What We’re Hearing: As Rates Move Higher, Disaster Looms for the Mortgage Industry (Not Really) / The Stock Market Will ‘Correct’ on This Date… / New Fannie Survey Finds Lenders Glum / He’s Back: Nonprime Veteran Jon Daurio December 16, 2016 Paul Muolo If rates don’t improve in the next few months, one area where lenders will try to save money is on loan officer compensation... Read More
FHFA Unveils GSE ‘Scorecard’ for 2017. Several Items on the List, Including CRTs, ‘Underserved Borrowers’ and Servicing Liquidity December 15, 2016 Paul Muolo The FHFA’s mention of servicing liquidity is an acknowledgement of the growing market share gains by nonbanks.Read More
Ocwen Shakes Up TPO, Combines Wholesale and Correspondent Sales Team at Homeward; Former ICON Executive Put in Charge December 15, 2016 Paul Muolo Usually, when a lender consolidates sales units, a certain amount of workers are let go... Read More
Short Takes: GSE Scorecard Surprises? / Revisiting PMIERs? / MI Stocks Trade Near Highs / More MSR Auctions on the Way / ‘Flex’ Replaces ‘HAMP’ December 15, 2016 Carisa Chappell and Paul Muolo Investors are snatching up shares of publicly traded MI firms...Read More
When the Going Gets Tough, Some Lenders Start Cutting Fees December 14, 2016 Paul Muolo “Roughly 30 to 40 percent of our customers are eligible to waive escrows,” said UWM CEO Mat Ishbia.Read More
Mortgage Applications Drop 4.0 Percent, but Refi Share Rises December 14, 2016 Paul Muolo Some industry executives believe the recent spike in interest rates could prove temporary.Read More
Short Takes: More FHA Commissioner Candidates? / Others… / GSE ‘Chattel’ Lending, A Work in Progress / Mortgage Complaints Drop / Closing Corp. Hires Former Black Knight Official December 14, 2016 Carisa Chappell and Paul Muolo At least four names have surfaced for the FHA job in the Trump administration...Read More
Loan Officer Compensation: 45 Percent of Firms Pay 76 to 150 BP December 13, 2016 Paul Muolo However, some nonbank executives feel that with originations expected to decline in 2017, it may time to cut back on compensation paid to LOs.Read More
Candidates for FHA Commissioner: Homebuilder Ed Brady and HFSC GC Clinton Jones December 13, 2016 Paul Muolo The FHA commissioner in the Trump White House will have final say on the key issue of adjusting FHA premiums and loan sizes, and likely would have input on GSE reform. Read More
Short Takes: Ginnie Mae Finally Releases ‘New and Improved’ Acknowledgement Agreement / Why the AA is So Important / GSEs Issue Holiday Moratorium on Evictions / MIAC Hires Industry Vet Mike Bugbee December 13, 2016 Carisa Chappell and Paul Muolo Financiers hope the new AA will increase liquidity for nonbanks that play in the Ginnie market…Read More