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Short Takes: Do the GSEs and Ginnie Know About WJB? / 500 Employees / The WJB-RPM LO Case / Angel Oak Rolls Out New Product / EverBank Sells Debt

March 15, 2016
Paul Muolo
At last check, W.J. Bradley employed roughly 500 workers...
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New Player in Servicing Sales MorVest Capital Hires National Sales Director

March 14, 2016
Paul Muolo
MorVest has represented only sellers of mortgage servicing rights, but that may change...
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What We’re Hearing: Might a PIMCO ‘Fund’ Buy PHH? / Citadel Advisors Slashes Stake in PHH / BofA Dodged a Bullet / Ocwen Has Enough Capital for Now / Finally, a TRID ‘Legal Fix’? / The Next President of MBA Could be a Woman

March 11, 2016
Paul Muolo
Mortgage M&A historians might recall that last decade, before the financial crisis struck, Countrywide Financial Corp. was in serious talks to buy PHH’s mortgage business...
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Short Takes: More MSR Auctions on the Way? IMA Selling Almost $4B / PIMCO and PHH / Lawyers In Love – With Another Firm / Nonbanks and Jumbos / loanDepot Announces New Hires

March 9, 2016
Paul Muolo and Thomas Ressler
Among the top 10 non-agency jumbo mortgage producers in 2015 just two are nonbanks: PHH Mortgage and Redwood Trust.
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Another Top Executive Departs Clayton: Joe D’Urso Is Out as President; Former Blackstone Executive Named as Interim

March 9, 2016
Paul Muolo
D’Urso is the second top executive to leave Clayton over the past six months. Another key departure came this past fall when Tom Donatacci left...
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Short Takes: GSEs Have Spent $206 Million on the Common Securitization Platform / D’Urso’s Departure was a Surprise to Him Too / Paulson & Co. Reduces Stake in Radian / Treasury Shifts Money From MHA Program to HHF

March 9, 2016
Brandon Ivey and Paul Muolo
Sources close to D’Urso said his termination by Radian was a “total surprise” to him as well.
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Short Takes: The Big TRID CFPB Pow-Wow / Pete Mills of MBA Weighs in on TRID at LO Show / 80 Percent of Lenders Having Problems? / A Loss for Parent of Nonbank / NCRC Chief Will Give Up One Title and Keep One

March 8, 2016
Paul Muolo
TRID errors were a topic of discussion at the LendersOne mortgage cooperative meeting in New Orleans. Pete Mills, senior vice president of the Mortgage Bankers Association, was giving a presentation.
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Short Takes: Lenders One Still Searching for a Permanent CEO / LOMC Hikes Dividends Paid to Members / Parseghian Steps Down from PHH Board / Ocwen Insider Buys Low / Amy Brandt Schumacher Joins New Penn

March 7, 2016
Paul Muolo
Wall Street veteran Greg Parseghian has informed the board of PHH Corp. that he will retire as director of the publicly traded nonbank.
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Hedge Fund Co-Founder Beltzman Named Chairman of Walter Financial; Move Comes After Large 4Q15 Loss

March 3, 2016
Paul Muolo
Not only his Beltzman chairman, but his fund owns 19.8 percent of Walter...
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SAFE Act Gives Loan Originators 120-Day Grace Period When Changing Jobs

March 3, 2016
The House Financial Services Committee this week passed the “SAFE Transitional Licensing Act,” H.R. 2121, which creates a 120-day grace period to let licensed mortgage originators continue originating loans after they leave a federally-insured institution and go to work for a nonbank. The bill was introduced by Rep. Steve Stivers, R-OH, in April 2015 to amend the 2008 Secure and Fair Enforcement for Mortgage Licensing Act. It would give loan originators who work for depository institutions and do not have to be licensed time to meet the licensing requirements that nonbank LOs have. Currently, bank LOs are registered...
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