Industry Consultant Dave Lykken: Fourth Quarter will be a ‘Blood Bath’ October 24, 2018 Paul Muolo Rick Roque, managing director of Menlo Company, sees tough times ahead as well...Read More
Short Takes: Honey, If You Put Any More Money Into that Mortgage Company… / Citadel (Officially) Branches Out into SBCL / $400 Million Next Year? / Fannie Mae Sees Ghost Companies / When Bullying Might Work (Trump and Powell) October 24, 2018 Paul Muolo Fannie Mae continues to mine for non-existent companies that might show up on the consumer loan applications submitted to its seller-servicers...Read More
Senate Banking Committee Hearing on GSE Pilots is Back On – Post Election October 23, 2018 Paul Muolo Cowen expects the next FHFA director to either terminate the GSE pilots or let them expire...Read More
Short Takes: A 52-Week Low for Texas Capital / But Strong Earnings / Concern over the Future of Warehouse Lending? / TIAA’s Third Non-agency MBS / HomeStreet Sees Lower Production, Dark Clouds October 23, 2018 Brandon Ivey and Paul Muolo TIAA is preparing to issue its third prime non-agency mortgage-backed security of the year...Read More
Lennar’s Mortgage Sub Settles FCA Charges with DOJ. Company Whistleblower will Receive $1.98 Million October 22, 2018 Paul Muolo The allegations center on loans submitted to FHA for insurance coverage from January 2006 to Dec. 31, 2011.Read More
Phoenix Capital Selling Ginnie Mae Servicing Rights October 22, 2018 Paul Muolo Florida loans account for the largest chunk of the receivables at 13 percent...Read More
Short Takes: HUD Shows its Enforcement Stripes / Otting, the Next (Interim) FHFA Director? / Sprout Mortgage Feeds Verus Nonagency MBS / Mayer Brown Hires CMG Attorney October 22, 2018 Brandon Ivey and Paul Muolo Otting is Comptroller of the Currency. The speculation is that he will pull a Mick Mulvaney and wear two hats for a while…Read More
The Money Source Takes Aim on Subservicing October 19, 2018 Paul Muolo TMS President Ali Vafai said there’s a huge “void” of subservicers that can effectively handle high-touch product, especially Ginnie Mae receivables.Read More
What We’re Hearing: One Last Criticism from Jeb Hensarling Regarding the FHFA / In Agreement on 80 Percent / Departing Fannie, Freddie Directors May Pose a Challenge / Two Major Concerns: Originations and Profit Margins / Plaza Home Wants AEs / Bill Ashmo October 19, 2018 Paul Muolo The FHFA IG says "a number" of director positions at Fannie and Freddie are set to expire: "Changes in leadership can lead to a lack of attention to internal controls..."Read More
Nonbank Liquidity a Growing Concern. Ginnie Readies Stress Tests October 18, 2018 Paul Muolo Ginnie EVP Maren Kasper said the agency is currently working on stress tests for its issuers and could have results by early December…Read More