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An Ocwen Massacre: Stock Crushed, Firm Cannot Buy MSRs Without Regulatory Approval, Erbey Out at Several Ocwen-Related Companies

December 22, 2014
Paul Muolo
One analyst, Farukh Farooqi of Marquis Research, told IMFnews that Ocwen’s board should consider dumping CEO Ron Faris. “I mean where does the buck stop?” Farooqi said.
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Short Takes: Thanks to Ocwen, Most Mortgage Stocks Suffer / ASPS Hammered Too / Skyline Reveals Investors / DBRS Sold / FHFA Worries About Lien Priorities

December 22, 2014
Paul Muolo and Brandon Ivey
Skyline said it raised $18 million in equity and debt from Ellington along with Upfront Ventures and Dallas Capital Management.
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Warehouse Commitments Relatively Flat but Outstandings Start to Rise

December 22, 2014
Paul Muolo
At First Tennessee Bank, for example, its commitments were flat from the second to the third quarter, but average outstandings increased by 13 percent to $861 million.
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Single-Family Rental Investors Sitting on Large Gains: RealtyTrac

December 22, 2014
Sherry Muolo
The nascent single family rental industry is at a crossroads in terms of future growth and long-term staying power...
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Ocwen Settles with NYDFS for $150 Million; Erbey Out as Exec Chairman; Is Faris Next?

December 22, 2014
Paul Muolo
But Erbey's resignation may not be enough for analysts and investors who have seen the value of Ocwen’s stock plummet the past year.
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Interest-Only Originations Are Down but Not Entirely Out

December 22, 2014
Brandon Ivey
PHH Mortgage was the top-ranked IO lender, with $9.51 billion in such originations through three quarters in 2014.
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Lenders Reverse Plans to Videotape ATR Compliance, Though One is Recording Audio

December 22, 2014
Brandon Ivey
Lenders that have considered taping their interactions with borrowers said the recordings can help prevent “he said/she said” situations.
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REITs that Focused on Residential MBS See Promise in Commercial MBS Market

December 19, 2014
Two real estate investment trusts that have focused their efforts on residential MBS recently announced plans to enter the commercial MBS market. The moves come as issuance of residential MBS has been subdued since the financial crisis while issuance of commercial MBS activity has been soaring in recent years. PennyMac Financial Services announced this month that it formed PennyMac Commercial Real Estate Finance. The business will focus on loans that finance multifamily and other commercial real estate with a typical value of under $10 million. PennyMac said it plans for its REIT, PennyMac Mortgage Investment Trust, to acquire and securitize the commercial mortgages. “The opportunity in this market is...
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MBA, Democrats in Senate Urge HUD to Consider Decreasing Fees on FHA Mortgages

December 19, 2014
Brandon Ivey
MBA cites competition from GSEs' new low downpayment programs, Senators point to improvements in the FHA's Mutual Mortgage Insurance Fund.
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Short Takes: Boom in MLO Licenses / FHA Delays Detailing Review Findings / Redwood and the GSEs / Positive Outlook for SLS

December 19, 2014
Brandon Ivey
The increase in the number of mortgage loan originators with state licenses was attributed to increased access to warehouse credit and less exposure to regulation than big banks.
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