We talked a handful of wholesalers and were told the figure is much lower – in the range of 2.2 percent to 2.5 percent. Broker-sourced loans account for less than 10 percent of all loans funded today,
Sources tell IMFnews that the Federal Housing Finance Agency is looking into the matter and is promoting the idea of capital minimums for nonbanks that do business with Fannie Mae and Freddie Mac.
Barring any unpleasant news, Julian Castro, President Obama’s nominee for secretary of the Department of Housing and Urban Development, apparently has passed his job interview with the Senate Banking, Housing and Urban Affairs Committee. This week, Castro, a three-term mayor of San Antonio, TX, laid out his priorities as HUD secretary before committee members if he is confirmed for the job. Castro underscored the importance of “partnership and pragmatism” as the key drivers in running a city. As HUD secretary, Castro said he would enhance “cross-agency collaboration” and emphasize the value of “measuring results” by setting precise goals, consulting with the public on major issues, developing a public report card and annual updates – tools he employed in his municipal housing education and affordable housing initiatives in San Antonio. As mayor, Castro worked to ...
“Right now there’s a large discrepancy between what the buyer wants to pay and what the seller wants to sell at,” said Chuck Klein, managing partner in Mortgage Banking Solutions.
One competitor to Prospect described Mike Williams as a “great technical guy.” He added that having Prospect go public is “the next step” in Sterling’s exit strategy.”
The “legacy” bulk market for MSRs has been spooked, to some degree, by regulatory scrutiny, though offerings of newly originated product have been plentiful.
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