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Flagstar’s President of Mortgage Banking Len Israel Departs

February 2, 2017
Paul Muolo
During his career, Israel has worked for IndyMac Bank and other shops.
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Invictus Capital Readies New Nonprime MBS Backed by Originations from Verus, Angel Oak and Others

February 2, 2017
Brandon Ivey
The new MBS is largely backed by non-QMs, along with some “rebuttable presumption” QMs…
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A Different GSE Dilemma: Not ‘Too Big to Fail’ but ‘Too Big to Sell’

February 2, 2017
Paul Muolo
When it comes to cashing out of large blocks of GSE common stock, sellers face the ‘Roach Motel’ syndrome: investors check, but can’t necessarily check out…
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MountainView, Phoenix Capital Out with New MSR Deals

February 2, 2017
Paul Muolo
With interest rates staying steady the past few weeks, more bulk MSR deals are hitting the market.
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Short Takes: A Bank in the Hunt for Mortgage M&A / PRMI Has Record Year / Citadel Passes the $1 Billion Mark / SFIG Starts ‘Grassroots’ Effort / SoFi Buys Zenbanx / Why Didn’t You Go With Me? Was it Something We Did?

February 2, 2017
Brandon Ivey and Paul Muolo
The "Lost Sales Analysis" product – licensed from its developer, Equifax – helps originators determine if applicants closed a mortgage with a competitor.
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Redfin to Offer Purchase Mortgages, Pairing Real Estate Agents and Title Business with New Lending Operation

February 2, 2017
Real estate brokerage firm Redfin is preparing to offer purchase mortgages to homebuyers who use the firm’s real estate agents. The company announced Redfin Mortgage last week, promising a “digital mortgage,” low interest rates and faster closing times. The new lender will be led by Jason Bateman, a former executive vice president of mortgage operations at BBVA Compass. “When your real estate agent, title professional and lender work together, you win,” he said. “Lenders should spend their time determining which loan is right for a customer, not looking for new customers.” Initially, Redfin Mortgage plans...
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PHH Argues that Lawmakers Don’t Have Legal Standing to Intervene in its Case Against the CFPB

February 1, 2017
Thomas Ressler
Further, the lawmakers’ motion is untimely and fails to meet the standard for intervention, the lender argues in its filing.
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Depositories Experienced a Sharp Drop in Mortgage Banking Income in 4Q16

February 1, 2017
John Bancroft
In many cases, the fourth quarter drop was due to poor performance on servicing hedges.
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Fairholme Letter: We’re Not Speculators; Only the ‘Disingenuous’ Would be Against a GSE Recap

February 1, 2017
Paul Muolo
Fairholme: “Only the disingenuous would assert that recapitalization of these companies would take decades and come at taxpayers’ expense…”
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CFPB Slams Nonbank Prospect for Violating RESPA

February 1, 2017
Thomas Ressler
The CFPB also took action against two realty firms: ReMax Gold Coast and Keller Williams Mid-Willamette...
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