Short Takes: All in the Mortgage Family / Can Ditech’s TPO Strategy Work? / The Megabanks Feeling Less Love for GSE Loans? / 38,865 Fannie Mae Shareholders / FRB Sets 1Q Production Record April 20, 2016 Brandon Ivey and Paul Muolo Would you lend money to your relatives? One mortgage firm has made it a business model...Read More
If the CFPB Loses the PHH Case, Congress and the White House Will Have to Fix the Agency April 19, 2016 Paul Muolo One point of contention is the CFPB’s legal status – the fact that it’s a single agency headed by a single person...Read More
New Disclosures Cast Doubt on Salability of PHH Mortgage April 19, 2016 Paul Muolo The new disclosures have forced PHH to withdraw previous earnings guidance where it estimated a slight profit or breakeven for 2016.Read More
Short Takes: Wells Fargo Stays the Course on FHA / But FHA Production Drops / A Large MSR Auction from Prestwick / A FHLB Deal from Phoenix / New Hires for New Penn and Ellie Mae April 19, 2016 Paul Muolo Wells Fargo spokesman Tom Goyda called FHA lending an “important tool” for the bank.Read More
Banks Blame CFPB Rules for a Reduction in Mortgage Credit April 18, 2016 Paul Muolo But there was some good news: the percentage of single-family mortgages made to first-time home buyers continues to climb… Read More
Short Takes: Third Largest FHA Lender Settles with Uncle Sam / Friday Afternoon Appears to be the Witching Hour for FHA Settlements / Sometimes, the Best Defense is a Strong Offense / A New President and CEO For Stonegate Mortgage April 18, 2016 Paul Muolo The New Jersey-based Freedom is no ordinary FHA lender. According to Inside FHA/VA Lending it ranked third nationwide in FHA production last year with $4.52 billion. Read More
What We’re Hearing: FHFA Says Ask the IRS / Maybe, Maybe Not / Jeb Hensarling is Not Happy / Nonbank Will Stop Buying Jumbos. Reason: TRID / Ocwen and Freddie Part Ways / Will Fairholme Win the GSE ‘Bet’? April 15, 2016 Paul Muolo So, in other words, a consumer who’s having trouble making his/her mortgage payment soon will have to give Uncle Sam more money in taxes...Read More
FHFA Rolls Out Principal Reduction Plan; Can it Fly? April 14, 2016 Carisa Chappell and Paul Muolo Servicers must round up eligible customers and present offers by October 15 of this year.Read More
BofA Reports Weakening Mortgage Profits; Originations Down in 1Q16 April 14, 2016 Paul Muolo Meanwhile, BofA’s “legacy assets and servicing” unit lost $40 million in the first quarter of 2016. Read More
Wells Fargo Reports 10 Percent Decline in Originations; Applications Strong April 14, 2016 Paul Muolo Wells reported mortgage banking non-interest income of $1.6 billion for the first quarter, a $62 million decline from the prior period. Read More