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Walter Posts Staggering Loss of $232 Million for 2Q16; Sells MSRs and Hires New CEO

August 9, 2016
Paul Muolo
On the production front, Walter’s Ditech unit reported $4.8 billion of new originations, a 3.4 percent drop compared to 1Q16.
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Short Takes: MBA’s Dave Stevens, Former HUD Chief Cuomo in the $100,000 Hillary Club / 66 Basis Points for $35 Billion in MSRs? / Sell Walter? / Fannie CEO Takes A Second Job / Stewart Title Loses Sales Exec to Competitor

August 9, 2016
Paul Muolo and Carisa Chappell
Speculators have made a ton of money shorting Walter's stock...
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Caliber Hires New SVP of Consumer Direct. Executive Joins Nonbank from loanDepot

August 8, 2016
Paul Muolo
According to figures compiled by Inside Mortgage Finance, Caliber had a sequential production growth rate of 51.9 percent in the second quarter...
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What We’re Hearing: Killing the GSEs Is Not an Option, Really / An Irony for GOP Mortgage Pros / Don’t Forget to Factor in G-Fee Money Under the Payroll Tax Cut / NAR Weighs In on G-Fees / Getting Comfortable with Subprime / New Penn Hires Junkmann

August 5, 2016
Paul Muolo
One of the largest players in the "new" nonprime mortgage industry is Citadel Loan Servicing, Irvine, CA, which now has a portfolio totaling $600 million.
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Short Takes: PennyMac Financial Strikes Deal on Distressed MSRs / A Loss for the PennyMac REIT / Two Harbor’s Last Jumbo MBS / JPMorgan Chase Readies New Deal / Apps Drop / A New Hire for Silver Hill

August 4, 2016
Paul Muolo, Brandon Ivey, and Macie Jones
Looks like JPMorgan Chase is getting ready to issue yet another jumbo MBS...
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Short Takes: Freddie Mac, An ‘Earner’ for Uncle Sam / GSE Investors Wonder: When Do We Get Ours? / Top LO Bolts for New Penn / Oaktree’s Non-QM Volume / Ocwen Readies $500 Million ABS

August 2, 2016
Paul Muolo and Brandon Ivey
Investors in Freddie (and Fannie Mae) common and preferred who bought their shares as a speculative investment are still wondering: Hey, when do we get some of that money?
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Short Takes: In FHA Lending, We Don’t Trust / Let the FHA Condo Lending Begin! / MGIC Prepares Debt Offering / Tech Platform in Capital Raise / A Promotion at Williston

August 1, 2016
Paul Muolo
The new bill signed by President Obama should make condo lending a little easier...
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Short Takes: Mortgage M&A Mania Finally Arrives? / Five Oaks Halts Jumbo Aggregation / Angel Oak Rolls Out Investor NI Product / Fannie Tweaks High-LTV Guidelines / Mountain States Lead the Way, Says Black Knight

July 27, 2016
Paul Muolo, Brandon Ivey, and Macie Jones
Nonprime lender Angel Oak Mortgage Solutions is now offering a “no-income” loan to investors with credit scores as low as 660...
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GOP Lawmakers Request Outside Review of the FHFA Inspector General

July 26, 2016
Carisa Chappell
Sen. Grassley pointed out that production decreased after Wertheimer’s tenure began in September 2014 with just three audit reports produced in 2015.
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Short Takes: Big Servicing Markdowns for Nationstar and Walter? / The Tally, Thus Far, on MSR ‘Marks’ / Five Years and $7,000 / Victorian Joins CMLA / A Promotion at Capital Bank

July 25, 2016
Paul Muolo
Since the CFPB was born, the cost to originate a home mortgage has exploded...
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