Originations

Browse articles from IMFnews related to Originations.

April 20, 2018 - IMFnews

What We’re Hearing: A Kinder, Gentler (and Smarter) Nonprime Industry? / Varde Raises $750 Million / Don’t Layer That Risk / When the Worm Turns… / At Ocwen, Former Government Officials Bring Home the Bacon / NSM Gets a New COO

The highest paid Ocwen director last year was Phyllis Caldwell, who took home $372,649. Caldwell is a former Treasury Department official.


April 20, 2018 - IMFnews

A Lesson Learned from MB Financial: Go Big or Go Home?

Tim Anderson of DocMagic: “You either get bigger or head for the exits.”


April 20, 2018 - IMFnews

Verus Aims to be a Significant Player in Nonprime (Non-QM)

Verus counts among its competitors Angel Oak, Caliber Home Loans, Citadel Servicing, Deephaven Mortgage and SG Capital Partners.


April 20, 2018 - IMFnews

Wells Fargo to Pay Uncle Sam $1 Billion to Settle Rate-Lock and Auto Lending Violations

The settlement is the first enforcement action by Acting Director Mick Mulvaney since he took over the bureau in late November.


April 19, 2018 - IMFnews

Short Takes: Tom Marano, Ditech’s $5 Million Man? / Ripe for a Major Disruption: The Subservicing Market? / Good News: Applications Rise / Rep. Waters Introduces FHA Bill / Ditech Gets a New COO

There are some in the industry who believe the entire subservicing sector is far behind in technology and customer service – and is ripe for a technology disruption of a major kind.


April 19, 2018 - IMFnews

Ditech Taps Bear Stearns/GMAC Veteran Thomas Marano as New CEO

Marano is no stranger to troubled financial service companies. Until 2008, he was a top executive at Bear Stearns...


April 19, 2018 - IMFnews

Surprise: Ron Faris to Retire from Ocwen; Former PHH CEO Messina Named His Successor

Faris is a 27-year veteran of Ocwen, a publicly traded nonbank launched several decades ago by former GE Capital executive Bill Erbey.


April 18, 2018 - IMFnews

Short Takes: FHFA IG Issues Heavily Redacted Report on GSE Cybersecurity / Ditech Worries about Cybersecurity / IBM Says Nothing About Seterus (Again) / What’s in a Title? Off with Their Heads!

As a practice, IBM rarely says a word about Seterus...


April 18, 2018 - IMFnews

MBA: Lower Lending Profits, and Fewer Firms Making Money

An ominous sign: 80 percent of mortgage companies surveyed earned a pre-tax financial profit for the year, compared to 94 percent tin 2016.


April 18, 2018 - IMFnews

Mortgage Industry Sees Promise in Blockchain Technology. Ranieri Enters the Space…

MISMO noted that blockchain is based on digitized, distributed ledgers…


April 18, 2018 - IMFnews

MBA Casts the Net Far and Wide for New Chief. Jeb Hensarling?

The way things stand today, those finalists include at least two industry veterans…


April 18, 2018 - IMFnews

Strong 1Q Earnings for MGIC, but NIW Declines; Freddie’s IMAGIN Pilot Gets a Mention…

In 1Q18, MGIC wrote $10.6 billion of new MI policies compared to $12.8 billion in 4Q17 and $9.3 billion in the first quarter of last year.


April 17, 2018 - IMFnews

Short Takes: Bank of America Kisses Mortgage Banking (Reporting) Goodbye / When MSR Cash Flow Becomes ‘Immaterial’ / The Eye of the Beholder / Tossing Mortgage Stuff Overboard / Redwood on an MBS Hot Streak / Leaving loanDepot for Impac

Is Bank of America doing a slow fade on mortgages?


April 17, 2018 - IMFnews

Nationstar CEO Jay Bray Cleared for a $4.25 Million Bonus

CEO Jay Bray was eligible for a maximum bonus of $6.90 million…


April 17, 2018 - IMFnews

Invictus to Issue a Non-Agency MBS Backed by Single-Family Rental Property Loans

The new non-agency MBS from Invictus is a bit of a rarity: the bond is backed only by mortgages on single-family rental properties.


April 17, 2018 - IMFnews

Now in the Works: A ‘State Level’ CFPB (Thanks to Mulvaney?)

The Garden State is following in the footsteps of Pennsylvania, which created a Consumer Financial Protection Unit last July and hired a former CFPB attorney to lead the initiative.


April 17, 2018 - IMFnews

Prime Non-Agency MBS Issuers Getting More Creative…

Due diligence reviews can be costly, especially when the mortgages being produced are pristine.


