“It’s a blessing and a curse to get this much volume this quickly,” said Matt Ostrander, chairman and CEO of Parkside Lending.

A few months back, the firm raised $23 million by selling notes due in 2024. The unsecured, unsubordinated paper pays a yield of 7.125%. Sachem has received an investment grade private rating of BBB+ from Egan-Jones Co.

Wells Fargo, for instance, reported $675.0 million in residential mortgage banking income for the second quarter, up just 2.1% from the previous period.

Complaints tied to residential servicing practices continued to dominate the filings...

Stearns Lending founder Glenn Stearns will star in a reality TV series called “Undercover Billionaire,” premiering August 6. Stearns will be dropped off in a U.S. city (Erie, PA) with $100 in his pocket. The goal: to create a million-dollar enterprise from scratch in 90 days…

Approximately $600 million of refinance loans with a VA guarantee were left stranded on lenders’ balance sheets due to a conflict in Ginnie seasoning requirements that were ushered in with passage of the Dodd-Frank reform act...

According to calculations made by Inside Mortgage Finance, the patch currently accounts for as much as 30% of single-family mortgages purchased by Fannie Mae and Freddie Mac. 

The presale report notes income on 47.5% of the loans was verified using “alternative methods,” which means personal or business bank statements.

To date, much of the revival in the new “subprime” mortgage market (non-QM) has been driven exclusively by nonbanks, but that’s beginning to change...

How much do mortgage CEOs at private firms earn each year? We’ve been asking around of late and the answers we received offer a wide range...