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Paul Muolo

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Caliber's Sale Price of 1.0x Book Raises Some Eyebrows

April 16, 2021

If Caliber's MSR portfolio of $152.7 billion is valued at 100 basis points, that translates into a value of $1.52 billion, at least...

An Origination Decline for Jumbo Specialist FRB

April 16, 2021

Paul Muolo

On the home-equity lending side of the aisle, the San Francisco-based bank funded $623.6 million worth of seconds, a slight increase from 4Q20...

Mortgage Company Debt Sales Continue Apace

April 15, 2021

Paul Muolo

“Issue debt while you can.” That seems to be the mantra of nonbank mortgage lenders and even real estate mortgage investment trusts. The latest sellers: UWM and PennyMac.

Mortgage REIT NRIC Set to Expand Its Empire

April 15, 2021

Paul Muolo

What a difference a year can make. Last spring, the REIT was getting margin-called and selling MBS. Today, it’s buying huge mortgage banking franchises.

Short Takes: Nice Earnings for a Megabank / BofA and Home-Equity Lending / Some History / The Caliber Termination Fee / New Residential’s 1Q21 Results

April 15, 2021

Paul Muolo

The termination fee on the NRIC-Caliber deal: $25 million.

Mortgage M&A Heats Up with Caliber-NRIC Deal

April 15, 2021

Paul Muolo

Last week, word began to leak out that Caliber Home Loans was talking to New Residential Investment Corp. about a deal. Turns out, the sale chatter was true.

How to Pay for Caliber? Sell More Stock, Of Course…

April 15, 2021

Paul Muolo

What some may have forgotten: Last fall, NRIC submitted a confidential S-1 on its mortgage banking affiliate NewRez but the IPO never came off...

Underwriters and Processors, Your Time Has Passed (Maybe)

April 15, 2021

Paul Muolo

The mortgage hiring game in a nutshell: Loan officers are in demand, processors and underwriters, not so much.

Grapevine: $500 Million Says A Lot; Mortgage Tally: JPM Up, Wells Down

April 15, 2021

Paul Muolo

SoftBank places a $500 million bet on the digitization of residential finance by taking a stake in Better.com. Also, mortgage earnings season has begun.