New HUD Secretary Comes Off as Ill-Prepared for Encounter with House Panel February 11, 2015 George Brooks What did the FHA earn last year? The new HUD secretary didn't know.Read More
Home-Equity Lending Has its Best Year Since 2009 February 11, 2015 John Bancroft The jumbo market ended 2014 with $235 billion in originations, a 14 percent decline from the prior year.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
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
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
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
Short Takes: Mortgage Servicer Hits the Auction Block / Wilshire Buying Mortgage Unit / More on FHA’s ‘Tweaks’ / The CFPB is Spending How Much? / Frank Talk on Risk Retention February 10, 2015 Paul Muolo, Thomas Ressler, and Brandon Ivey "My understanding is that FHA is planning on releasing supplemental performance metrics to ‘Neighborhood Watch’ to reduce reliance and focus on just a lender’s compare ratio," said Tim Rood.Read More