IMFnews

February 16, 2017

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CFPB Explores Alternative Data Sources for ‘Credit Invisible’ Borrowers

The agency estimates there are 26 million Americans who are “credit invisibles...” Read More

More Red Ink for PHH in 4Q16; Nonbank Continues to Sell Assets; CEO Messina Sees Future as a ‘Capital Light’ Business

Over the past two years, PHH has lost $347 million, much of it caused by a private-label origination model that has fallen on hard times and rapidly declining interest rates… Read More

Freddie Mac Hits an Earnings Grand Slam in 4Q16: $4.8 Billion in Net Income; Gains from Derivatives Top $6.3 Billion

In a few weeks, almost all of that profit will be swept into the coffers of the U.S. Treasury, which supported the GSE during its money losing years... Read More

Short Takes: What Does Bruce Berkowitz Think? / Freddie Exploring SFR Market / BB&T Building New Servicing Center / CoreLogic CEO on Medical Leave / loanDepot Executive Jumps Ship for Wisconsin Lender

While most banks are running away from the business of servicing home mortgages, BB&T appears to like the space... Read More

‘Unique’ Risks in Making Mortgages to Foreign Nationals?

The main risks in making mortgages to foreign nationals: the borrower’s lack of credit history and issues tied to income verification. Read More

Appeals Court Grants CFPB Request for Rehearing in Much-Watched PHH Case

The court also ordered that the three-judge panel’s ruling this past October be vacated. Oral arguments will be heard May 24... Read More

A Blowout 4Q16 Profit for Fannie Mae: $5 Billion; $3.9 Billion in Gains from Derivatives

In a conference call with reporters Friday morning, Fannie CEO Tim Mayopoulos noted: “While we expect to remain profitable on an annual basis for the foreseeable future, due to our declining and limited capital reserves and the potential for significant volatility in our financial results, we could experience a net worth deficit in a future quarter.” Read More