CFPB Finds Mortgage-Related Complaints Declining, Led By Ocwen and Nationstar August 26, 2015 Brandon Ivey Among the top 10 companies in the complaint database, two mortgage servicers showed improved performance: Ocwen and Nationstar.Read More
Get Ready: G-Fees Will Rise for USDA Home Loan Program August 26, 2015 George Brooks Effective Oct. 1, 2015, the upfront g-fee for USDA purchase and refinance loans will be raised to 2.75 percent from 2.00 percent. Read More
A ‘New York State of Mind’ on LO Approvals: Like Molasses August 26, 2015 Paul Muolo A spokesman for the NYDFS admitted that, “We’re constantly trying to improve our processing times, but we know that we have a lot of work to do..."Read More
Short Takes: Credit Suisse Readies Another Jumbo Deal / Angel Oak Nonprime MBS? / Parkside Rolls Out Jumbo With Caveats / FHA, PACE and Lien Priority / Barney Frank Back in the Business? August 25, 2015 Paul Muolo, George Brooks, and Brandon Ivey Remember the nonprime MBS deal that Angel Oak was working on with Nomura? The transaction may be on again...Read More
Fannie Mae Unveils ‘HomeReady,’ A Successor Program to ‘MyCommunityMortgage’ August 25, 2015 Carisa Chappell HomeReady will become part of DU later this year and replaces the MyCommunityMortgage product, which in some circles was known as Fannie’s “subprime” option.Read More
CFPB Rejects Lead-Generation Firm’s Effort to Dismiss CID August 25, 2015 Thomas Ressler The lead generation firm argued that the CID’s notification of purpose was too vague and thus failed to comply with legal and regulatory requirements.Read More
Mortgage Banking Solutions Selling Wholesale Lender August 25, 2015 Paul Muolo MBS Managing Partner Chuck Klein said the company in question owns at least $3 billion in mortgage servicing rights...Read More
MBA: Origination Profit at Independents Almost Flat in 2Q August 25, 2015 Paul Muolo The results are based on 354 lenders that submitted production data to the trade group.Read More
Servicer Prevails in ‘Do Not Call’ Case Involving Borrower’s Cell Phone Number August 25, 2015 Brandon Ivey The borrower listed his cellphone number on the loan modification documents, but then defaulted.Read More
Short Takes: And Now for the ‘Dark Side’ of Low Rates / Jumbo Trouble Because of Stocks? / SPS Suddenly Likes Performing Loans / Wells, the Correspondent King (Again) / Buck Hawkins Departs iFreedom August 24, 2015 Paul Muolo and Brandon Ivey Many wealthy borrowers feel rich because they’re sitting on huge stock market gains achieved over the past few years. But now...Read More