Wells, BofA, and Citigroup Trim Mortgage Workers, More on the Way? July 22, 2013 Paul Muolo Some of the nation's largest home lenders are beginning to cut mortgage workers as refinancing applications swoon. Read More
Short Takes: Higher Rates Good for Nonprime / Denali CU Keeps its Mortgage Powder Dry / HUD Goes Dark for a Day / The General Public Hates Fannie, Freddie / Congress, Hot Weather and Housing Issues July 22, 2013 George Brooks, Paul Muolo, and Charles Wisniowski Loan applications are strong at Citadel, a newly launched nonprime lender. HUD goes on furlough for a day.Read More
Securitization of Re-Performing Residential Mortgages Gaining Traction July 19, 2013 Paul Muolo Not only are nonperforming residential mortgages being placed into new securities, but so are re-performing loans.Read More
Flagstar Job Loss Could Top 300, Large MSR Sale in the Works July 18, 2013 Paul Muolo Flagstar hopes to unload $30 billion in residential servicing rights, but is contemplating selling even more in the way of MSRs.Read More
Cole Taylor Mortgage in Detailed Sale Talks With PE Firms July 18, 2013 Paul Muolo Three years ago Cole Taylor Bank had no presence in the mortgage market until Willie Newman joined the bank and started a residential division.Read More
Short Takes: J.D. Power Gives Nationstar and Ocwen Poor Servicing Grades / Watt Approved by Senate Banking Committee / Zandi Slams Hensarling Bill / GAO Will Investigate CFPB’s Data Collection Efforts / Bad Debt Up in Value July 18, 2013 Brandon Ivey, Paul Muolo, Thomas Ressler, and Charles Wisniowski Nationstar and Ocwen get poor servicing grades from J.D. Power & Associates. Meanwhile, Rep. Mel Watt headed to FHFA? Not so fast...Read More
Ginnie Approvals Already Surpass Last Year’s Total, But Nonbanks a Problem July 17, 2013 Paul Muolo Banks have a strong track record on obtaining Ginnie Mae approvals, nonbanks not so much. Read More
BofA Continues to Lose Money on Mortgage Unit, Refis Sky High at 83 Percent July 17, 2013 Paul Muolo Bank of America's mortgage business continued to recover in the second quarter, but its rep and warranties exposure remained high at $16.64 billion.Read More
Refis at Lowest Point in More Than Two Years July 17, 2013 Paul Muolo Is the great refi wave just about over? Read More
Short Takes: Nationstar Lays Groundwork for Another BofA MSR Deal / PHH Revises Warehouse Agreement with RBS / The Fed Will Keep Gobbling Up MBS / The CFPB’s Cordray is Finally Street Legal / An OIG For CFPB? July 17, 2013 Paul Muolo and Thomas Ressler Nationstar Mortgage is issuing $250 million of debt, hinting that it may buy more MSRs from Bank of America.Read More