The publicly traded Impac is based in Irvine, CA. Its share price is currently at $7.34, more than double what it was in June. Donatacci will split his time between California and New York.
The spokesperson added: “It should be noted that in the recently announced housing finance reform plan, Treasury recommends that volume-based pricing discounts or similar incentives should be prohibited at the enterprises.”
Although residential originations remain strong, the loan brokerage sector has been steadily cutting jobs since the spring, according to the U.S. Bureau of Labor Statistics. Industry players question the numbers.
Back in 2011, large bank servicers – including Wells Fargo, JPMorgan and Bank of America – controlled roughly 94% of the mortgage servicing market, a fact cited in a new report from the Conference of State Bank Supervisors. Today, just four commercial banks rank among the top 10 servicers.
The CSBS report: “Thin liquidity margins, especially when coupled with the other risks identified above, can put a nonbank in a sudden compromised position triggered by a reduction in revenues or other market or economic events such as volatile interest rates that can have significant impact on the value of MSRs.”
An “explicit” guarantee on Fannie/Freddie MBS was once a non-starter with Republicans in Washington. But the Trump administration is unlike your grandfather’s GOP. Just maybe, an explicit guarantee might work.
Flagstar estimates it will recover about $1 million of the cost in the third quarter while it continues to pursue other legal remedies tied to Live Well...
FHFA Director Mark Calabria this week ended a pilot program that allowed the GSEs to extend lines of credit to nonbanks pledging servicing rights as collateral.