Servicing

Browse articles from IMFnews related to Servicing.

November 21, 2017 - IMFnews

Short Takes: Franklin Codel’s Immediate Plans / Forfeiture of Stock / Entitled to a Severance Package of $2 Million? / MBA Weighs in on CFPB’s Strategic Plan

Codel joined the megabank in 1993. He’s a graduate of Harvard University with a degree in engineering science…


November 21, 2017 - IMFnews

A 40-Page GSE ‘Draft’ Bill is Circulating in the Senate

As press time, details were sketchy, but lobbyists who claim to have knowledge of the draft caution there are several “different pieces” to the measure...


November 21, 2017 - IMFnews

One Week After Cordray Declared He’s Leaving the CFPB, Trump Still Hasn’t Named a Replacement

So, where’s Mick?


November 21, 2017 - IMFnews

Publicly Traded Nonbanks Post Earnings Gain for 3Q17 – Thanks to PennyMac

Excluding PennyMac, the eight remaining nonbanks had a combined $41.21 million net loss on mortgage banking activity…


November 20, 2017 - IMFnews

Short Takes: Still Hiring: Nonprime Lenders / Wiped Clean; Franklin Codel’s LinkedIn Profile / HUD Gives $5B in Hurricane Aid to Texas / Freedom Mortgage Shines / A Rare MBS from AMIPM

Franklin Codel's LinkedIn profile had been wiped clean...


November 20, 2017 - IMFnews

Phoenix Announces Two ‘Flow’ MSR Auctions

The Fannie/Freddie receivables would come primarily from California, Florida and Texas.


November 20, 2017 - IMFnews

A Strong October for Freddie, GSE Takes Market Share from Fannie

Freddie officials stated that the GSE continued to incur market-adjusted pricing costs in the form of lower MBS guarantee fees.


November 17, 2017 - IMFnews

What We’re Hearing: A Mystery (for Now): Franklin Codel’s Dismissal at Wells / A Major Changing of the Guard is Afoot / Rick Glass: Only the Strong Will Survive / Mick, Tell us How You Really Feel About the CFPB / Fannie & Freddie CEOs Seem Content…

A major changing of the guard is now afoot in the mortgage industry...


November 17, 2017 - IMFnews

Watt Likely Won’t Act on Zero Capital Buffer This Year, but Consensus Forming on a GSE Bill?

Republicans are reportedly on board with the federal MBS guarantee but reluctant to backstop future guarantor entities…


November 16, 2017 - IMFnews

Ginnie Mae President Candidate David Kittle Tells White House He Doesn’t Want the Job

Kittle was first approached by the White House nine months ago about the job.


November 15, 2017 - IMFnews

CFPB Director Richard Cordray Resigns!

Upon Cordray’s announcement, Rep. Hensarling declared: “We are long overdue for new leadership at the CFPB, a rogue agency that has done more to hurt consumers than help them…”


November 15, 2017 - IMFnews

Mortgage M&A Heats Up, Mid America Inks Deal to Buy Oklahoma Lenders

More M&A deals are expected in the quarters ahead…


November 14, 2017 - IMFnews

Short Takes: FHA MMIF Results Due Wednesday / Fannie’s Foray into Construction-to-Perm? / Production Chief Departs / Drones Being Used by Some Mortgage Servicers / A Loss for Invitation Homes

However, a source familiar with the matter stressed that the GSE is merely considering a construction-to-perm product and nothing more.


November 14, 2017 - IMFnews

PIMCO’s Stake in PHH Rises to 15.8 Percent. However…

PIMCO also has been buying non-agency mortgages, holding the paper in one of the funds it manages.


November 14, 2017 - IMFnews

Tough Times for Reverse Lending as More Players Head for the Exit

Today, just three depositories remain among the top 25 HECM lenders: First Bank (ranked 16th at mid-year), The Federal Savings Bank (19th) and Quontic Bank, FSB (21st).


November 13, 2017 - IMFnews

Short Takes: Time for a Hearing on Why There’s No Housing Inventory / The Russians Invest in Mortgages / Angel Oak’s Latest MBS / A Nonprime REIT? / Eight New LOs for Minnesota MB

Maybe a REIT is the way to go in nonprime...


November 13, 2017 - IMFnews

CFPB, Ocwen Tit for Tat Continues, Thanks to DOJ

The common thread in both cases is that Ocwen and PHH similarly assert that the CFPB’s structure is unconstitutional.


