Real estate agents have significant influence when it comes to which lender a homebuyer will choose, according to new research by Campbell Surveys, based on a national survey sponsored byInside Mortgage Finance Publications. Tom Popik, research director of Campbell Surveys, said real estate agents recommend specific mortgage providers for 55 percent of their mortgage-financed transactions, on average. When agents recommend mortgage providers, homebuyers use one of the recommended mortgage providers 68 percent of the time, on average. “We can therefore impute...
Subservicing vendors increased their contracts by 23.1 percent in terms of dollar volume over the past year and now process an estimated $1.12 trillion of home mortgages, according to exclusive survey figures compiled by Inside Mortgage Finance. When it comes to market share, subservicers control 12.3 percent of all U.S. housing receivables. According to interviews with industry executives, compliance costs are...[Includes one data chart]
The U.S. Supreme Court this week dealt a heavy blow to the mortgage industry, holding that the Department of Labor’s most recent regulatory interpretation is valid, meaning mortgage loan officers are eligible for overtime pay. The DOL went back and forth, through formal rulemaking and regulator interpretations, on whether loan officers should be exempt. At one point, it said lenders did not have to pay LOs overtime because they fit in the so-called administrative exemption. But in its most recent position, a 2010 opinion letter, the agency said loan officers are not exempt from the protections of the Fair Labor Standards Act, including overtime pay. The Mortgage Bankers Association challenged...
Mortgage companies that fall under the heading “real estate credit” actually cut 300 employees during the month, leaving the sector with 211,700 full-timers.
If Fannie and/or Freddie have a negative net worth, investors wouldn’t buy their MBS and if investors don’t buy their MBS we would have financial Armageddon…
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