Paul Rozo, who runs PRMG, told us that he is not a big fan of call centers and that every LO in his organization is a “hunter,” a sales person “who relies on referral business and/or handling their own marketing."
Many mortgage originators and aggregators say they would use some form of recording, either audio or audio/video, to help with QM compliance and fighting potential lawsuits.
Glenn Costello, a senior managing director at KBRA, said the securitization of non-QM loans will require additional credit enhancement relative to QMs.
bivey@imfpubs.com Walter Investment Management is the latest servicer to transition to a “capital lite” business model, announcing the formation of a REIT to hold mortgage servicing rights. Walter said the new Walter Capital Opportunity unit will acquire certain MSRs while Walter Investment Management subservices the loans. Rival special servicers Nationstar Mortgage and Ocwen Financial have already created or partnered with similar affiliated MSR investors and Two Harbors Investment, a REIT, announced a like-minded agreement with PHH this…
Redwood started acquiring agency mortgages from correspondent lenders in mid-October. The REIT noted that the activity helps create mortgage servicing rights for it to invest in.
The REIT is just starting to purchase MSRs. At the end of September it had $15.7 million of mortgage servicing rights on its balance sheet, but that figure should rapidly change in the quarters ahead.
The loans in the new Redwood deal have the strong characteristics associated with jumbos, including an average credit score of 766 and a combined loan-to-value ratio of almost 71 percent.