposed cuts to HUD’s FY 2018 spending bill have reportedly placed a hold on Pantenaude’s nomination...
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Short Takes: A New Loan Record for Freddie Mac / CFPB Warns Seniors About Reverses / Refis on the Rise a Bit / SFR Official Gets Ginnie Job / A New Hire for Mortgage Network

August 24, 2017
Paul Muolo and Sherry Muolo
According to a Freddie spokesman, the loan represents the “the largest-ever single-asset tax-exempt financing completed” by the GSE…
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Short Takes: Mortgage Apps Decline / What to do About Fannie and Freddie? / A Fast Grower, Guild has its Eye on M&A / Walter Bolting Reverses / A Promotion at UWM

August 22, 2017
George Brooks, Carisa Chappell, and Paul Muolo
A fast grower, Guild Mortgage is open to buying other shops...
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Latest Imf News

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