Former Ginnie Mae president Ted Tozer stressed the importance of getting the post filled as soon as possible. “The way things are going, by yearend Ginnie will have $2 trillion of guarantees on its books,” he said.

“By limiting the volume of securities that private investors will have to absorb as we reduce our holdings, the caps should guard against outsized moves in interest rates and other potential market strains,” said Fed Chairman Janet Yellen.

The betting is that Bruce Berkowitz and Fairholme plan to ride out their GSE investment to the very end.

Profit margins and net income fell sharply in the mortgage banking business during early 2017, according to new data from the Mortgage Bankers Association. On average, firms participating in the MBA’s quarterly performance report earned just $886,000 in pretax income during the first quarter, a hefty 74.8 percent drop from the previous period. Only about two firms in three (67.0 percent) managed to report net pretax income for the first three months of the year. The industry funded...

The spring and summer home-buying season is in full throttle and with rates falling to yearly lows, mortgage bankers should be hiring in droves. Right? Not necessarily. Top-ranked lenders such as Quicken Loans and Movement Mortgage report they continue to search for new talent, but others are being careful about their hiring plans. Employment in the mortgage brokerage sector has been...

During his confirmation hearing in March, Labor Secretary Alexander Acosta said he favored raising the exemption threshold but only up to $33,000.

Fun fact: Ginnie Mae servicing now represents 16.5 percent of all residential debt outstanding – more than triple the program’s market share at the end of 2008.

Unfortunately, Rood said he’s not at liberty to name names or agencies...

Two years ago, Quicken Loans sold $1.25 billion worth of corporate bonds at a yield of 5.75 percent for 10 years.

Bids are due June 27. Delinquencies total just 0.3 percent of the entire package.