In July, publicly traded REIT Two Harbors Investment Corp. announced it was discontinuing its mortgage conduit and securitization operations.
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Dave Akre, who runs Whole Loan Capital, noted, “How can they stay in the mortgage origination business when servicing is a huge part of the borrower experience?”
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PHH Corp., for years, has been trying to unload its entire mortgage franchise, a process complicated by both regulatory sanctions and large accounting losses tied to declining interest rates.
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Nondepositories now dominate FHA production after several large banks exited the government program due to growing concern over potential liability arising from federal lawsuits…
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The business that Flagstar will acquire has 250 correspondent relationships that account for roughly $7 billion in production tied to agency and GSE loans.
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