A lawsuit involving Wells Fargo, Wachovia and emergency lending facilities by the Fed during the financial crisis has the potential to expand the application of liability under the False Claims Act. An appeals court recently ruled against Wells in the case.
The retail share of jumbo originations is up this year even with top-ranked Wells Fargo placing a greater emphasis on the correspondent channel. More than 80% of jumbos originated in the third quarter came through retail means. (Includes data chart.)
Among a group of 30 prominent servicers of jumbo mortgages, only three shrank their portfolios in the past year. Wells Fargo remained the top-ranked servicer as of September 30, though the bank lost some market share. (Includes data chart.)
The GSEs' loan limits increased for 2020, like clockwork. The higher limits could take a large bite out of non-agency jumbo lending in some states, according to a new analysis.
Competition for non-QMs is fierce among aggregators in the secondary market. The loans offer strong returns when held in portfolio or when packaged into MBS. However, some investors believe the bids are getting overheated.
New guidelines from SFA for TRID reviews in non-agency MBS; Figure raises capital and makes a hire; Premium Point CEO sentenced to prison; Verus and Carrington launch new products; Fitch upgrades servicers; Sachem co-CEO resigns.