Servicing

Browse articles from IMFnews related to Servicing.

September 22, 2017 - IMFnews

What We’re Hearing: A GSE ‘Black Swan’? / More TBTF, Perhaps / A Dividing Issue: Zero Capital / Will Mnuchin Cut a Deal with Speculators? / Waiting on a Ginnie Mae Nominee (Still) / A New Business Home for Anne Canfield

An impossible scenario, one that keeps Federal Housing Finance Agency Director Mel Watt up a night? We shall see...


September 22, 2017 - IMFnews

Trade Groups Tell Treasury and FHFA: Legislation for GSE Reform, No Recap and Release

In a research note published Friday, Cowen & Co. notes the letter is an indication these groups believe allowing the GSEs to retain capital will prolong the conservatorships.


September 21, 2017 - IMFnews

15 Groups Tell Treasury and FHFA: Legislation to Reform the GSEs, Not Some Recap Plan

The signors add: “We … believe the debate over recapitalizing a broken system distracts from the critical structural issues that Congress must address to ensure that the federally supported secondary market serves key, bipartisan objectives.”


September 21, 2017 - IMFnews

Short Takes: Waiting on a Wider Credit Box / A 30 Percent Jump for Nonconforming / 5,000 Active Loan Brokers for UWM / Don’t Count on Another Refi Boom Quite Yet / A New Hire for Altisource

Another refi spurt in the works? It may’ve looked that way a few weeks ago, but...


September 21, 2017 - IMFnews

Underwater Mortgages Steadily Drying Up

The average gain in equity clocked in at $12,987 for homeowners.


September 20, 2017 - IMFnews

Short Takes: Did Wells Dodge a Bullet on its CFPB Fine? / A ‘Recommendation Memorandum’ / No Effect on Wells’ Mortgage Business / Subject the CFPB to Appropriations / Stearns Goes ‘Digital’

Wells Fargo could have been subject to a whopping $10 billion fine...


September 20, 2017 - IMFnews

Walter Gets $300 Million Increase in Financing from Barclays; Stock Spikes

News of the expanded repo line sent Walter's share price soaring...


September 20, 2017 - IMFnews

Depositories Continue to Place First Liens in Portfolio

Trends in portfolio management were somewhat mixed among the top 10 holders of first-lien mortgages…


September 19, 2017 - IMFnews

Short Takes: About Those GSE Dividend Payments… / The Man Wants to be Paid / Record Attendance at ABS East / LendingTree Buys Snap Capital / Webster Gets a New President

In other words, the FHFA will once again order the dividends to be paid to Treasury. Right?


September 19, 2017 - IMFnews

New Poll: Industry Says Let Congress Fix the GSEs

Congress is not expected to produce workable GSE legislation until next year and even then, other issues – tax reform, another run at fixing “Obamacare,” for example – could kick the can down the road.


September 19, 2017 - IMFnews

Mortgage M&A Chatter Continues. Medium-Sized Shops Are Targets

Rick Roque, who runs Menlo, an M&A advisory firm, said he knows several owners who are contemplating a sale…


September 19, 2017 - IMFnews

House FSC to Work on GSE Reform Again. (Hint: It Looks like the PATH Act)

At the ABS East show, Rep. Barr didn’t provide further details about Republican plans for the GSEs…


September 18, 2017 - IMFnews

Short Takes: MBA Wants a Change in HUD Reinspection Policies / Having an FHA Commissioner Might Help / Montgomery Resigns from Radian Board / DBRS Updates Due Diligence Criteria / A New Hire for Mortgage Network

The FHA nominee had been a Radian director since 2012…


September 18, 2017 - IMFnews

Prestwick Selling $1.8 Billion Bulk Fannie/Ginnie MSR Portfolio

The Fannie balance of the pool accounts for $1.33 billion of the receivables.


September 18, 2017 - IMFnews

CFPB Official Tells ABS East Attendees: Show Us Data on How Consumers Have Been Harmed

“We want to know if there are impediments because of our rules,” said CFPB Policy Analyst Patrick Orr…


September 15, 2017 - IMFnews

CHLA Underscores Importance of Nonbanks

Nonbank lenders rely on their own capital and on warehouse loans to fund loans, rather than federally insured deposits...


September 15, 2017 - IMFnews

Treasury Taking Meetings on GSE Issues, Including Zero Capital and Multiple Guarantors

Rob Zimmer, a former Freddie Mac executive: “Republicans run this town, obviously, and there is no way they want to be identified as the party of taxpayer bailouts for large financial institutions.”


