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Cole Taylor Mortgage Sale Heats Up

August 15, 2013
Paul Muolo
Cole Taylor Mortgage is talking to several semi-finalists that want to buy the company. Meanwhile, it's business as usual at the bank-owned lender.
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FHA Chief Galante Warns Lenders on MIP Errors

August 15, 2013
George Brooks
The FHA has consulted with the CFPB regarding the impact of faulty TILA disclosures, which could spell trouble for the industry.
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Short Takes: PennyMac’s Recent NPL Deals Near $1 Billion / Cash-Out Refis Continue to Tank / MGIC Shows More Progress / MountainView Hopes to Capitalize on Mortgage M&A / Surprise: HUD Cancels Some Furlough Days

August 15, 2013
Paul Muolo and George Brooks
PennyMac is once again stepping up to the NPL plate with some major deals. Meanwhile, cash-out refis continue to dwindle.
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Warehouse Lending Activity Steady in 2Q13, But Bankers Loosen Standards and Pricing

August 15, 2013
The warehouse lending market continued to hum along in the second quarter, but executives in charge of extending credit to nonbank mortgage lenders are beginning to see certain warning signs, including lower profit margins. “Profits are definitely tightening,” said Chuck Mueller, president and CEO of Fidelity Bank, Edina, MN, a one-branch bank whose forte is warehouse lending. Some executives note...[Includes one data chart]
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Two Harbors to Issue its First Non-Agency Jumbo MBS

August 14, 2013
Brandon Ivey
The publicly traded REIT is jumping into the jumbo MBS market with its first deal. Many of the loans come from nonbanks.
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With New HUD Letter, It Looks Like Curtains for Eminent Domain

August 14, 2013
George Brooks
Any private label mortgage seized through the use of eminent domain will not be eligible for FHA coverage, HUD hints in a new letter.
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Fannie, Freddie Capital Markets Staff Turnover Mitigated For Now

August 14, 2013
Charles Wisniowski
The IG's evaluation survey found that the total cumulative voluntary attrition rate at Fannie’s capital markets group “increased somewhat” from January 2010 through 2012.
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PennyMac Raising $248 Million in Equity, Will Buy Nonperforming Loans

August 14, 2013
Paul Muolo
The market did not react kindly to PennyMac's announcement about selling more shares of common stock.
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Bank of America Selling $22 Billion of Ginnie Mae MSRs

August 14, 2013
Paul Muolo
If you thought that Bank of America was done selling mortgage servicing rights, think again.
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Short Takes: Going, Going, Gone: GSE Buybacks? / CapWest Enters the Wholesale Arena / Redwood About to Reward Its Executives? / The Terrible Twos for the CFPB / Fannie Mae Hired Someone It Was Suing

August 14, 2013
Paul Muolo and Thomas Ressler
It would appear that the GSE buyback scourge may be winding down. Meanwhile, Fannie Mae has egg on its face over someone it hired.
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