Short Takes: High Production Volume Isn’t Everything / More Loans Mean More Compliance Risk / European-Based Banks Eyeing Mortgage Pullback? / Mortgage Layoffs at Wells / New Hires for FGMC, Silver Hill February 17, 2016 Paul Muolo Wells Fargo continues to cut workers tied to the servicing function...Read More
Caliber CEO Heads for the Retirement Exit as IPO of Nonbank Looks Increasingly Unlikely February 16, 2016 Paul Muolo Caliber is owned by Lone Star Funds, which was hoping to take the nonbank public one day…Read More
Clayton Taps Former Morgan Stanley MGD Brian Wornow to Lead Capital Markets Group February 16, 2016 Paul Muolo In the spring of 2014, Wornow left Morgan Stanley as managing director and head of its MBS trading desk.Read More
Short Takes: Freedom Expands Beyond Mortgages / A Trend in the Making? / Midwest M&A, Maybe / DocMagic Offers TRID R&W / Cook’s Ditech Gets $300K Bonus / February 16, 2016 Paul Muolo A few days later, Ditech filed notice with the SEC that the company would pay Patti Cook a $300,000 bonus for her service to the company...Read More
What We’re Hearing: A 2.50 Percent FRM? / Hayman Out of PennyMac / Manny Friedman Losing the Love for PHH? / Sick of Hearing About Quicken’s ‘Rocket’ Mortgage? / CFPB Ready to Give Secondary Market Relief on TRID? February 12, 2016 Paul Muolo Meanwhile, EJF Capital, the private equity firm headed by Manny Friedman, has dumped a large chunk of its stake in PHH...Read More
Short Takes: Clayton Holdings Set to Name New Cap Markets Chief? / Blackstone Ready to Make a Major Hire? / Strong MI Growth for Arch / Morgan Settles Mortgage Charges with Uncle Sam / FGMC Picks TPO Chief February 11, 2016 Paul Muolo At year-end, Arch MI had $6.83 billion of risk-in-force...Read More
Redwood Trust Pulls the Plug on Its Commercial MBS Conduit, More Layoffs February 10, 2016 Paul Muolo Redwood noted that although it is quitting commercial mortgage production, it will continue to “opportunistically invest in mezzanine and subordinate CMBS tranches that meet our risk/return profile.”Read More
Shakeup at Ditech Financial: Patti Cook Out as President, David Schneider Is In February 9, 2016 Paul Muolo Shakeup at Ditech Financial: Patti Cook Out as President, David Schneider Is InRead More
Short Takes: Margin Calls May Pose a Risk to Nonbanks? / Who Thought Rates Would Go This Low? / FHA Subject to ‘Black Swans’ / HUD, Philadelphia and the X-Files / FHA Condo Financing Relief on the Way? February 9, 2016 Paul Muolo and George Brooks In its new annual budget, the White House declares that the FHA mutual mortgage insurance fund is vulnerable to “Black Swans...” Read More
Short Takes: More Jumbo TRID Woes? / Prosperity Looks to Train Young LOs on ‘TRID’ / No LO Prima Donnas, Please / Quicken’s Grade on MI Audits / A Correction February 8, 2016 Paul Muolo TRID has become such a serious problem that some lenders are starting the education process early with new loan officers.Read More
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