April 17, 2018 - IMFnews

Ditech Finally Releases 4Q17 Results – A Loss and a Warning About 2018

Ditech added that under new leadership, the lender/servicer “continues to develop and execute various strategies to improve” its performance.


April 16, 2018 - IMFnews

Stearns Holdings Wants to Retire $80 Million Worth of High-Yielding Paper

Finance of America’s new president is industry veteran Bill Dallas.


April 16, 2018 - IMFnews

Early 2018 Brings More Volatility to GSE Single-Family Rivalry

In early 2018 both GSEs were under orders from the Federal Housing Finance Agency to set g-fees that meet a “minimum return on equity…”


April 16, 2018 - IMFnews

Pershing Square Doubles Down on its GSE Bets

In the 2017 annual report, Pershing Square lists Fannie and Freddie common among its “losers…”


April 16, 2018 - IMFnews

A Steep 1Q18 Decline in Residential Production for BofA

BofA also produced $3.75 billion of home equity loans in the first quarter...


April 16, 2018 - IMFnews

Fannie Addresses Risk Layering in High DTI Loans

Back in July 2017, Fannie revised its automated underwriting system to accept loans with DTI ratios over 45 percent without lenders having to show other compensating factors…


April 13, 2018 - IMFnews

What We’re Hearing: OMB Reviewing VA Anti-Churning Rule / MB Financial Shutters Mortgage Division: A Canary in a Coal Mine? / Put Your Seatbelt On / No Complaints From the Nonprime Sector / The Search for Dave Stevens Successor at MBA Narrows

Now comes the big question: How many more MB Financials are out there?


April 13, 2018 - IMFnews

A 19 Percent Drop in Residential Lending at Wells Fargo; Megabank Says Regulators Want $1B to Settle Auto and Mortgage RLC Charges

Wells said the CFPB and OCC have asked the megabank for a $1 billion settlement in the matter.


April 13, 2018 - IMFnews

JPM’s Origination Machine Tanked in 1Q18

Despite the drop, JPM marked up the asset value of its mortgage servicing portfolio...


April 13, 2018 - IMFnews

Chicago Bank Pulls the Plug on National Residential Lending, Will Take a $37 Million Hit (At Least)

MB Financial plans to keep originating home loans in the greater Chicago area and will keep its mortgage servicing platform intact.


April 13, 2018 - IMFnews

Non-Agency MBS Issuance Down Sharply in 1Q18, but Subprime and Alt A Show Promise

During 1Q18, issuance of MBS backed by seasoned loans fell 50.8 percent…


April 12, 2018 - IMFnews

Short Takes: A 10 Percent Cut in GSE Loan Limits? (Just a Thought) / Mulvaney Has Saved the CFPB $16 Million / New Rez Buys RPL Pool from Fannie / Directors for New Rez Earn How Much? / NYS Fines Nationstar (aka Mr. Cooper)

With GSE reform all but dead, rumors about possible administrative changes abound...


April 12, 2018 - IMFnews

A Defiant Mick Mulvaney Tells Democrats: ‘I Haven’t Burnt the Place Down’

Rep. Maxine Waters, D-CA, the ranking member of the panel, would not acknowledge that Mulvaney is the head of the agency but asked him questions anyway.


April 12, 2018 - IMFnews

Wedbush Takes an Ugly View on Mortgages, Says Direct Lenders will be the Biggest Losers This Year

On the plus side, Wedbush sees mortgage servicers and home builders benefitting…


April 12, 2018 - IMFnews

SG Capital Partners Packs Large Share of Non-QMs into its Latest Nonprime MBS

SG Capital Partners focuses on loans with higher balances than other nonprime MBS aggregators.


April 12, 2018 - IMFnews

Private MI Loan Volume Down Sharply in 1Q18

The upside for private MIs is that their purchase business started off 2018 at a more robust level than last year…


April 11, 2018 - IMFnews

Short Takes: Rep. Waters Doesn’t Hold Back on Criticism of Mulvaney / Next Up: Sen. Warren (CFPB Founder) / When Bank LOs Make More than Their CEOs / G-Rate Steps Up LO Recruitment / Worrying About GSE Servicing Comp (Still)

According to the consulting firm of Garrett, McAuley & Co., some mortgage loan officers at depositories earn at least four-times what their CEOs make...


April 11, 2018 - IMFnews

Ginnie MBS Production Tumbled to Three-Year Low in 1Q18

The agency issued $92.58 billion in MBS backed by forward mortgages during the first three months of 2018.


