A few years back, loanDepot was contemplating going public and even issued an S-1 with the SEC. The deal fell apart because the lender was displeased with the valuation calculated by its underwriters. But thanks to the Trump trade wars, a slowing world economy and more, rates are falling and originations are looking up. Perhaps, the mortgage IPO window is starting to open again?
Former FHA chief Dave Stevens: “This settlement marks an end to the era of overly aggressive legal action using FCA as a means to leverage lenders into large settlements.”
Pretium Partners, the creation of former Goldman Sachs executive Donald Mullen, has agreed to buy non-QM MBS issuer Deephaven Mortgage for an undisclosed sum. Market watchers believe more acquisitions may lie ahead for Pretium.
Better.com’s other major backer is Citigroup. Better recently hired industry veteran William Buell to head the nonbank’s B2B platform. Buell has a deep resume, including stints at Bank of America, JPMorgan Chase and FirstKey…
Grapevine: A few days ahead of a scheduled bankruptcy auction, New Residential Investment Corp. has swooped in and made a "stalking horse" bid. Meanwhile, a big promotion at Fannie Mae and a record month for Guaranteed Rate.
Within the White House, the administration’s point person on GSE issues is Andrew Olmem, who serves on the National Economic Council. Prior to joining the NEC in 2017, Olmem was a partner at Venable, LLP. He also served as the Republican chief counsel and deputy staff director of the Senate Banking Committee.
The company agreed to pay $32.5 million in damages to settle False Claims Act allegations tied to FHA underwriting. it admitted no wrongdoing while agreeing to stay in the program.
FHFA Director Mark Calabria continues to push for the mortgage market to have multiple guarantors to compete against Fannie Mae and Freddie Mac. But Moody's believes there are huge risks in such an endeavor.