What We’re Hearing: Caliber and PHH, an Update / Not a Good Thing: Having Too Much of Your Net Worth Tied up in MSRs / Banks and Brokers: No Longer in Love / Will a Retail Subprime Lender Emerge and Go National? / IU Chief Loses GSE Case August 26, 2016 Paul Muolo Angel Oak, by the way, is licensed to lend in 30 states. It hopes to be in 40 within the next year, said company official John Hsu…Read More
Jumbo Originations Increase Sharply in 2Q as Megabanks Turn on the Gas August 26, 2016 Brandon Ivey Marianne Lake, Chase’s CFO, said jumbos are the bank’s “first priority” among mortgage originations.Read More
Retail Market Share Hits a Two-Year High August 25, 2016 John Bancroft The wholesale-broker market held its ground, maintaining a 10.0 percent share of new originations, Inside Mortgage Finance found.Read More
TRID Impact on Purchase-Mortgage Process Receives Widely Differing Assessments from Real Estate Agents August 25, 2016 Brandon Ivey One real estate agent did not mince words: "TRID is a nuisance and should be done away with immediately if not sooner. Shut the Consumer Financial Protection Bureau.”Read More
PHH to Lose Part of HSBC Contract. A New Tally on Damages: A 47% Decline in Subservicing Contracts August 25, 2016 Paul Muolo PHH says loss of the HSBC subservicing contract on the 139,000 loans will reduce pre-tax earnings by $10 million.Read More
Did Someone Die in the House You’re About to Make a Mortgage On? August 25, 2016 Sherry Muolo California, Alaska, and South Dakota are the only states required to disclose death on property information in written disclosures…Read More
FHFA Readies Successor Program to HARP. Name to Follow August 25, 2016 Carisa Chappell FHFA estimates there are roughly 300,000 homeowners potentially eligible to refinance through HARP.Read More
Short Takes: Stonegate Mortgage a Buyer of Other Firms? / The Other Stonegate Buys a Florida Bank / The Kings of the Channels / A New Permanent CEO for Clayton / Former FHFA Director DeMarco Sets the Record Straight August 25, 2016 Paul Muolo From what we understand, Stonegate Bank is not very active in residential lending, but Insignia is…Read More
CFPB Considering Registration System for Nonbanks, Mortgage Firms Included August 24, 2016 Thomas Ressler A CFPB nonbank registration system might be used to collect financial and operational data and information on a lender’s organizational structure…Read More
Redwood Shoots Down Report on Suspension of its Jumbo MBS Program August 24, 2016 Brandon Ivey In recent years, Redwood has favored whole loan sales to jumbo MBS due to pricing considerations, but the company has continued to issue jumbo MBS.Read More