“We’ve gotten wind that we could see at least one other large money center bank enter the securitization markets,” said Christopher Abate of Redwood Trust…
The correspondence, which includes the signature of ranking minority member Sherrod Brown, D-OH, notes: “We are simply requesting that the GSEs be permitted to build capital...."
Mortgage originators that produce $1 billion to $4 billion a year in loans are continuing to be courted by potential suitors, but not many sale agreements are getting signed these days, according to investment bankers. “Private equity firms are still looking to enter the business, and sellers are listening, but I’m not seeing too many deals being completed,” said Chuck Klein, a managing partner at Mortgage Banking Solutions, Austin, TX. At the beginning of the year, Klein was...
At least 40 new loan brokerage firms have been created this year thanks to $500,000 in grant money donated last fall by United Wholesale Mortgage, Troy, MI. In fact, the effort has been so successful that, UWM – which is the largest table-funder of brokers – recently kicked in another $100,000. As for future growth in the initiative, that’s hard to say. UWM, so far, has been...
It’s back to square one for the Department of Labor after a federal court in Texas struck down an Obama administration proposal that would have made millions of people eligible for overtime pay, including some mortgage workers. Judge Amos Mazzant of the U.S. District Court for the Eastern District of Texas on Aug. 31 invalidated the DOL’s pending overtime regulations, which would have raised the salary threshold exemptions under the Fair Labor Standards Act. The Obama administration finalized the proposed regulation in May last year but was unable to implement it after Mazzant granted a request for injunction filed by the Plano Chamber of Commerce and 55 other business groups last November. The business entities opposed...
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