According to the Department of Housing and Urban Development, FHA has nearly exhausted its $25 billion authority for FY 2013 to insure multifamily, risk share and health care programs.
According to figures compiled by IMF, U.S. Bank Home saw its residential fundings slip to $18.62 billion in the second quarter compared to $22.46 billion in the first.
Specifically, Sen. Warren says she wants information on seller/servicers that were granted price breaks and the “basis” for “granting more favorable terms.”
In the wake of EverBank’s recent exit from the wholesale/broker channel, there appear to be signs of expansion in the sector with nonbanks leading the charge. But mortgage brokers shouldn’t get their hopes up too much: Many of those expanding are nonbanks and none are likely to fill the void created by the megabanks – Bank of America, Chase and Wells Fargo – which began pulling out three years ago. “I truly believe...
Three months ago, CashCall President Paul Reddam said he was open to offers on his refinance shop, but that was before a jump in interest rates signaled a downturn in refi lending. At the midway point in 2013, CashCall ranked as 26th in mortgage originations, according to Inside Mortgage Finance, and refi loans accounted for virtually all of its business. These days Reddam isn’t returning telephone calls and competitors and investment bankers that specialize in mortgage acquisitions say that of late, they’ve heard little about CashCall’s situation. “I’m getting resumes from some of their employees,” said one mortgage CEO who is based in the same Southern California market as CashCall. “We’re seeing a lot of resumes from refi shops.” This executive, who focuses on purchase lending and spoke on the condition his name not be used, said...
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