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The Mortgage M&A Tsunami May be Late This Time Around

December 5, 2018
Paul Muolo
In past downturns, large lenders and servicers were either sold outright or they joined forces with like-sized companies…
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Cerberus Affiliate Packages Seasoned Second Liens in Non-Agency MBS, a First for Post-Crisis Issuance

December 5, 2018
Brandon Ivey
Towd Point Mortgage Trust 2018-SJ1 is the first post-crisis non-agency MBS backed by second liens to receive a credit rating.
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Jumbo Servicing Portfolios Largely Increasing

December 5, 2018
Brandon Ivey
Shellpoint Mortgage Servicing had the highest sequential growth rate among jumbo servicers…
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HFSC Hearing on GSE Bill Postponed. Time is Running out for Chairman Hensarling…

December 5, 2018
Paul Muolo
Some industry lobbyists believe the Senate Banking Committee hearing on GSE pilot programs will not be held this year at all.
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Short Takes: What’s in a Name? Answer: $300 Million / Come On, Mick! We Thought You Were Pro-Business! / $300 Million? At Least Software Firms Will Make Out / Home Flips Headed for a Fall? / Who’s Doing Your Underwriting? / Law Firm Overcharges Fannie and

December 5, 2018
Paul Muolo and Yemeng Yang
Mulvaney has a reputation of being pro-business. Is it possible he might turn the name-change ship around to save American companies $300 million?
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OCC Issues Warning About Nonbanks and Looser Underwriting

December 4, 2018
Brandon Ivey
OCC examiners noted greater use of asset dissipation underwriting, a practice used to qualify borrowers using a “hypothetical income stream from their asset liquidation rather than debt-to-income ratios.”
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Warehouse Commitments Shrink as Nonbanks Struggle with Originations

December 4, 2018
Paul Muolo
Commitment levels are decent, but nonbanks just aren’t using the lines they’ve been granted.
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With No Chance of Passage, Hensarling’s GSE Reform Bill Gets an Airing on Thursday

December 4, 2018
Paul Muolo
When the measure was first introduced, one housing lobbyist quipped: “This is like someone laying on their death after drinking and sinning and finally realizing they need to get baptized. This is not being introduced for good political reasons.”
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Senate Dem Report Accuses Mulvaney of Cherry Picking the Law to Promote an ‘Ideological Agenda’

December 4, 2018
Yemeng Yang
The report says that while running the agency, Mulvaney has “cherry-picked the law to promote his ideological agenda.”
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Short Takes: Nomura and Ditech? / Ocwen Sets a New Low / Fannie, Freddie and NPL Sales / Citadel’s Growth in Nonprime Servicing / A New Hire for Mortgage Network

December 4, 2018
Brandon Ivey and Paul Muolo
Fannie Mae and Freddie Mac continue to sell NPLs but for how long?
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