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A Modest Uptick in Home Lending for Wells Fargo in 3Q17; Meanwhile, a $1 Billion Legal Charge for Mortgage Investigations

October 13, 2017
Paul Muolo
Gain-on-sale profits came to 124 basis points, flat from the prior period, and the weakest reading of the past five quarters...
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HUD Secretary Ben Carson Open to Excising HECMs from the MMIF

October 13, 2017
George Brooks
Rep. Heck said he will ask the GAO to study and recommend options for improving the reverse-mortgage program, including shifting HECMs out of the MMIF...
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What We’re Hearing: FHFA Chief Has a ‘Number of Options’ on Zero Capital / Is That a ‘Hard’ Deadline? / Once Tax Reform is Done, Next Up: the GSEs / Can HUD Secretary Carson Get the IG to Back Off on the FCA? / Ocwen Kills Wholesale. Meaning?

October 13, 2017
Paul Muolo
Meanwhile, one detail about the capital buffer falling to zero remains unclear: On Jan. 1 will every single penny of the $600 million (at each) be carted away?
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Private MI Business Kept Growing in 3Q17, FHA Activity Lagged

October 12, 2017
John Bancroft
Fannie and Freddie saw a 26.7 percent jump in insured first-timer loans…
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JPM Grows Residential Lending by Almost 13 Percent in 3Q17, Keeps Adding to Whole-Loan Portfolio

October 12, 2017
Paul Muolo
Total mortgage banking revenue for the period came in at $1.56 billion compared to $1.43 billion in 2Q17...
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GSEs Continue Adapting Seller Requirements to Conform with HMDA Changes

October 12, 2017
Thomas Ressler
Fannie and Freddie continue to tweak their systems and processes to accommodate the new mandates, which kick in January 1…
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Ocwen Settles Servicing Disputes with Two More States

October 12, 2017
Thomas Ressler
In all of these agreements, Ocwen neither admitted nor denied liability…
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KBW: Don’t Expect Much Improvement from Gain-on-Sale

October 12, 2017
Paul Muolo
“We estimate that gain-on-sale margins will be roughly flat quarter to quarter,” writes KBW analyst Bose George…
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Short Takes: Residential Production Plunges at Citi / MSR Holdings Down Too / But a Nice Profit for 3Q17 / JPMorgan Readies New Non-Agency MBS / Ocwen Exiting Wholesale Channel / Fannie Announces New NPL Auctions

October 12, 2017
Brandon Ivey and Paul Muolo
Citi’s third-party servicing portfolio is down to $49.1 billion from $147.6 billion at Sept. 30, 2016...
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HUD Secretary Ben Carson Tells Panel Agency is Working to ‘Resolve’ Use of the False Claims Act

October 12, 2017
Paul Muolo
“I’m not sure why there’s been such an escalation of it [the FCA],” said Carson.
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