November 13, 2017 - IMFnews

FHA MMIF Audit Expected to Show Positive Results. As for an MIP Cut, Don’t Bet on It

Keep in mind, that one of the first things HUD did under Trump was to kill a planned MIP reduction...


November 10, 2017 - IMFnews

The Red Ink Kept Flowing at Walter in 3Q17; Revenues Down 15 Percent

Walter CEO Tony Renzi: “Our operating performance is improving in many areas, and we are continuing our financial restructuring efforts…"


November 10, 2017 - IMFnews

What We’re Hearing: The Wilbur Ross Story / Tapping Mortgage Expertise / Enter the Phrase ‘Legal Proceedings’ and See What You Find / David Kittle and the Ginnie Mae Job / Reverse Lender has Record Month / A New Hire for Better Mortgage

You might say that Wilbur Ross got out of Ocwen while the getting was good...


November 9, 2017 - IMFnews

Short Takes: $250K a Year in Severance for Impac President / Capital One will Remain in Multifamily / Goldman Wins Fannie Mae Bid / Quicken Gets Some Company at the Top / A New Hire for AmeriFirst

Although Capital One is exiting single-family lending, the bank will continue to provide “specialized" multifamily financing...


November 9, 2017 - IMFnews

Impac Posts Small Profit for 3Q17. Nonbank Says it’s Not for Sale

Impac says it’s not for sale, but sources contend the company is pitched by investment bankers quite frequently…


November 8, 2017 - IMFnews

Another Quarterly Loss for PHH; Revenues Down Too but New CEO Sees Hope

Despite the red ink, PHH’s board approved a new $100 million share repurchase authorization…


November 8, 2017 - IMFnews

Capital One Will Exit Mortgage Business but will Keep MSR Portfolio

Back in February, Capital One’s Senior Director of Home Loans Eric Declercq left the company for a position at loanDepot.


November 7, 2017 - IMFnews

Short Takes: The ‘Think-Tank’ GSE Hearing / More Red Ink for AAMC / AmeriSave’s New President / A Servicing Milestone for Flagstar / Equity Prime Hires New CFO

Tuesday’s panel discussion has been dubbed the “think tank” hearing because it includes representatives from the Urban Institute, the Milken Institute and American Enterprise Institute…


November 7, 2017 - IMFnews

Long-Time GSE Critic Peter Wallison Doesn’t Disappoint: Kill Fannie and Freddie, He Urges

According to Wallison: “There is nothing about the way the government has managed the housing finance system for the last 50 years that would remotely recommend a continuing government role.”


November 7, 2017 - IMFnews

Redwood Increases Jumbo Acquisition Volume, Sees Strong Execution for 'Expanded-Prime'

Redwood Trust plans to issue expanded-prime MBS on a regular basis…


November 7, 2017 - IMFnews

Ocwen Requests Oral Arguments in CFPB Case, Sans Trump’s DOJ

The Trump White House has made it clear that it’s no fan of the CFPB, but the DOJ has yet to weigh in on the case…


November 6, 2017 - IMFnews

Short Takes: Bill Ashmore’s Next Move / Richard Pickup, the Largest Investor in Impac / Weaker Results for PennyMac, the REIT / A New Hire for MBA

PennyMac (the REIT) said third quarter results were also affected by the reduced earnings contribution from "our credit risk transfer investments..."


November 6, 2017 - IMFnews

PennyMac Posts Strong Earnings; Broker Launch Coming Soon

PennyMac estimates by entering the broker space it will gain access to additional 10 percent of the $1.7 trillion loan market.


November 6, 2017 - IMFnews

The Ramifications of a Nationstar Sale (If it Happens)

Interestingly, Nationstar, Ocwen and Walter each have embarked on a course of selling their owned mortgage-servicing rights while staying on as a subservicer…


November 6, 2017 - IMFnews

Mortgage Banking Profits Declined Slightly for Banks in 3Q17

Meanwhile, the indicators point to a drop in production volume for the fourth quarter…


November 3, 2017 - IMFnews

What We’re Hearing: The Mortgage Cycle Turns / PE Firms Ready to Pounce? / Show Mr. Cooper the Door? / Impac in Play? / loanDepot Retail Chief David Norris Departs for Law Enforcement Project / More Nonprime MBS on the Way

Ocwen will not be sold through a stock deal, but Nationstar could be...


