House Financial Services Committee Begins Markup of ‘CHOICE’ Act; Process Could Last Days May 2, 2017 Thomas Ressler The Mortgage Bankers Association, for its part, expressed strong support for some provisions of the Hensarling bill…Read More
Short Takes: Mr. Who? / What were the Other Choices? / Cerberus Readies MBS Backed by Seasoned Loans / What Works Best for Freddie’s Profits / Help Wanted: Idaho Mortgage Banker May 2, 2017 Brandon Ivey and Paul Muolo If Mr. Cooper was the first choice, what were the others? Read More
Ocwen in Negotiations to Sell Large Block of Servicing to New Residential May 1, 2017 Paul Muolo The transaction was mentioned during New Residential’s earnings call Monday morning and confirmed by a source...Read More
Jumbo Originations Down Sharply in 1Q17, but Lenders Remain Optimistic May 1, 2017 Brandon Ivey While jumbo production fell on a sequential basis, many lenders saw a gain when compared to the same quarter a year earlier…Read More
Proposed Changes from S&P to Non-Agency MBS Rating Criteria Would Favor Prime Mortgages May 1, 2017 Brandon Ivey S&P said the revisions are intended to better reflect the evolution of the U.S. residential mortgage market over the past several years…Read More
At Secondary Conference, MBA Chief Calls GSE Recap & Release ‘Crazy’ May 1, 2017 Paul Muolo Stevens credited the Federal Housing Finance Agency with making “significant progress” in fixing the flaws of Fannie and Freddie...Read More
CFPB Warns of ATR Issue with Non-QMs May 1, 2017 Brandon Ivey The regulator cautioned that a large downpayment alone isn’t sufficient to prove a borrower’s ability to repay a non-QM that is based on the consumer’s assets.Read More
Short Takes: A REIT in Love with MSRs / No. 2? / The Fortress Connection for New Rez and Nationstar / Phoenix Selling Whole Loans / Kaplan Departs Ranieri Companies May 1, 2017 Paul Muolo At this pace, you can expect that by yearend New Rez will be the nation’s second largest servicer, at least in terms of ownership rights…Read More
Ocwen Agrees to Sell $117 Billion of MSRs to New Rez; REIT Would Obtain 4.9% of the Troubled Servicer; Share Price Spikes May 1, 2017 Paul Muolo On the news, Ocwen’s share price was up a stunning 37 percent on the day to $3.15.Read More
ABS Market Roared to Life in 1Q17 After a Lethargic 4Q16 April 28, 2017 John Bancroft First-time issuers and those that didn’t issue in the fourth quarter accounted for 56.1 percent of 1Q17 ABS production.Read More