September 14, 2017 - IMFnews

Senior Democrats on Senate Banking Committee Implore Treasury, FHFA to Allow GSEs to Build Capital

The correspondence, which includes the signature of ranking minority member Sherrod Brown, D-OH, notes: “We are simply requesting that the GSEs be permitted to build capital...."


September 13, 2017 - IMFnews

Short Takes: At SoFi, CEO Cagney is Out. As for the IPO… / Stock Options as an Enticement / Patenaude Nomination Could Get a Vote / Flawless TRID Implementation? / Arbolida to Manage LA Branch for Finance of America

It’s possible that the nomination of Pam Patenaude to be the number-two at HUD could get a floor vote this week...


September 13, 2017 - IMFnews

In New White Paper, MBA Takes Aim at the CFPB

MBA believes the CFPB should concede it is bound by the guidance it issues…


September 13, 2017 - IMFnews

Brian Montgomery (Finally) Picked for FHA Chief. Kittle for Ginnie Prez?

If confirmed by the Senate, it would be Montgomery’s second go at the FHA post, a position he held in the administration of George W. Bush.


September 12, 2017 - IMFnews

Credit Unions as ‘Players’ in the MSR Market? Interesting, but…

Second, it’s unclear if a CU wanting to buy receivables from another shop would face “membership” issues…


September 12, 2017 - IMFnews

KBW on PHH: More Value if the Servicer Liquidates ‘Relatively Quickly’

KBW noted: “We think there likely will be more value if the company is able to liquidate relatively quickly…”


September 11, 2017 - IMFnews

Short Takes: More MSR Growth for PennyMac / PHH Ready for Massive Stock Buyback / Former FHLB Dallas Officials Indicted / Former Fannie Mae Exec Hisey Lands at Stewart

The U.S. Attorney for the Northern District of Texas indicted the former CEO of the Federal Home Loan Bank of Dallas, along with two other former bank employees, for fraud.


September 11, 2017 - IMFnews

International Monetary Fund Favors a Fannie-Freddie Merger

The IMF, of course, has no jurisdiction whatsoever over Fannie Mae and Freddie Mac…


September 11, 2017 - IMFnews

Hurricane Harvey Puts 300,000 Loans on the Line. Estimates Begin on Irma Damage

Black Knight estimates there are 1.18 million mortgaged properties in FEMA-designated disaster areas influenced by the hurricane...


September 11, 2017 - IMFnews

Large Banks Still Backing Away From Mortgage Servicing

On a combined basis, the three largest bank servicers reported a $45.06 billion reduction in their servicing for others.


September 8, 2017 - IMFnews

What We’re Hearing: Treasury Mulls Plans for Fannie and Freddie / $200 Billion Should Do It / GSE Hearing Nixed / Milken Ramps Up Its Involvement / How Low Might the 10-Year Fall / Warren Likes Real Estate and Gets a Mortgage Company Too

In case you’re wondering the concept of GSE “recap and release” is not under consideration...


September 8, 2017 - IMFnews

Hurricane Damage: Despite Consumer Moratoriums, MBS Issuers Must Keep Making Payments

Just because consumers might be off the hook for at least 90 days on making their payments, MBS investors will want their money, noted on observer…


September 7, 2017 - IMFnews

Short Takes: Wells Fargo and UWM Weigh In on Hurricane Irma / Non-Agency MBS Not Impacted by Harvey / Clayton Rolls out ‘Readiness Solution’ for Nonprime / A Promotion at LendingTree

Meanwhile, United Wholesale Mortgage CEO Mat Ishbia said the nation’s largest wholesaler is not cancelling any closings because of Irma, at least not yet...


September 7, 2017 - IMFnews

ICBA Says Government Seizure of Fannie and Freddie was ‘Questionable at Best’

ICBA’s comment marks the first time that a major industry trade group has questioned putting Fannie and Freddie into conservatorship…


September 7, 2017 - IMFnews

Wells Fargo’s Acquisition of Seneca Mortgage – a Fluke or Something Else?

In late August, a notice appeared on the website of the Federal Trade Commission under the banner of the agency’s “pre-merger notification program,” identifying Wells as the winning bidder…


September 7, 2017 - IMFnews

Delinquencies Inch Up in 2Q17. A Trend or a Blip?

