The Obama administration’s recently proposed federal budget is projecting a $61 million profit for the U.S. Department of Agriculture’s Section 502 single-family guaranteed housing program in FY 2017. The president’s budget proposal projects $900 million in new direct USDA rural housing mortgage loans in fiscal 2017, the same number of loans projected for fiscal 2016. For 2017, the USDA is seeking...
Carol Galante, former head of the FHA, has been named to Ocwen Financial’s board of directors. Galante left the FHA in August 2014 to take on the position of faculty director with the Terner Center for Housing Innovation at the University of California, Berkeley. Current director Phyllis Caldwell was elevated...
"Assuming we achieve our cost, volume and other business objectives, and the market unfolds as forecast, we expect core earnings before notable items to be breakeven to modestly profitable for 2016," said CEO Glen Messina.
Originators that fund billions of dollars each quarter use futures and options to hedge their pipelines. It’s the smaller players that may have encountered secondary-market charges.
Many small and medium-sized nonbanks have been earning steady profits the past three years, but all that ended in the fourth quarter of 2015, thanks to the integrated disclosure rule known as TRID. At least that’s what some warehouse managers told Inside Mortgage Finance. These credit executives, who spoke under the condition their names not be used, were somewhat surprised by the development, but were quick to caution that about a third of their clients posted losses. The managers also noted...
The Mortgage Bankers Association and other industry groups are strongly urging the Department of Labor to reconsider a proposed rule updating overtime regulations that currently exclude mortgage loan officers and certain categories of employees from overtime compensation. Officials reiterated the MBA’s position, which it clearly spelled out in a joint letter with other financial services trade groups in September last year objecting to the DOL’s proposed rulemaking regarding overtime exemptions for executive, administrative, professional, outside sales and computer employees. Among other things, the MBA, American Bankers Association, Independent Community Bankers of America, Financial Services Roundtable and The Clearing House cited...
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