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CitiMortgage and SPS Miss Certain HAMP Benchmarks

June 17, 2014
Brandon Ivey
Outside of CitiMortgage and SPS, no other servicers received one-star ratings on the seven metrics tested for the Treasury in the first quarter of 2014.
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Short Takes: HUD Nominee Castro Hedges on Eminent Domain / FHFA Associate Director Singh Departs / The Longest MSR Transfer in World History? / Ocwen Pays Fine to Massachusetts / GSEs Clear Another Transfer Tax Hurdle

June 17, 2014
George Brooks, Brandon Ivey, Paul Muolo, and Charles Wisniowski
At the FHFA, Singh was involved in strategic planning to help attract private capital to the mortgage industry, a key goal of former Acting Director Edward DeMarco…
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Treasury DFA Overseer Miller to Depart, Says Recapitalizing GSEs Would Take 20 Years

June 16, 2014
Paul Muolo
Miller said the GSEs' profitability also is "driven by income from their retained portfolios, which benefit from being funded through Treasury capital support at low rates the private market cannot obtain."
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Short Takes: California Remains the Golden State of Mortgage Companies / A Ton of Loan Officers? / A Nation of Renters? / Confirmation Hearing for FHFA IG Nominee / Newcastle to Spin-off Unit

June 16, 2014
Paul Muolo and Charles Wisniowski
The number of mortgage companies in California rose 7.8 percent on a sequential basis. Nationwide, there are 392,896 federally registered mortgage loan officers…
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Bank and Thrift Repurchase Activity Fell 21 Percent in First Quarter

June 15, 2014
John Bancroft
Bank of America continued to report the largest volume of repurchases with $261 million in the first quarter.
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A New Regulatory Phrase (and Concern) Emerges: ‘Fair Servicing’

June 15, 2014
Thomas Ressler
Other “fair servicing” issues have to do with fee waivers and discretion in loss mitigation.
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FHFA Tells Congress: Fannie and Freddie are Hardly Out of the Woods

June 15, 2014
Paul Muolo
Fannie and Freddie: They keep earning money but in the eyes of the FHFA, large risks still remain.
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FHA Reevaluates ‘Spot Loans’ for Condo Financing

June 15, 2014
George Brooks
Spot loans are currently prohibited, but the agency is said to be reevaluating the product because of reports of first-time homebuyers having difficulty in obtaining FHA financing for condo unit purchases and seniors seeking reverse mortgages to tap the equity in their units.
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What We're Hearing: Disappearing Mortgage Bankers / Protect Your Loan Officers / Is There Hope for the Non-Agency Market? / Led by a Former CFC Executive, AmeriHome Will Enter the Non-QM Space / What? A Big Bank Wants to Make Reverse Mortgages?

June 13, 2014
Paul Muolo
Can James Furash, another former top Countrywide executive, pull a Stan Kurland, and turn AmeriHome into a mortgage juggernaut?
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Expert: Rehabilitated GSEs Better Than Senate’s Misguided Fix

June 13, 2014
Fannie Mae and Freddie Mac can be rehabilitated and returned to the private sector, with or without Congressional action, an expert noted this week, adding his voice to the growing chorus of those calling to retain the GSEs. Speaking at a GSE forum sponsored by Investors Unite, Joshua Rosner, managing director at Graham Fisher & Co., said that GSE reform “shouldn’t reinvent a wheel that has driven the secondary market successfully for generations.”
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