While Many New Originations Haven’t Been Compliant with TRID, Fitch Projects Modest Risk for Non-Agency MBS January 12, 2016 Brandon Ivey The guidance from Fitch could ease some fears among purchasers of non-agency mortgages...Read More
Citi Prevails in Loan Buyback Dispute – Thanks to Contract Language January 11, 2016 Brandon Ivey CitiMortgage filed the lawsuit after Chicago Bancorp refused to repurchase 11 mortgages.Read More
Former RBS Trader Cops a Plea, Will Cooperate in Federal MBS Probe January 8, 2016 Brandon Ivey In addition to misrepresenting prices sought by buyers and sellers of MBS, the DOJ said Siegel and co-conspirators misrepresented that bonds held in RBS’s inventory were being offered for sale by a fictitious third-party seller…Read More
After Reorganization, Impac Sees Increase in Correspondent Volume; Nonbank is in a Hiring Mode January 7, 2016 Brandon Ivey Impac Mortgage is currently recruiting sales and operational personnel...Read More
HELOC 'Like' Product Hits the Market January 6, 2016 Brandon Ivey Depending on the product, loan amounts can range from $100,000 to $250,000...Read More
JPM Fined $48 Million for Violating OCC Servicing Consent Order, EverBank $1 Million January 6, 2016 Brandon Ivey The OCC said the mortgage-related fine against Chase was due to the servicer’s actions from December 2011 through November 2013...Read More
Interest-Only Loan Volume Fails to Keep Pace; PHH Still No. 1 January 5, 2016 Brandon Ivey PHH Mortgage remained the predominant IO lender with $3.43 billion during 3Q15, but the firm’s volume fell 16.9 percent on a sequential basis. Read More
Two Harbors Set to Continue Prolific Jumbo MBS Issuance with First Deal of 2016 January 5, 2016 Brandon Ivey The Two Harbor deal ends a span of 31 days without a presale report for a new non-agency security.Read More
Short Takes: Yet More TRID Problems? / CFPB Looking at ‘Pricing Concessions’ / NAMB Backs Savitt for House Seat / Ocwen Gets a B+ From KBRA / Lender Hires Former Capital One Executive January 5, 2016 Paul Muolo and Brandon Ivey Industry consultant Joe Garrett is advising his clients to keep a “concession log…” Read More
Jumbo MBS Issuance Declines in Q4; Outlook Not Go Great January 4, 2016 Brandon Ivey Nine firms issued jumbo MBS in 2015 and JPMorgan Chase was the top issuer for the second year in a row. Read More