November 3, 2017 - IMFnews

After 22 Years as President of Impac, Bill Ashmore Calls it a Day

No immediate successor to Ashmore was named, but whoever the person is they will have to deal with a slumping revenue picture…


November 2, 2017 - IMFnews

Short Takes: GSE Reform? What’s the Rush? / Calabria, an FHFA Director Candidate? / Capping the Mortgage Interest Deduction at $500,000 / TCF to Buy Nonbank Mortgage Firm

Mark Calabria is not exactly a fan of the GSEs...


November 2, 2017 - IMFnews

Between Multiple Hurricanes and Wild Fires, a Market Develops for a New Breed of ‘Scratch & Dent’ Loans

According to bidders in the market, the early action focuses on loans that are “stuck” on warehouse lines.


November 2, 2017 - IMFnews

Nationstar Reports a $7 Million Profit for 3Q17. Smaller MSR Markdowns

Nationstar originated $4.25 billion of new home mortgages in 3Q17…


November 2, 2017 - IMFnews

Ocwen Takes $6.1 Million Loss in Third Quarter but Results Could Have Been Worse

The loss would have been worse if not for a one-time tax benefit of $23.2 million…


November 2, 2017 - IMFnews

Fannie Mae Reports Strong Earnings for 3Q17; Hurricanes Hurt but RBS Settlement Helped

Through the first nine months of the year, Fannie has posted impressive net earnings of $9.02 billion.


November 2, 2017 - IMFnews

Minor Retreat for Top Tier Mortgage Servicers in 3Q17, Nonbanks Continue March Forward

The only top-five servicer to report an increase in volume was Nationstar Mortgage...


November 1, 2017 - IMFnews

Fannie Mae Reports Strong Earnings for 3Q17, but $1B in Hurricane-Related Charges; Large Exposure to ‘Maria’

Fannie Mae CEO Timothy Mayopoulos added: “Damage from the storms will be with us for a long time.”


November 1, 2017 - IMFnews

Short Takes: Fannie Mae Readies 3Q17 Results / Should be a Good Quarter / Another Reverse Lender Hits the Auction Block? / Rejection Rates for FHA, VA Loans / A New Hire for Stearns

Look for another reverse mortgage lender to hit the auction block...


November 1, 2017 - IMFnews

Rep. Hensarling to Retire. Speculation Immediately Begins on FHFA, CFPB Jobs

“The other natural job would be as CFPB director,” the Cowen analyst continued. “That said, Hensarling has shown much greater interest in housing finance…”


November 1, 2017 - IMFnews

As Year Draws to a Close, a Rush to Get Servicing Packages Sold

There continues to be some nervousness about VA receivables because of streamlined refinancings, although regulators are trying to curb abuses in the program.


October 31, 2017 - IMFnews

Short Takes: Keeping an Eye on GSE Hurricane Charges / The Tax Bite / In the End, Treasury Wins No Matter What / More Delinquency Data / A Promotion at Norcom Mortgage

You might say that in the end, Treasury cannot lose when it comes to the GSEs...


October 31, 2017 - IMFnews

PiperJaffray: A Bank Purchase of Nationstar Might Make Sense

According to Inside Mortgage Finance, Nationstar is the nation’s fourth largest servicer based on June 30 figures.


October 30, 2017 - IMFnews

Nationstar May Hit the Auction Block Soon

In February, SoftBank agreed to buy Fortress for roughly $3.3 billion in cash.


October 30, 2017 - IMFnews

FHA/VA Delinquencies Continue Climbing in 3Q17 While Servicing Grows

Some 6.03 percent of FHA loans were 30-to-60 days past due as of the end of the third quarter, up from 4.51 percent in June.


October 27, 2017 - IMFnews

What We’re Hearing: The Upper Hand on GSE Reform? / Jeb Hensarling, a Candidate for the FHFA Job? / Safe and Sound REITs / A Nice Return on Unsecured Consumer Loans / Dave Stevens Successor? / A Good Year for the Trade Group

But what about Watt? His term as director of the Federal Housing Finance Agency ends in early 2019...


October 27, 2017 - IMFnews

CFPB Will Rely on Tech Tools for Regulatory Oversight

The CFPB plans to develop and maintain technology solutions for coordinating supervisory information...


Poll

With originations expected to drop in 2018, will your shop turn to non-QM/non-prime mortgage products as a way to bolster volumes?

Yes, definitely. We’re planning a launch.
No. It’s still difficult compliance/regulatory-wise.
Maybe. It’s under consideration.
Not now. But things could change as 2018 progresses.

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