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Democrats, Advocates File to Intervene in PHH Appeal

January 27, 2017
Thomas Ressler
Should the CFPB fail to convince the court for a rehearing, or win a rehearing but lose the argument at that point, it would unlikely be able to receive the authorization needed from the Trump administration’s Office of Attorney General to appeal to the U.S. Supreme Court.
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What We’re Hearing: Still Here: CFPB Chief Cordray / Maybe the CFPB Needs to Hire Some LOs / Realty Firms Show Affection for Mortgage Lending / Less RESPA Enforcement? / Warburg Makes a Mortgage Investment / HUD IG Issues a ‘Recall’

January 27, 2017
Paul Muolo
Maybe the CFPB should hire some loan officers who have actually closed a mortgage...
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Trump’s Freeze on Regulations Means Exactly What for the Mortgage Industry?

January 26, 2017
Thomas Ressler
According to the Mayer Brown law firm, “Financial services companies that hoped for immediate regulatory relief when the Trump administration assumed control may have to wait a bit longer…”
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The Final Origination Tally for 2016: $2 Trillion-Plus; Second Best Year of the Decade

January 26, 2017
John Bancroft
To be sure, individual lenders were all over the map in their reported production trends. A handful of top producers reported significant increases from the third quarter, including loanDepot, which was up 13.4 percent…
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Jefferies to Issue Another Warehouse Securitization. Ditech, loanDepot and Plaza to Benefit

January 26, 2017
Brandon Ivey
Jefferies issued two similar rated warehouse-funding securitizations in 2016, totaling $435 million.
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With Production Volume Strong, Nonprime Wholesalers AOMS and Citadel in a Hiring Mode

January 26, 2017
Paul Muolo
The Citadel CEO noted that his shop is receiving many unsolicited resumes from mortgage workers employed at conventional shops, a sign that some firms are about to cut staff.
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Radian’s Profit Falls by 26 Percent, Management Says NIW will be Flat in 2017

January 26, 2017
Paul Muolo
Total revenues at Clayton, its mortgage and real estate services division, increased by 10 percent to $52.6 million.
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Short Takes: Citadel Working on Non-QM Securitization / NewLeaf Expands ‘Specialty’ Menu / CoreLogic Executive Departs / Two Mortgage Workers Shot ‘Execution Style’ / Kudos to BofA on its Origination Performance

January 26, 2017
Brandon Ivey and Paul Muolo
According to one media report, two men were shot execution-style inside a mortgage business on Staten Island Tuesday night...
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Lenders Turn Focus to LOs that Produce Purchase Mortgages as Refinances are Expected to Decline

January 26, 2017
With interest rates on mortgages expected to go up this year, some lenders are putting an emphasis on loan originators who can close purchase mortgages. Economists at the Mortgage Bankers Association predict that the average interest rate on a 30-year fixed rate mortgage will climb from 3.70 percent last year to 4.50 percent in 2017. The higher rates will help prompt a 47.7 percent decline in refi volume in 2017 compared with the estimated $901.0 billion in refi originations last year, according to the MBA. Dave Stevens, president and CEO of the MBA, said...
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Democratic AGs Seek to Defend CFPB, Intervene in PHH Case

January 25, 2017
Thomas Ressler
The states argue that the current ruling in the PHH case, if permitted to stand, will undermine the power of the Attorneys General to effectively protect consumers…
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