Also, new single-family MBS production by Fannie Mae and Freddie Mac plummeted 15.6 percent from February to March as the GSEs posted their lowest quarterly production total in 14 years.
Hisey, a former Fannie Mae executive, has been given the title of chief strategy and external affairs officer, a newly created position at the nonbank lender/servicer.
In the pre-crash days, newly created MSRs were selling at 6 and even 7 times the servicing fee. “I even saw prices of eight,” said Chuck Klein, managing partner for Mortgage Banking Solution.
“Bank, nonbank – it doesn’t matter to us. We look at where the risk to the consumer is and we try to execute our program against that,” said Peggy Twohig, assistant director in the CFPB’s Office of Supervision Policy.
One mortgage technology expert had this to say on the Ellie Mae shutdown: “This is going to get ugly. Real money is lost when you can’t close loans on time.”
The two have petitioned Treasury Secretary Jack Lew to designate Fannie and Freddie as SIFIs. Being an SIFI means the two would be subject to higher capital standards and greater scrutiny – as though the two aren’t under enough scrutiny as it is.
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