Zandi and deRitis believe that the FHA is on track to be able to lower its mortgage insurance premiums by 50 basis points to an average of 120 basis points for total upfront and annual premiums.
More trouble for Walter Investment Management? Meanwhile, according to NTC, as many as 490,000 homeowners could be affected by faulty servicer database records.
Mid-sized commercial banks are starting to turn up as potential buyers of mortgage banking franchises again, a trend that has not been seen in years, according to investment bankers that ply their trade in the space. “I’m working on two deals right now where the buyers are well capitalized commercial banks,” said Larry Charbonneau, a principal in Charbonneau & Associates, a boutique advisory firm based in Spring, TX. Charbonneau said he cannot identify the buyers due to non-disclosure agreements, but hopes to eventually. He noted that both banks have assets in the $2 billion to $3 billion range. “One of the banks isn’t...
Thanks to rapidly improving delinquency rates and real estate values, the bloom appears to be off the rose for specialty servicers that built their business on processing delinquent and high-touch mortgages that are guaranteed by Fannie Mae, Freddie Mac and the FHA. Over the past month, layoffs have plagued both Wingspan Portfolio Services, Dallas, and Residential Credit Solutions of Fort Worth, TX. Moreover, industry officials who work in the servicing sector believe...
Bank of America blamed the layoffs on “continued reductions” in its legacy mortgage business “as well as actions taken in sales and fulfillment as refinance demand slowed.”
Officially launched a year ago, the Bethesda, MD-based Common Securitization Solutions has no chief executive officer or chairman but continues to hire staff.
Varde has been looking for an investment in the non-QM space for the past year and finally found Deephaven. “They’ve approached others as well,” one source told IMFnews.
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