April 11, 2018 - IMFnews

The CFPB’s Latest RFI: How We Doing in the Complaint Department? Meanwhile Mulvaney Testifies…

Mulvaney – a former GOP Congressman from South Carolina and a Tea Party acolyte – declared: “The Bureau’s new strategic priorities are to recognize free markets and consumer choice and to take a prudent, consistent, and humble approach to enforcing the law.”


April 11, 2018 - IMFnews

Guaranteed Rate Expects to Hit Record Volume in 2018 with Strong Purchase Activity

The nonbank locked $2.3 billion of purchase mortgages in March, up 52.0 percent from the prior month.


April 11, 2018 - IMFnews

The Final Nail in the GSE Reform Coffin: Creation of the $3B Capital Buffer?

Fitch said the $3 billion reserve should be sufficient to cover income volatility during “the normal course of business, as seen when interest-rate volatility results in valuation adjustments within the GSEs’ derivative portfolios.”


April 10, 2018 - IMFnews

Short Takes: Morgan Stanley Dumps PHH Shares / Wells Fargo Doing Just Fine / What did the Megabank Do Wrong This Time? / Out of Character for Mulvaney? / Wells is Not Running a Charity / A Vote Against Being Socially Responsible / Envoy Sells TPO Unit to New Penn

In a nut shell, Wells argues it’s not running a charity (but of course) and that executive compensation is “designed to pay for performance and encourage long-term shareholder value.”


April 10, 2018 - IMFnews

ARMs Gained Market Share in 2017, but Volume was Flat

Chase was the top-ranked ARM producer in 2017…


April 10, 2018 - IMFnews

GNMA Chief Confident Agency Will Win Back Investors

Bright said actions Ginnie has taken send a clear message to the industry and to investors that it is intent on eliminating the problem.


April 10, 2018 - IMFnews

SoFi Hires Former Co-Head of Structured Finance at Goldman as CFO. Meaning?

The hiring of Gill hire has prompted some speculation that SoFi might resume issuance of non-agency MBS…


April 10, 2018 - IMFnews

Bill Dallas Named President of Finance of America?

So far, Bill Dallas has shunned all media requests for comment.


April 9, 2018 - IMFnews

Short Takes: A Million Complaints, Already? / About the CFPB’s Workforce / Good News for Fannie and Freddie / Former Capital One Exec Launches Mortgage-Oriented Fintech Lender / A Surge in Non-Agency MBS Deals this Week

The lender has backing from Bessemer Venture Partners, Two Sigma Ventures and unidentified banks…


April 9, 2018 - IMFnews

As Chatter About LO ‘Signing Bonuses’ Increases, Mortgage Employment Rises

Consultant Rick Roque: “There are many ways to structure a ‘transition’ bonus, and most bonuses are only partially paid up front with the rest based on closings over a period of time.”


April 9, 2018 - IMFnews

A New Non-Agency MBS from Flagstar – but with a Low Sampling Ratio

Fitch said it was able to gain comfort with less than a 100 percent sample size due to its on-site operational assessment of Flagstar’s procedures and controls…


April 9, 2018 - IMFnews

MBS Trading Volume on the Rise in Early 2018

Demand for agency product remains strong, but the investor base is beginning to shift somewhat, said MBS Highway Principal Barry Habib...


April 9, 2018 - IMFnews

Non-Agency MBS Issuance Shines Brightly in 1Q18; EC MBS a Standout

Expanded-credit MBS issuance tripled in the first quarter…


April 6, 2018 - IMFnews

What We’re Hearing: Show Us the Money / A $1 Million Signing Bonus for an LO? / A Conservative, but Liberal on Pay Raises / Hensarling’s Next Job Won’t Be… / When the Chinese Worry About Prepayments / The Return of Jon Daurio?

One word for crazy signing bonuses paid to LOs: stupid...


April 6, 2018 - IMFnews

Acting Ginnie Mae Chief Michael Bright Worries about Liquidity, Big Time

Acting Ginnie Mae President Michael Bright said some of the concerns regarding nonbanks raised in a recent Brookings Institute white paper are valid…


Poll

What’s your opinion on how Mick Mulvaney has managed the CFPB since he took over three months ago?

He’s done a good job of paring back the agency’s excesses and we’d like to see more.

35%

I hope he totally dismantles the agency and sends those functions back to the agencies hence they came.

14%

Not bad, but he needs to take his time making additional changes.

12%

We’re totally aghast. He’s gone way too far in protecting the rights of companies not consumers!

39%