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What We’re Hearing: QM is Almost Here, Now Let us Pray / A New Subprime Lender Emerges / 130 Billion Reasons Why Uncle Sam Loves Fannie and Freddie / Mortgage Executive to Run for Congress

January 3, 2014
Paul Muolo
Just how important are Fannie Mae and Freddie Mac to the revenue picture of the U.S. government? According to calculations from The Collingwood Group, a Washington-based consulting firm, GSE dividends in 2013 will be the fourth largest source of federal revenue.
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Short Takes: Will a Non-QM Market Develop? / Ellie Mae Still in Play / RCS Has a New Owner / Barry Habib’s Future / High Earners More Likely to Shop Online for a Mortgage

January 2, 2014
Paul Muolo
Will well-known mortgage trainer Barry Habib stick with Residential Finance Corp., a company whose assets are in the process of being sold? It’s hard to say since RFC isn’t answering questions on about the firm’s future.
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Freedom Mortgage Hires Two Top Guns From PHH Mortgage

December 26, 2013
Paul Muolo
Freedom Mortgage, which has aggressive hiring plans this year, has tapped two top production executives from PHH.
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Short Takes: Mortgage Tax Extenders Set to Expire / New Residential to Sell More Shares / GSEs Hit Foreclosure Prevention Milestone / Madoff and Farkas – What Are They Up to? / The Mortgage PR Person Who Worked on Christmas

December 26, 2013
Paul Muolo and Charles Wisniowski
Let’s just hope that if Bernie Madoff and Lee Farkas are socializing together in prison they’re not plotting some type of massive mortgage scam.
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Short Takes: Will FHA Make a Change on the Loan Limit Cap? / New Applications Worst in Six Years / Private-Money Starts to Rock n Roll / Delinquencies on the Rise? It Depends on Who You Ask / Beer and Mortgage Banking

December 23, 2013
Paul Muolo
One former regulator told us that HUD is relying too heavily on foreclosure sales, which can drive down median values.
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Short Takes: Who Will Hire Ed DeMarco? / Watt Will Roll Back Multifamily Changes Too / OCC Sees Improving Delinquencies / Essent Enters the Russell 2000 / Impac Selling Retail Branches and Cutting Staff

December 23, 2013
Paul Muolo and Charles Wisniowski
Will departing FHFA chief Ed DeMarco go work for a hedge fund? Stranger things have happened.
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Maybe the Mortgage Employment Picture Isn’t So Ugly After All

December 23, 2013
Paul Muolo
A handful of firms say they are still aggressively recruiting residential loan officers who have a solid background in purchase-money lending – that is, sales professionals with deep ties to Realtors and home builders.
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Short Takes: Mel Watt to be Sworn in Early January? / A Savior for a Nonbank / Ed Pinto Weighs In on the FHA MMI Audit / Dave Stevens, the Man Behind the Beyoncé Analogy / Bad News for Applications / Correction on QM Readiness

December 18, 2013
Paul Muolo
The FHFA MMI is in better shape? So what, says critic Ed Pinto. He believes that huge problems remain.
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Short Takes: Can Mel Watt Stop the Rain? / DeMarco Pulls a Beyoncé / GAO Pats FHFA on the Head / Purchase Money Loan Officers Will be Fine / Radian is Hiring / CoreLogic: More Homes Move Into ‘Positive Equity’

December 17, 2013
Paul Muolo and Charles Wisniowski
Ed DeMarco of FHFA pulls a 'Beyonce' with the higher LLPAs. Meanwhile, we're hearing that Met Watt may be sworn in by early January.
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Short Takes: Defendants Lose Appeal in FHFA MBS Case / 360 Mortgage Hires Seven AEs / Wholesalers Keep Calling Reliance / 103 New LO Hires by Mortgage Master / Nice Cash Bonus for Non-Agency CFO

December 16, 2013
Paul Muolo and Charles Wisniowski
Loan broker Anne James, who runs Reliance Funding in Wittier, CA, told us recently that “I have wholesale lenders calling me daily to sign up.” She notes, however that “Loans are not dropping out of the sky” but adds that she’s getting quite a few calls for second mortgages.
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