At deadline we got wind of a former Wall Street investment banker who is setting up a fund to help independent mortgage firms (nonbanks) raise capital.
Inside Mortgage Finance makes it official: residential originations tanked in the fourth quarter, but certain nonbanks gained at the expense of the largest players.
The FHFA’s final rule on golden parachutes applies to Fannie Mae, Freddie Mac, the Federal Home Loan Banks and the Office of Finance, as well as any “entity-affiliated parties,” including independent contractors.
Storm clouds quickly gathered as Rep. Steve Pearce, R-NM, complained that the bureau’s QM rule and restrictions on high-cost loans would pretty much exclude manufactured housing – and then accused Cordray of deliberately trying to squash lower-income families.
The Federal Housing Finance Agency’s new “servicing project” will take a close look at how large-scale packages of mortgage-servicing rights are sold and transferred, but will also delve into what mortgage bankers thought was a dead issue: minimum servicing fees paid to processors. “You might say that FHFA is tackling the whole servicing arena in a big way,” said one mortgage consultant who has been briefed on the agency’s plans. The regulator’s sudden interest in transfers comes...
It’s been several years since a top-10 ranked lender changed hands, but it could happen this year with speculation falling on PHH Mortgage and Flagstar Bancorp. Both firms own large servicing portfolios but have sold servicing “strips” while retaining a subservicing relationship with the consumer. Investment banking sources and competitors familiar with the two say a sale of either is...
Athas’ originations include stringent downpayment requirements: at the end of 2013, the weighted average loan-to-value ratio on loans held by RCP was 48 percent.
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