In general, 2016 was a banner year for loan production with some publicly traded nonbanks turning in their best results ever – and thus rewarding their top executives handsomely. According to an analysis of available proxy statements by Inside Mortgage Finance, Penny Mac Financial Servicers founder and Executive Chairman Stanford Kurland was the industry’s top earner at $9.12 million in 2016. His firm – the nation’s number-four ranked originator – had a good year: net income of $336 million, a 26.0 percent improvement from the year before. Back in 2015, Kurland took...[Includes one data table]
Arch Capital will issue its quarterly earnings this Wednesday, April 26. It will mark the first earnings release following the Arch Mortgage Insurance purchase of competitor United Guaranty…
The Mortgage Bankers Association is sticking with its proposal to keep Fannie Mae and Freddie Mac alive, but with new charters, while inviting other players to compete with the two giants in the securitization of conventional mortgages. The trade group this week proposed a utility-like model for the re-christened government-sponsored enterprises. They would inherit the personnel and systems the GSEs now have, but become limited-purpose, publicly owned securitization businesses under tight government regulation. Other entities could apply...
And now the obvious questions becomes: where does Ocwen go from here? The company can’t possibly be sold because of all the outstanding lawsuits and “legacy” problems...
The problem with the perceived appraiser shortage is not whether VA has enough appraisers but whether there are enough of them in areas where appraisal demands are greater, according to a ranking member of the VA Fee Panel of the Department of Veterans Affairs. As of April 8, 2017, the Fee Panel had 5,006 licensed and certified appraisers working in the eight regional loan centers (RLC) that administer the VA Home Loan Guaranty program, said Kevin Eason, valuation officer with the Denver RLC. Last year, 553 new appraisers were appointed to the panel, whose members accept VA appraisal assignments on a rotating basis. Speaking last week at the annual VA Lenders Conference in Kansas City, MO, Eason noted...
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