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Citi Cuts 1,000 Mortgage Workers, Won’t Rule Out More Layoffs

September 24, 2013
Paul Muolo
The bloodletting in Citigroup's mortgage division may just be starting.
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Citi Latest Megabank to Cut Mortgage Jobs: 1,000 Get Pink Slips

September 23, 2013
Paul Muolo
Citi handed pink slips to 1,000 mortgage workers on Monday. It appears that some loan officers were let go.
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What We’re Hearing: Lower GSE Loan Limits Effective End of 1Q? / A Nonbank Offering Stand-Alone Seconds / More Jumbo Lenders Go to 10 Percent Down / Wells Fargo Still In Love With Mortgages? / Wingspan Spreads its Wings Again

September 20, 2013
Paul Muolo
The implementation date for lower GSE loan limits is being shifted to the end of the first quarter, or so we hear. Meanwhile, Citadel enters the market for stand-alone seconds.
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1,800 Mortgage Workers Get the Ax at Wells, But No Loan Officers

September 19, 2013
Paul Muolo
In less than a month Wells Fargo has unveiled mortgage-related layoffs of 4,100. Some of those receiving pink slips could find other work at the bank.
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Short Takes: The Eminent Domain Lobby Commences / Who Loves Refis? These Lenders Do / FirstREX Branches Out with Downpayment Product / Kansas Bank Expands Mortgage Presence / Auction.com on Jumbos / Mods Hold Steady

September 19, 2013
George Brooks and Paul Muolo
Wall Street will hit the halls of Congress on the issue of eminent domain. Meanwhile, these lenders are refi-heavy: Wells Fargo, Chase, and Quicken. See our exclusive list.
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Short Takes: Nationstar Admits Funding Delays / Equity Loans Picks Up IFG Staff / RFC Closes Charlotte Operations Center / FHA Runs Out of Multifamily Money / Two New MSR Deals From MountainView

September 18, 2013
George Brooks and Paul Muolo
Brokers and others who do business with Nationstar Mortgage said they’ve been hearing stories about two-week delays on funds being delivered. Meanwhile, FHA has run out of multifamily money.
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Fannie Names Former Barclays Executive to Head Common Securitization Platform

September 17, 2013
Paul Muolo
Who better than a former Wall Street executive to manage Fannie Mae's role in the common securitization platform project?
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Fannie Names Terry Edwards COO; He May Get Common Securitization Platform Oversight

September 16, 2013
Paul Muolo
Terry Edwards has received high marks for his accomplishments at Fannie Mae. But can he get the CSP off the ground?
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Short Takes: Wanted, East Coast Mortgage Banking Firm / Wells Continues to Offer ‘Cheap’ Jumbos / Where Does Yellen Sit on QE3? / Rising Rates, No Big Deal / Single-Family REO, a New Asset Class?

September 16, 2013
Paul Muolo and Thomas Ressler
Mortgages banking firms are still in demand, but pricing may fall. And at Wells Fargo, it's jumbo rates remain cheaper than GSE rates.
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What We’re Hearing: Wells and JPM Queue Up Large MSR Deals / HUD Worries About Lower GSE Loan Limits / Trade Groups to Hensarling: Drop Dead / Inside Shellpoint’s New Jumbo Deal / A Delay for the QM Rule?

September 13, 2013
Wells Fargo, JPMorgan Chase and Flagstar are all working on large servicing deals, but as sellers. Meanwhile, HUD is worried about lower GSE loan limits.
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