The increase in delinquencies was driven by loans going late in 30-60 day category…


September 6, 2017 - IMFnews

Nine Years Ago, Fannie and Freddie Were Taken Over. Treasury is Now $82.3 Billion Richer

Investors Unite speaks for GSE shareholders – except senior preferred holders (the Treasury Department)…


September 6, 2017 - IMFnews

Jumbo Servicing Continues to Increase for Most Firms; Performance Pristine

Of the nation's top 10 jumbo servicers, just one is a nonbank: Ocwen Financial.


September 6, 2017 - IMFnews

CFPB’s Cordray to Give Ohio Speech on Date of Gubernatorial Debate. Meaning?

Fun fact: Ocwen is one of the sponsors of the event where CFPB Director Richard Cordray will be speaking…


September 5, 2017 - IMFnews

Short Takes: Trump Tax Cuts Could Damage High-End Market / Almost 60 Groups Fight for Vote on Patenaude / The Signors / Hurricane Damage Update / A New Hire for Mortgage Network

Groups signing the Patenaude letter include the Center for Responsible Lending, Community Mortgage Lenders of America, NAACP, NAR and many others…


September 5, 2017 - IMFnews

The Yield on the 10-Year Treasury Hits a 10-Month Low. More Refis?

Lower rates could translate into more refinancings, but could cause hedging problems for Fannie Mae and Freddie Mac…


September 5, 2017 - IMFnews

During Labor Day Speech, CFPB Director Corday Sounds a Little Like a Candidate

Sounding like a candidate, the CFPB Director noted: “If we do not push back on the forces that press people down, we are allowing America’s promises to go unfulfilled.”


September 1, 2017 - IMFnews

What We’re Hearing: A $1 Billion Capital Buffer for the GSEs? / What Would the Minimum Be? / Government Assistance for Ginnie Issuers / A Status Report from Cornerstone Mortgage in Houston / Richard Cordray: Still There

CFPB's Cordray clerked for both Robert Bork and Anthony Kennedy...


September 1, 2017 - IMFnews

Mortgage Employment Begins to Lag, Brokers Cut Jobs

Brian Benjamin, who runs Two River Mortgage & Investment in Red Bank, NJ, noted that if brokerage shops are laying off, “it’s support staff.”


August 31, 2017 - IMFnews

Short Takes: Navy Federal Would Like to Purchase Servicing Rights / An MSR Offering from Prestwick / Fed Okays Sterling’s Purchase of Astoria / A Clarification / New Hires for Castle & Cooke

The Fed just greenlighted a bank M&A deal...


August 31, 2017 - IMFnews

S&P: Residential Servicers Can Anticipate Vigorous Regulation to Continue

Even if the feds ease up on regulation, the states will continue to be vigorous…


August 31, 2017 - IMFnews

Looks Like CFPB Director Cordray is Staying – for Now

In a blog posting midweek, attorney Barbara Mishkin of Ballard Spahr says it appears Cordray will not resign before Labor Day…


August 30, 2017 - IMFnews

Eli Global Wants to be a Player in Mortgages, but Who Are These Guys?

Another source added: “Eli’s interest in the industry is legit. They want to buy and hold companies.”


August 30, 2017 - IMFnews

MBA: Production Profits Soared in 2Q17 – Thanks to a Reduction in Expenses

Meanwhile, net servicing income fell to $27 per loan in 2Q17 from $225…


August 29, 2017 - IMFnews

Short Takes: Huge Changes Coming to FHA HECM Program / UWM Ponies Up More Money for Brokers / One is the Loneliest Number / Scrutiny for Industrial Loan Charters / AI CEO Resigns After 10 Years

So, how is the program doing? A spokesman for UWM said 40 firms were created with the first round of seed money and all are still in business.


August 29, 2017 - IMFnews

Promontory MortgagePath Hires Dealmaker Rudy Orman to Head Sales

Late last year, IBM bought Ludwig’s Promontory Financial Services advisory firm, but the former OCC chief kept two divisions: Promontory MortgagePath LLC and Promontory Interfinancial.


August 29, 2017 - IMFnews

A One-Year Moratorium on Mortgage Payments in Hurricane-Ravaged Counties?

Cowen & Co. predicts that storm damage caused by the hurricane could “encourage” lender consolidation…


August 29, 2017 - IMFnews

Depositories Post Improvement in Mortgage Banking Income

In aggregate, banks and thrifts earned $3.72 billion from mortgage banking activities during 2Q17…


Poll

The year is almost 75% done. How is mortgage origination volume at your shop?

We will fund about the same as we did in 2016.
We will fund more than last year – by a little.
We will fund more than last year – by a lot.
We will fund less than last year – by a little.
We will fund less than last year – by a lot.

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