A Ton of Servicing Deals Hit the Auction Calendar. Can They All Get Done? April 6, 2016 Paul Muolo One servicing broker had this to say about the all the new offerings: “There’s a lot of deals out there now – and they seem to be getting done.”Read More
Equifax, Experian Top the CFPB Complaint List; Mortgage Gripes Down April 6, 2016 Thomas Ressler Total gripes to the bureau slid 5.0 percent in the first quarter and were off 3.0 percent on an annual basis...Read More
Consultant Floats Idea: Make Loan Officers Pay for Compliance Costs April 6, 2016 Paul Muolo The consultant has seen compliance costs rise, but without a commensurate cut in LO commissions... Read More
Short Takes: Discover, Liking Mortgages Again? / This Wouldn’t Happen at Yale! / WWWD? (What Will Watt Do?) / Now the Consumer Has the Upper Hand? / Stonegate Hires Alumnus April 6, 2016 Carisa Chappell and Paul Muolo FHFA chief Mel Watt is expected to issue a final decree this month…Read More
$128 Billion of GSE Loans Didn’t Meet the QM Test. The ‘Patch’ Saves the Day April 5, 2016 John Bancroft This so-called agency “patch” was set up to last for seven years, or until 2021... Read More
Nonprime Lender Citadel Intentionally Cuts Production Because of TRID April 5, 2016 Paul Muolo Citadel's pipeline is at roughly $150 million. Read More
Former FTC Official: CFPB Rules Have Driven Small Banks out of the Mortgage Business April 5, 2016 Thomas Ressler By imposing a one-size-fits-all mechanical underwriting system for mortgages, the QM rule has deprived community banks of a significant competitive advantage over megabanks, he argued…Read More
Short Takes: Jumbo MBS Ugly in 1Q16 / More TRID Nightmare Talk / CSS is Hiring / Marketplace Mortgage Continue Expansion / New Hires for WFG April 5, 2016 Brandon Ivey and Paul Muolo CSS, a joint venture of Fannie Mae and Freddie Mac, is hiring at its main site in Bethesda, MD, as well as its office in Pasadena, CA.Read More
Short Takes: 20 From WJB Land at Supreme / Bad Timing? / Joe Garrett Wants to Hold a CFPB Contest / The State of the TRID Scratch-and-Dent Market / GM&C Hires Former Fannie Mae Veteran April 4, 2016 Paul Muolo We also heard one report that earlier in the year a large production group from a competitor jumped ship and joined WJB in January.Read More
GAO Suggests Congress Give the CFPB More Power. What? April 4, 2016 Thomas Ressler Give the CFPB even more power? The GOP likely would not stand for such a thing...Read More