Fannie Mae General Counsel Brian Brooks is rumored to be up for a top post at the Treasury Department, a development that if consummated would add yet another seasoned industry veteran familiar with the government-sponsored enterprises to the agency. What that might mean for “administrative” reform of Fannie Mae and Freddie Mac is another question. As Inside MBS & ABS went to press this week, Brooks – who joined Fannie from OneWest Bank in November 2014 – had not been...
Former Ginnie Mae president Ted Tozer stressed the importance of getting the post filled as soon as possible. “The way things are going, by yearend Ginnie will have $2 trillion of guarantees on its books,” he said.
Profit margins and net income fell sharply in the mortgage banking business during early 2017, according to new data from the Mortgage Bankers Association. On average, firms participating in the MBA’s quarterly performance report earned just $886,000 in pretax income during the first quarter, a hefty 74.8 percent drop from the previous period. Only about two firms in three (67.0 percent) managed to report net pretax income for the first three months of the year. The industry funded...
The spring and summer home-buying season is in full throttle and with rates falling to yearly lows, mortgage bankers should be hiring in droves. Right? Not necessarily. Top-ranked lenders such as Quicken Loans and Movement Mortgage report they continue to search for new talent, but others are being careful about their hiring plans. Employment in the mortgage brokerage sector has been...
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