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Short Takes: President of Large Nonbank Out the Door? / Ocwen Selling Nonperforming MSRs / Clean is Good / More Ginnie Issuance by the FHLBs / A New Tool From Economists at the FHFA / WJB Hires New CIO

May 14, 2015
Paul Muolo and Carisa Chappell
In a recent 10-K filing Ocwen disclosed that on April 30, 2015 it announced agreements with the GSEs to sell portfolios of non-performing loan servicing rights.
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FHFA Ticks Off Capitol Hill by Proposing Higher Pay for GSE Chiefs

May 14, 2015
Carisa Chappell
Watt said GSE pay should be brought more in line with comparable private sector jobs, but no higher than what CEOs in the 25th percentile of the market make, which is roughly $7.26 million a year.
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A Frothy Mortgage Employment Market: Signing Bonuses for Underwriters and Processors?

May 13, 2015
Paul Muolo
Financial consultant Paul Hindman, however, is concerned about such bonuses...
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Short Takes: 40-Day Delays in Closings Because of TRID? / Good News Though / NAIHP Weighs in on TRID / Cordray Skips Out of NAR, Angering Many / Ocwen’s Head Count

May 13, 2015
Paul Muolo, Thomas Ressler, and Brandon Ivey
Plenty of attendees at NAR were steamed that after CFPB Director Richard Cordray made his remarks about TRID that he left the meeting without taking a single question from the audience.
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loanDepot Plans to Hire 1,000 New Employees, Including Loan Officers

May 11, 2015
Paul Muolo
Last year loanDepot bought Mortgage Master, Walpole, MA, one of the largest home lenders in New England.
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Short Takes: Fidelity Set to ‘Spin Off’ Black Knight via an IPO / A Flow Chart is Required / Lots of Spin-Offs / Remember HomeSide Lending? / Shrinking Loss Reserves at the GSEs / Auction.com’s New Hire

May 11, 2015
Paul Muolo and Carisa Chappell
Fidelity, a market leader in title insurance, has a market capitalization rate of $10.6 billion and is headed by William Foley, age 70, who has a history of spinning off companies.
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Mortgage Hiring Increases, Strong Demand Across the Board

May 8, 2015
Paul Muolo
Many shops continue to recruit for LOs but with the caveat they have strong ties to Realtors and homebuilders.
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What We’re Hearing: PMAC-Blackstone Deal in Trouble? / A Lousy Closure Rate / No One is Losing Money Right Now / Impac is No Quicken / Ellington? / PHH is NOT Under Investigation by the NYDFS / Say It Ain't So, Joe

May 8, 2015
Paul Muolo
One advisor reminded us that in the world mortgage M&A many potential deals go south...
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Bipartisan House Bill Allows Bank Loan Officers to Move Easily to Nonbanks

May 7, 2015
Brandon Ivey
The legislation would provide a temporary transitional license and give loan originators 120 days to pass testing standards...
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Trade Group Calls for Disclosures on Loan Officer Qualifications

May 6, 2015
Thomas Ressler
Such disclosures also should show whether the LO has passed the SAFE Act test.
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