The industry’s mood at the Mortgage Bankers Association’s annual conference last week seemed optimistic. But global uncertainty with China and trade, and Brexit could cut the good times short.
HPS Investment Partners, a firm chock full of Wall Street veterans, has agreed to buy non-QM lender Citadel Servicing Corp. After the sale closes, CSC founder and CEO Dan Perl will part ways with the firm.
FHFA Director Mark Calabria said any revised qualified mortgage rule introduced by the CFPB should be applicable to all lenders. Industry participants are unsure how the regulator will address the issue.
In addition to making a decision on how DTI ratios should factor into determining QM status, the CFPB is being asked to endorse an automated underwriting system for the same.
The conforming-jumbo business might be an attractive target for shrinking the GSE footprint as the loan limit is poised to top $500,000. But it's not clear it would de-risk Fannie/Freddie business.
Growth in subservicing contracts slowed a bit in the second quarter as con-tinued low interest rates took their toll. It’s anticipated that once rates in-crease, more vendors could disappear through M&A.
Waterstone Bank plans to test the waters of the non-QM market, a niche that most depositories have avoided. Is this part of a growing trend or just an isolated detour into the unknown?
Mortgage Grapevine: MSR auctions have been few and far between of late, but all that may soon change. Meanwhile, Stearns Lending has secured the cooperation of its largest bondholder, PIMCO, to reduce its debt load. Now, it's just a matter of time and working with the bankruptcy court.
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