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Phoenix Capital Busy with MSR Auctions

August 18, 2017
Paul Muolo
The average loan balance on the $779 million MSR package is $241,000…
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What We’re Hearing: The Nation’s Volume Leader in the ‘New’ Nonconforming Is… / Sales Executive Departs / Don’t Stop Believin’ (in Fannie and Freddie)? / ‘Contract Law’ and GSE Common Shares / A Legislative Snafu Called Donald Trump?

August 18, 2017
Paul Muolo
According to our calculation, Fannie common now trades at $2.80, a 20.17 percent improvement since the close of 2Q17, while Freddie’s value rose 21.08 percent to $2.70.
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Government-Insured Mortgages the Biggest Gainer in 2Q17

August 17, 2017
John Bancroft
Roughly 71.0 percent of second-quarter primary-market originations of first-lien mortgages were purchase loans, the highest reading in years…
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Will CFPB Director Cordray Bolt by Labor Day?

August 17, 2017
Thomas Ressler
The clock is ticking on Richard Cordray’s political ambitions in Ohio…
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Citadel Offering One-Month Bank Statement Program with Minimum Credit Score of 700

August 17, 2017
Brandon Ivey
In its new bank-statement program, Citadel will make mortgages of up to $3 million…
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Walter’s Stock Crushed Yet Again on New Disclosure; Nonbank Plans to Remedy NYSE Delisting

August 17, 2017
Paul Muolo
Walter has a market capitalization (stock price multiplied by number of shares) of just $11.8 million…
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Short Takes: Changes for the HARP Program / Still Eligible: 143,000 / But Shrinking / Citadel Servicing Crosses $1B Mark / A New CIO for Freddie Mac

August 17, 2017
Paul Muolo
The FHFA estimates that roughly 143,000 GSE borrowers are still eligible to use the HARP program.
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Lenders Starting to Use Webcams to Close Loans

August 17, 2017
Brandon Ivey
The company is also working with Stewart Title...
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Mortgage Lenders Starting to Use Webcams to Close Loans, Providing Borrowers More Flexibility

August 17, 2017
Mortgage closings moved out of the office years ago to places more convenient for borrowers. Now, technology allows closing to occur without all the parties being present in the same place. United Wholesale Mortgage claims to be the first lender to have completed a “virtual e-closing” with a refinance that closed at the end of July. The lender allowed the borrowers and notary to use webcam technology and electronically sign all of the closing documents. Previously, lenders offering e-closings have required some in-person contact with a notary to e-sign closing documents. “This ultimately eliminates...
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Federal Appeals Court Rules Mortgage Underwriters are Entitled to OT Pay

August 16, 2017
George Brooks
Under this test, an employer must show that the employee is paid at least $455 per week…
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