Flagstar, a thrift that is also the largest remaining depository in the table funding sector, earned $25.5 million in the second quarter compared to a $78.9 million loss in 1Q.
While affluent borrowers prefer to obtain mortgage financing from their primary bank, some in this category are willing to shop, particularly when competing lenders offer lower interest rates or more attractive loan products.
While re-REMIC issuance is currently increasing, volume is nowhere near the levels seen in 2009 and 2010 when $60 billion in such product came to market.
Union Mortgage has been losing some of its top executives over the past year. A few months back, its president and CEO Robert Eastep departed for Stonegate Mortgage…
“The entire subject of ‘mini-corr’ and the CFPB’s interpretation is the result of a witch hunt perpetrated by one of the lawyers that moved from the Federal Reserve Board,” said one disgruntled broker.
“Prospect has a target list and they have an audience,” said one advisor. “But so far, in the mortgage M&A market there has been a lot of talk – with not too many deals getting done.”
Criticisms about servicing seem to be stubbornly resistant to much improvement, however, hovering in the 3,000 to 4,000 range for the last six quarters.
The audit is being conducted by HUD’s Office of Inspector General to assess the bank’s compliance with FHA requirements related to the origination of loans insured by the agency.
A signing bonus for an LO sounds nice, but keep in mind that a lender has to find a way to pay for that bonus, which could result in an increase in pricing.
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