The Federal Housing Finance Agency’s new “servicing project” will take a close look at how large-scale packages of mortgage-servicing rights are sold and transferred, but will also delve into what mortgage bankers thought was a dead issue: minimum servicing fees paid to processors. “You might say that FHFA is tackling the whole servicing arena in a big way,” said one mortgage consultant who has been briefed on the agency’s plans. The regulator’s sudden interest in transfers comes...
It’s been several years since a top-10 ranked lender changed hands, but it could happen this year with speculation falling on PHH Mortgage and Flagstar Bancorp. Both firms own large servicing portfolios but have sold servicing “strips” while retaining a subservicing relationship with the consumer. Investment banking sources and competitors familiar with the two say a sale of either is...
Athas’ originations include stringent downpayment requirements: at the end of 2013, the weighted average loan-to-value ratio on loans held by RCP was 48 percent.
In supplemental materials to his speech, President Obama referenced the GSEs' “failed business model,” adding that taxpayers should never again be “on the hook for bad loans and bailouts.”
Bank of the West executive Paul Wible said the lender believes, "A well-underwritten, interest-only mortgage can be a good choice for our customers" and are safe for the depository to hold in portfolio.
Back in September SLS – a subsidiary of the publicly traded Stewart Information Services – bought key assets of Allon’s Allonhill LLC for an undisclosed sum.
Industry consultant Joe Garrett is telling clients that, “We’ve heard of at least one company that uses a fake rate sheet when recruiting loan officers. As you can guess, it shows really great rates, all fake, of course.”
Through the first nine months of 2013, commercial banks sold $1.077 trillion of home mortgages, according to call-report data compiled by Inside Mortgage Trends.
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