On Thursday Wells said it’s raising its reserves, noting that the SEC has been added to the list of federal agencies investigating its sales practices.
A CID recipient could not disclose its receipt of such a demand to counterparties under financing agreements, loan sales agreements, and purchase and sale agreements, which routinely require such disclosures.
Roughly $4.0 billion, or 72.7 percent, of Nationstar's production came through its consumer direct channel. Purchase loans represented 24 percent of originations.
At the recent annual convention of the Mortgage Bankers Association, trade group chief Dave Stevens said originators are being discouraged from lending to some first-time homebuyers.
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