Citigroup has joined the club of megabanks marking up the asset value of their mortgage servicing rights. Shares of Genworth spiked, and other mortgage news briefs.
What We’re Hearing Certain mortgage bankers are using a four-letter word to describe the trifecta of “final” regulations unveiled by the CFPB the past two weeks, and as you might guess that word isn’t “love.” The rules – servicing, qualified mortgages and loan originator compensation – will shape the industry for years to come... plus other mortgage industry happenings.
Although the Consumer Financial Protection Bureau has finalized its servicing regulations, it likely will take a close look at the transfer of mortgage servicing rights – a business that has been booming of late, with most of the activity tied to “legacy” product.
Real Estate Mortgage Network is on the verge of launching a new correspondent division what will use the trade name HomeBridge, a company official told Inside Mortgage Finance.
Redwood Trust is set to issue its second non-agency jumbo MBS of the year, a $666.13 million security, according to a presale report released today by Kroll Bond Rating Agency. The MBS will largely consist of 30-year fixed-rate mortgages, with 51.4 percent of the originations from First Republic Bank. Plus other mortgage news briefs.
Fannie Mae is ending the practice of assigning different guaranty-fee discounts to the various “affinity groups” or cooperatives that pool mortgages for sale into the secondary market, Inside Mortgage Finance has learned.
Bank of America, which is in the process of selling roughly $308 billion worth of mortgage servicing rights, recently trimmed its servicing staff by at least 700 workers...
Fourteen months after the White House signaled its intention to make Carol Galante the nation’s next housing commissioner, the Senate on Sunday afternoon finally confirmed her nomination.
Industry veteran Jon Daurio, who’s trying to raise $250 million to start a new nonprime lender, is hoping to have much of the work tied to his capital raise completed by the end of the first quarter of 2013.
The Consumer Financial Protection Bureau may reconsider certain regulatory exemptions to its servicing rules as they pertain to small servicers, agency counsel Mitchell Hochberg said during an Inside Mortgage Finance webinar late Tuesday afternoon.