In a new investor update filed with the Securities and Exchange Commission, megaservicer Mr. Cooper (Nationstar Mortgage) says it has a tangible net worth ratio of 13.2%, as measured in accordance with standards set by the Federal Housing Finance Agency...
The Consumer Financial Protection Bureau, in the fall of 2018, announced plans for rule-making to define the meaning of “abusive” under its authority to ban unfair, deceptive or abusive acts or practices.
Two of the top nonbanks had remarkable starts to the year. Second-ranked Quicken Loans posted a 13.6% increase in production from the fourth quarter and third-ranked United Wholesale Mortgage upped its volume by a stunning 63.1%.
H.R. 299 eliminates the cap on VA home loans, which means that qualified homebuyers can now borrow above the agency’s standard loan limit of $484,350 for most counties in 2019 with no downpayment requirements.
First Republic’s IO holdings had a weighted average loan-to-value ratio of roughly 56%, based on appraised value at the time of origination. The loans have credit scores averaging 762.
Roughly three years ago, Rushmore – a privately held nondepository – entered the origination market as a direct-to-consumer lender. Prior to that, it had been known primarily as a subservicing specialist.
“The importance in having a well-functioning, transparent and liquid non-QM market is arguably growing by the day,” according to analysts at Keefe, Bruyette & Woods.
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