When it comes to auditing mortgage lenders, does the CFPB know what its doing? It all depends on who you talk to. Also, the FHFA cracks down on force placed insurance (again).
Early Thursday, EverBank disclosed that it is selling $13.4 billion of Ginnie Mae servicing rights, while transferring $6.9 billion in subservicing to Walter Investment Management Corp.
Moodys believes the servicers transitions into mortgage originations was positive, but raised concerns about declining refinance opportunities, competition with banks and the potential for nonprime originations.
At press time, there were reports circulating that one mid-sized nonbank planning to enter the correspondent acquisition market had pulled the plug and laid off staff. The firm is expected to talk to IMFnews Thursday morning.
A year ago, mortgage servicing brokers were seeing five or fewer bidders on bulk offerings. Today, 10 or more bidders show up, many of which are nonbanks or have owners that are hedge funds or private-equity firms.
Is Ed DeMarco unimpressed with Fannie and Freddie's return to profitability? we should keep the recent reports of positive net income in perspective, he told the audience of the Bipartisan Policy Center this week. Much of it has been related to one-time adjustments..."