Interest-Only Originations Are Down but Not Entirely Out December 22, 2014 Brandon Ivey PHH Mortgage was the top-ranked IO lender, with $9.51 billion in such originations through three quarters in 2014.Read More
Lenders Reverse Plans to Videotape ATR Compliance, Though One is Recording Audio December 22, 2014 Brandon Ivey Lenders that have considered taping their interactions with borrowers said the recordings can help prevent “he said/she said” situations.Read More
Short Takes: Thanks to Ocwen, Most Mortgage Stocks Suffer / ASPS Hammered Too / Skyline Reveals Investors / DBRS Sold / FHFA Worries About Lien Priorities December 22, 2014 Brandon Ivey and Paul Muolo Skyline said it raised $18 million in equity and debt from Ellington along with Upfront Ventures and Dallas Capital Management. Read More
Lawsky Faults Nonbank Servicer for Relying on Technology, Falling Behind Performance of Peers December 19, 2014 Brandon Ivey Lawsky didn't name names, but the servicer he singled-out shares a number of characteristics with Ocwen Financial.Read More
MBA, Democrats in Senate Urge HUD to Consider Decreasing Fees on FHA Mortgages December 19, 2014 Brandon Ivey MBA cites competition from GSEs' new low downpayment programs, Senators point to improvements in the FHA's Mutual Mortgage Insurance Fund.Read More
Short Takes: Boom in MLO Licenses / FHA Delays Detailing Review Findings / Redwood and the GSEs / Positive Outlook for SLS December 19, 2014 Brandon Ivey The increase in the number of mortgage loan originators with state licenses was attributed to increased access to warehouse credit and less exposure to regulation than big banks.Read More
Mortgage Financing Gains as Cash Deals Lose Market Share December 18, 2014 Brandon Ivey Non-cash financing was used on 72.4 percent of home purchases in November, based on a three-month moving average. Read More
JPM to Bundle Low-Doc IOs Originated by Merrill Lynch 8 Years Ago December 18, 2014 Brandon Ivey The Merrill borrowers tend to have strong equity positions: the original average combined LTV on the collateral is 54.9 percent.Read More
Short Takes: Thanks to Ackman, a Santa Claus Rally in GSE Stocks / New Jumbo MBS from CS / Home Flippers Stop Flipping? / Opus Active / A Departure at Altisource December 18, 2014 Brandon Ivey and Paul Muolo A year ago, in SEC filings, Pershing Square disclosed that it owned just under 10 percent of Fannie and Freddie common.Read More
OCC: Banks Are Actually Tightening Underwriting Standards December 17, 2014 Brandon Ivey The OCC said two banks exited the residential mortgage business in 2014 and another two plan to exit in the coming year.Read More