Stearns Lending founder Glenn Stearns will star in a reality TV series called “Undercover Billionaire,” premiering August 6. Stearns will be dropped off in a U.S. city (Erie, PA) with $100 in his pocket. The goal: to create a million-dollar enterprise from scratch in 90 days…

Approximately $600 million of refinance loans with a VA guarantee were left stranded on lenders’ balance sheets due to a conflict in Ginnie seasoning requirements that were ushered in with passage of the Dodd-Frank reform act...

According to calculations made by Inside Mortgage Finance, the patch currently accounts for as much as 30% of single-family mortgages purchased by Fannie Mae and Freddie Mac. 

Steve Harris of MIAC Capital Markets: “I guess this means less risk for the agencies and perhaps more for the private sector."

The presale report notes income on 47.5% of the loans was verified using “alternative methods,” which means personal or business bank statements.

Although MBS issuance was strong in the second quarter, ABS deals were less robust...

To date, much of the revival in the new “subprime” mortgage market (non-QM) has been driven exclusively by nonbanks, but that’s beginning to change...

MBA worries that if the GSE patch expires without any corresponding reforms to "preserve access to credit," the residential mortgage market will be disrupted...

How much do mortgage CEOs at private firms earn each year? We’ve been asking around of late and the answers we received offer a wide range... 

To ensure lenders are not adversely impacted by the outage, FHA will make adjustments to response due dates.