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GSE Purchase Business Hit Post-Crash High in 3Q16

October 6, 2016
John Bancroft
Freddie Mac’s third-quarter MBS business was up 36.0 percent from the previous period, thanks to a whopping 43.6 percent jump in purchase-mortgage business…
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They’re Back: Cash-out Refis

October 6, 2016
Brandon Ivey
Cash-out refis are propping up the refi market, said one analyst.
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Fairholme Says GSE Document ‘Floodgate’ About to Open; At Stake: $2.4 Billion of Fannie/Freddie Jr. Preferred

October 6, 2016
Paul Muolo
In a letter to its shareholders, Fairholme called the GSEs “two of the best businesses ever owned by the funds.”
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FBR Predicts a Blow-out Origination Quarter – and Year

October 6, 2016
Paul Muolo
A $2 trillion year for mortgage originators? It might be…
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MIAC Hits the Street with a GSE/Ginnie Mae MSR Auction

October 6, 2016
Paul Muolo
The MSR package has a heavy West Coast concentration, MIAC said.
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‘High Pressure’ Wells Fargo Put on Retail Bankers Wasn’t Exactly Evident in the Mortgage Unit

October 6, 2016
Wells Fargo – no doubt – is taking it on the chin for its “account fabrication” scandal tied to credit cards and deposits, but so far the damage has yet to seep into its mortgage business in a major way, but reports suggest certain correspondents are balking at doing business with the megabank. Dave Akre, managing director of Five Oaks Investment Corp., said he knows some loan officers working for Wells correspondents who are no longer offering the megabank’s jumbo products “due to recent issues.” Those “issues,” he pointed out in an interview with Inside Mortgage Finance, involve...
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Former OCC Chief Ludwig Agrees to Sell Promontory To IBM, but Keeps Mortgage Business and Another Unit

October 6, 2016
In its thirst to expand further into financial services, IBM recently agreed to buy blue-chip advisory firm Promontory Financial Group, but there are two units that “Big Blue” won’t be getting: Promontory MortgagePath LLC and Promontory Interfinancial. According to industry officials, both units will continue to be owned (at least in part) by PFG founder Eugene Ludwig, the former Comptroller of the Currency who started the firm in 2001. Promontory Interfinancial is considered...
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Short Takes: PHH and Caliber, Again? / Will Analysts Grill Wells Fargo? / Walter Exec Sells Shares / RBS Agrees to Settle MBS Case with Connecticut / New Hires for Compass Point

October 6, 2016
Paul Muolo
Is Caliber once again dancing with PHH?
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The State of Mortgage Servicing Sales: ‘Hand to Hand Combat’?

October 5, 2016
Paul Muolo
Through the first six months of 2016, $78.5 billion in bulk rights have changed hands, compared to $253.1 billion in 2015…
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TRID Compliance Reviews So Far Have been ‘Diagnostic’ in Nature

October 5, 2016
Thomas Ressler
One attorney noted that in his opinion state regulators are still learning the rule…
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