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.
The FHA allows low downpayments on loans that have credit scores as low as 580, but numerous lenders have established their own underwriting overlays to protect against poor performance.
The new service from Freedom Mortgage will handle all aspects of the mortgage transaction, from the initial customer call to closing and servicing of the loan.
One executive familiar with the practice of signing bonuses noted that typically the money is paid out over 12 months, but if the LO does not repeat their past performance the bonus can terminate in a given quarter.
The new judge presiding over Bank of America’s $8.5 billion settlement with MBS investors this week countermanded, for the moment, last week’s approval of the deal by her predecessor, giving a major opponent of the agreement another chance to argue against it. New York State Supreme Court Justice Saliann Scarpulla agreed to delay approval of the deal until at least Feb. 19 to hear American International Group’s appeal. Last week, Justice Barbara Kapnick approved the settlement agreement, except for loan modification claims, as one of her last acts before she took a promotion to the state’s Appellate Division. BofA agreed...
The mortgage market is just one month into the world of qualified mortgage lending under the Consumer Financial Protection Bureau’s ability-to-repay rule. But behind the scenes, investors, legal advisors and technology vendors are working to get ready to enter the non-QM space. “I can tell you, at least from the investor side, from the number of investors that I talk to – and some of these are cradle-to-grave guys that have originating arms in their organizations, or maybe correspondent networks for which they’re buying – they are building infrastructure and capability to process and buy these non-QM type loans,” said Dave Hurt, vice president at CoreLogic. “So there is genuine interest and significant enough confidence that there will be a market that they’re making investments both in technology and infrastructure to do that.” And it’s not...
Despite new public pronouncements by lawmakers and administration officials that housing finance reform remains a “top priority,” industry observers warn there is little chance of legislation clearing Congress, ensuring a status quo that leaves the uber-profitable Fannie Mae and Freddie Mac in place and pumping money into the Treasury. Senate Banking, Housing and Urban Affairs Committee Chairman Tim Johnson, D-SD, and Ranking Member Mike Crapo, R-ID, broke a long public silence by reiterating their intention to push bipartisan housing finance reform in a statement on Wednesday.
Fannie Mae and Freddie Mac – during two different periods last year – spent nearly $20 billion buying roughly 85,000 loans despite clear warnings or questions about the appraisals, according to a new audit from the Inspector General of the Federal Housing Finance Agency. As part of its report, the FHFA-OIG has made 14 recommendations to FHFA regarding the matter, calling on the regulator to ensure the GSEs make better use of appraisal information generated by a uniform collateral data portal the agency told the two to develop in 2010.
Morgan Stanley & Co. this week disclosed in a filing with the Securities and Exchange Commission that it likely will pay $1.25 billion to settle charges that it sold faulty non-agency mortgage-backed securities to Fannie Mae and Freddie Mac in the years leading up to the financial crisis. The settlement, however, is not final “and there’s one more stop to it,” said one observer close to matter.
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