Short Takes: PHH on TPO: Subpar Profits / Mortgage Broker Share Holds Steady / Broker Blame? / NAMB’s New Identity / Home Point Hires Account Executives May 5, 2016 Paul Muolo PHH said in a new SEC filing: “We will not be pursuing our previously communicated acquisition strategy at this time..."Read More
Fannie Mae’s Net Profit Fell 54 Percent After the GSE Took a $2.8 Billion Hit on Derivatives May 5, 2016 Carisa Chappell and Paul Muolo G-fees – which have been rising in recent years – are ultimately paid by borrowers.Read More
A Sale of PHH/Assets Looms Large After 1Q Loss, Declining Revenue and Falling Originations May 5, 2016 Paul Muolo Earlier this year, management signaled that the nonbank is considering its options...Read More
Short Takes: The New Mortgage Normal: Volatility / When Red Turns to Black / Citadel on a Hiring Spree / Stearns Gets a New CFO / Would Your Lending Shop Accept Private Flood Insurance? May 5, 2016 George Brooks, Carisa Chappell, and Paul Muolo Is the end near for servicing writedowns? Hedging marks?Read More
Banks Toy with Creating an ‘FHA-Like’ Mortgage for Portfolio; But Can it Fly? May 5, 2016 Paul Muolo FHA lending via the retail channel by many of the nation’s largest depositories has plummeted in recent years...Read More
Hammered by MSR Writedowns, Nationstar Posts $133 Million Loss for 1Q16 May 4, 2016 Paul Muolo When are falling rates a bad thing? Answer: When you own a ton of mortgage servicing rights.Read More
‘Marketplace’ Lender SoFi Gets Fannie Approvals; Continues to Sell Jumbos into the Secondary May 4, 2016 Paul Muolo SoFi, also known as a “peer-to-peer” lender, said it admires Fannie Mae’s “commitment to technological innovation in mortgages…”Read More
Short Takes: The $55 Billion Subservicing Contract Mystery / Who Lost It, Anyone? / A Shakeout for P2P? / MSR Auctions Increase / Another Step Down for Ocwen’s Stock May 4, 2016 Paul Muolo Sometimes when a subservicer – especially a publicly traded one – snags a new client, the company publicizes the event...Read More
Freddie Books $4.56 Billion Hedging Loss for 1Q. But Net Loss is Just $354 Million. No Assistance From Uncle Sam (At This Time) May 3, 2016 Paul Muolo For the past several weeks, speculation was rife that if the yield on the 10-year bond remained under 2.0 percent at March 31 Freddie might book a large hedging loss...Read More
Is the Mortgage M&A Market Dead in the Water? No More ‘Franchise’ Deals? May 3, 2016 Paul Muolo Larry Charbonneau, who runs a boutique advisory firm, said, “The number of willing sellers doesn’t meet the number of willing buyers...”Read More