Promontory MortgagePath Expands Private-Label Origination Platform October 17, 2017 Paul Muolo PMP was founded by former Comptroller of the Currency Eugene Ludwig and mortgage industry veteran Bruce Witherell…Read More
Short Takes: More Trouble for SoFi & Fintech? / So, Maybe CFPB’s Cordray Won’t Run / Goldman Agrees to Buy Fix-and-Flip Lender / Housing Assistance Council Hires former HUD, USDA Official to Lead the Organization October 17, 2017 Paul Muolo With fall-out spreading from the turmoil at Social Finance, investors might be thinking twice about so-called “fintech” firms... Read More
Institutional Investors Reduce Positions in PHH. Meaning? October 17, 2017 Paul Muolo The disclosures aren’t entirely surprising given that PHH recently wrapped up a generous buyback offer…Read More
Stearns Lending Reveals it Has a Mortgage Joint Venture with SoFi October 16, 2017 Paul Muolo Stearns, however, doesn’t service any mortgages for SoFi…Read More
MIAC Sets Auction for Fannie Mae MSR Portfolio October 16, 2017 Paul Muolo The seller of the MSR package focuses on the California market...Read More
Short Takes: Large Nonbank Ready to Enter Second-Lien Market / Mortgage Layoffs in California? / The 30th Anniversary of ‘Black Monday.’ Beware? / UWM Rolls out ‘Client Loyalty’ Tool for Brokers / Annaly CEO will Become Chairman, Eventually October 16, 2017 Paul Muolo A large nonbank is about to enter the second-lien market...Read More
A (Slight) Drop in Originations at BofA for 3Q17 October 13, 2017 Paul Muolo Home equity lending fell even more at BofA: down 12.7 percent from the prior period...Read More
A Modest Uptick in Home Lending for Wells Fargo in 3Q17; Meanwhile, a $1 Billion Legal Charge for Mortgage Investigations October 13, 2017 Paul Muolo Gain-on-sale profits came to 124 basis points, flat from the prior period, and the weakest reading of the past five quarters...Read More
What We’re Hearing: FHFA Chief Has a ‘Number of Options’ on Zero Capital / Is That a ‘Hard’ Deadline? / Once Tax Reform is Done, Next Up: the GSEs / Can HUD Secretary Carson Get the IG to Back Off on the FCA? / Ocwen Kills Wholesale. Meaning? October 13, 2017 Paul Muolo Meanwhile, one detail about the capital buffer falling to zero remains unclear: On Jan. 1 will every single penny of the $600 million (at each) be carted away?Read More
JPM Grows Residential Lending by Almost 13 Percent in 3Q17, Keeps Adding to Whole-Loan Portfolio October 12, 2017 Paul Muolo Total mortgage banking revenue for the period came in at $1.56 billion compared to $1.43 billion in 2Q17...Read More