Flagstar Job Loss Could Top 300, Large MSR Sale in the Works July 18, 2013 Paul Muolo Flagstar hopes to unload $30 billion in residential servicing rights, but is contemplating selling even more in the way of MSRs.Read More
Cole Taylor Mortgage in Detailed Sale Talks With PE Firms July 18, 2013 Paul Muolo Three years ago Cole Taylor Bank had no presence in the mortgage market until Willie Newman joined the bank and started a residential division.Read More
Short Takes: J.D. Power Gives Nationstar and Ocwen Poor Servicing Grades / Watt Approved by Senate Banking Committee / Zandi Slams Hensarling Bill / GAO Will Investigate CFPB’s Data Collection Efforts / Bad Debt Up in Value July 18, 2013 Paul Muolo, Thomas Ressler, Brandon Ivey, and Charles Wisniowski Nationstar and Ocwen get poor servicing grades from J.D. Power & Associates. Meanwhile, Rep. Mel Watt headed to FHFA? Not so fast...Read More
Ginnie Approvals Already Surpass Last Year’s Total, But Nonbanks a Problem July 17, 2013 Paul Muolo Banks have a strong track record on obtaining Ginnie Mae approvals, nonbanks not so much. Read More
Ginnie Mae MBS Issuance Up in First Half of 2013 July 17, 2013 George Brooks Wells Fargo, the nation's large home funder, accounted for almost 31 percent of total Ginnie Mae issuance during the first half of 2013.Read More
BofA Continues to Lose Money on Mortgage Unit, Refis Sky High at 83 Percent July 17, 2013 Paul Muolo Bank of America's mortgage business continued to recover in the second quarter, but its rep and warranties exposure remained high at $16.64 billion.Read More
Corker-Warner Pitch Their GSE Reform Effort Over Hensarling’s ‘Ideologically Pure’ Bill July 17, 2013 Charles Wisniowski Sens. Bob Corker, R-TN, and Mark Warner, D-VA, say their mortgage reform measure strikes the right chord between Democrat and Republican concerns.Read More
Refis at Lowest Point in More Than Two Years July 17, 2013 Paul Muolo Is the great refi wave just about over? Read More
Short Takes: Nationstar Lays Groundwork for Another BofA MSR Deal / PHH Revises Warehouse Agreement with RBS / The Fed Will Keep Gobbling Up MBS / The CFPB’s Cordray is Finally Street Legal / An OIG For CFPB? July 17, 2013 Paul Muolo and Thomas Ressler Nationstar Mortgage is issuing $250 million of debt, hinting that it may buy more MSRs from Bank of America.Read More
MBA Wants a Common GSE MBS, More July 16, 2013 Charles Wisniowski The MBA believes that the Treasury Department – despite being the GSEs’ single biggest shareholder – has been absent on Fannie/Freddie reform since early 2011.Read More
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