Lennar’s Mortgage Sub Settles FCA Charges with DOJ. Company Whistleblower will Receive $1.98 Million October 22, 2018 Paul Muolo The allegations center on loans submitted to FHA for insurance coverage from January 2006 to Dec. 31, 2011.Read More
Phoenix Capital Selling Ginnie Mae Servicing Rights October 22, 2018 Paul Muolo Florida loans account for the largest chunk of the receivables at 13 percent...Read More
Short Takes: HUD Shows its Enforcement Stripes / Otting, the Next (Interim) FHFA Director? / Sprout Mortgage Feeds Verus Nonagency MBS / Mayer Brown Hires CMG Attorney October 22, 2018 Brandon Ivey and Paul Muolo Otting is Comptroller of the Currency. The speculation is that he will pull a Mick Mulvaney and wear two hats for a while…Read More
New Residential Issuing Non-QM MBS with Loans from New Penn October 19, 2018 Brandon Ivey In total, 54.0 percent of the loans were underwritten using bank statements…Read More
Non-Mortgage ABS Production Down Sharply in 3Q18 October 19, 2018 John Bancroft Most of the third-quarter slippage occurred in the business-finance category, where ABS production tumbled 51.2 percent...Read More
The Money Source Takes Aim on Subservicing October 19, 2018 Paul Muolo TMS President Ali Vafai said there’s a huge “void” of subservicers that can effectively handle high-touch product, especially Ginnie Mae receivables.Read More
Aging IT Systems a Major Concern for FHA, VA and USDA October 19, 2018 George Brooks FHA is running on a 40-year old IT system…Read More
What We’re Hearing: One Last Criticism from Jeb Hensarling Regarding the FHFA / In Agreement on 80 Percent / Departing Fannie, Freddie Directors May Pose a Challenge / Two Major Concerns: Originations and Profit Margins / Plaza Home Wants AEs / Bill Ashmo October 19, 2018 Paul Muolo The FHFA IG says "a number" of director positions at Fannie and Freddie are set to expire: "Changes in leadership can lead to a lack of attention to internal controls..."Read More
Agency MSR Market Grew Modestly in 3Q18 as Nonbanks Continued Their March Forward October 18, 2018 John Bancroft Fun fact: Nonbanks went over the 60.0 percent threshold in Ginnie Mae market share during the third quarter. Read More
Megabanks Optimistic About Digital Mortgage Applications. The Role of the LO Will Change October 18, 2018 Yemeng Yang Bank of America expects 50 percent of its mortgage clients to go the digital route next year…Read More
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