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PennyMac Loan Services Sells Excess MSRs to Affiliate

January 7, 2014
Paul Muolo
The sale was disclosed in a new SEC filing. The MSRs are backed by $10.8 billion of Ginnie Mae product.
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Short Takes: $87,500 a Year for a Flood Insurance Policy? / Industry Takes Note of W.J. Bradley Lawsuit Story / Tommy Lee Gets Part of LPS / Mortgage Credit Loosens Slightly / Ginnie Posts Strong Profits, But It’s No Fannie or Freddie

January 7, 2014
Paul Muolo and Charles Wisniowski
One mortgage executive had this to say about the W.J. Bradley case: “This is fascinating for the implications of whether the LO or the company owns the customer. As you know, LOs have their little black books (or thumb drives) of all their customers and their information."
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Mortgage Complaints at the CFPB Decline But Only on a Sequential Basis

January 7, 2014
Thomas Ressler
However, a year-over-year look at the data shows a much poorer performance across the board, with overall grievances up 42 percent at Dec. 31, 2013, versus year-end 2012.
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Western Bancorp Offers Non-Agency ARMs to the Self-Employed Via Wholesale Channel

January 7, 2014
Brandon Ivey
Western Bancorp said it will lend to borrowers with credit scores as low as 620 and the loans are available to non-owner-occupied properties and first-time homebuyers.
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Short Takes: What QM Rule? Bank Vows to Stay in IOs / Citadel’s Run-Rate Hits $130 Million / Top LOs in Demand / Morningstar Ups FCI’s Rating / If Rates Rise…

January 6, 2014
Paul Muolo
Subprime lender Citadel Loan Servicing began taking applications in July. So far, it has suffered no delinquencies.
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Long & Foster Sees Slight Decline in Lending for its Mortgage Unit

January 6, 2014
Paul Muolo
Jeff Detwiler, president and chief operating officer of Long & Foster Companies, noted that that higher interest rates are playing a “big role” in the lower home sales realtors are seeing in the Washington DC metro area.
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California AG Notes Data Breach at W.J. Bradley Mortgage

January 6, 2014
Paul Muolo
A spokesman for WJB told IMF that the lender/servicer may send out an additional 2,000 data breach notifications, pending the results of a computer forensic review.
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Mel Watt Sworn in as FHFA Director; Top Priority Conservatorship Scorecard

January 6, 2014
Charles Wisniowski
The former House Democrat has already halted – for now – certain DeMarco-era directives, including the FHFA’s December announcement of a 10-basis point guaranty fee increase.
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Post-Endorsement Review of 3Q FHA Loans: 19 Percent Have Early-Payment Defaults

January 6, 2014
George Brooks
The FHA reviewed 6,692 government-insured loans between July 1 and Sept. 30, 70 percent of which were home-purchase loans.
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Outlook Strong for Non-Agency Originations in 2014

January 6, 2014
Brandon Ivey
Through the first nine months of 2013, an estimated 22 percent of the $1.59 trillion in mortgages originated (including second liens) had non-agency execution.
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