CFPB Fines VA Lender NewDay $2 Million for Deceptive Ads, Kickbacks February 11, 2015 Thomas Ressler NewDay's chairman emeritus is former Ginnie Mae president Joe Murin.Read More
Jumbo MBS Investor Base Shrinking; Issuance Likely to be Flat This Year February 11, 2015 Brandon Ivey The ABS Vegas show attracted more than 6,000 attendees, but few investors appear ready to buy new jumbo MBS. Read More
Cherry Hill Mortgage REIT Buys Mortgage Company; Will Leverage MSRs February 11, 2015 Paul Muolo Stan Middleman, chairman of CHMI, told IMFnews that having agency approvals will allow the REIT to leverage servicing rights...Read More
Accounting Treatment for Past Due Loans in Ginnie Pools Clarified February 11, 2015 George Brooks According to the MBA, a Big Four accounting firm issued controversial guidance which would have been burdensome for small MBS issuers. Read More
Securitization of Nonprime and Non-QM Loans Looking Doubtful for 2015 February 11, 2015 Paul Muolo Bayview is purchasing from a network of correspondent sellers roughly $10 million per month in loans that don’t meet the QM test defined by the CFPB.Read More
Short Takes: HUD’s Castro Presents the Math / How Much?/ The Market for FHA Streamline Refis / Citadel Rolls Out ‘Alt A’ Product Named After a Dog / Arvest Mortgages Gets a New CEO February 11, 2015 Paul Muolo Citadel Servicing Corp., which has made a name for itself as a new-style subprime lender, has rolled out an Alt A mortgage called “Maggi.”Read More
Treasury’s Point Man on GSE Reform Punts on Handicapping Passage of a Bill February 10, 2015 Brandon Ivey Treasury counselor Michael Stegman noted that policymakers on both sides of the aisle are dissatisfied with the current status quo regarding Fannie Mae and Freddie Mac.Read More
FHA Working on a ‘Grid’ That Could Protect Lenders From Paying Huge Damages Due to ‘Manufacturing Defects’ February 10, 2015 Paul Muolo A proposal from FHA could see the light of day within six weeks, some have speculated.Read More
Liquidity Requirements in FHFA Proposal a Concern for the Industry February 10, 2015 Paul Muolo Marina Walsh, vice president of industry analysis for MBA, said, “We don’t have enough information to do a thorough analysis of the proposal.” Read More
FHA Lending Took It On the Chin in 2014 February 10, 2015 George Brooks Among all lenders, Quicken Loans led the pack with $6.67 billion of production, a 27 percent drop from the prior year.Read More