Some have suggested that it’s no wonder that several mortgage company owners – including those who control specialty servicers – are contemplating selling their companies.
The IG was actually looking into possible down payment assistance violations at another lender and decided to audit loanDepot because of its high volume of loans with those features.
An earlier version of the bill that Corker tried to fast-track through the Senate did not include the prohibition on using g-fees to pay for unrelated government spending.
One source, angered by Cordray's comments, said, "No, Mr. Director. Those concerns have eliminated non-QM loans, which come with protection against frivolous lawsuits. That’s why no one except a perfect borrower can get a loan…”
With loan quality and real estate values continuing their rapid improvement over the past two years, the market value of “high-touch” servicers continues to head south and a handful of such firms are pondering sales. According to advisors that ply their trade in the mergers and acquisitions circuit, at the top of the “for sale” list is the IBM-owned Seterus, which at one point had at least $40 billion in problem Fannie Mae-related loans on its system. But will IBM – which also has its hands in the origination technology arena – finally pull...
Ginnie Mae executive Michael Drayne raised concerns about the growing reliance on subservicers and whether there’s enough capacity at these companies...
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