Browse articles from IMFnews related to Servicing.

September 25, 2018 - IMFnews

Phoenix Capital Offering Fannie Mae ‘Flow’ Package

Roughly 86 percent of the mortgages are purchase-money loans...

September 24, 2018 - IMFnews

Trade Groups, Bankers Voice Disdain for Freddie’s MSR-Financing Pilot

ICBA: “They [Freddie] can say whatever they want to, but financing MSR crosses the line.”

September 21, 2018 - IMFnews

What We’re Hearing: Freddie Mac Puts on its Banker Hat / Some Interesting Policy Moves by Mel Watt / Nonbank Liquidity is a Good Thing, Right? / The Progressives v. the Traditionalists / Eat a Peach: CFPB Moves an Office to Atlanta

The idea to ban nonbanks from the FHLB system (via the captive loophole) increasingly looks like a head-scratcher....

September 21, 2018 - IMFnews

Wells Fargo Announces Job Cuts. The Mortgage Damage Could Total 3,097 Positions

The megabank is not commenting on how the cuts might affect specific business units...

September 21, 2018 - IMFnews

Deephaven Set to Issue its Largest Nonprime MBS to Date

Mortgages from 74 lenders will be included in the deal…

September 20, 2018 - IMFnews

Short Takes: Connecticut Mortgage Regs Reach a ‘Breaking Point’? / A Revenue Grab? / One Subservicer That Benefits From Too Much State Regulation / Ditech, a Very Thinly Traded Mortgage Stock / PenFed Hires JPM Executive

First Alliance issued a statement calling the license idea a “desperate revenue grabbing” practice.

September 19, 2018 - IMFnews

Short Takes: Freddie Talking to Potential MSR Borrowers / Fannie’s New HLTV Refi Option / Plenty of GSE-Eligible Loans in New JPM MBS / LendingTree’s $10k Prize / A New Director at Fannie Mae

On Nov. 1, Fannie Mae will begin accepting applications for its new high loan-to-value ratio refinance product.

September 19, 2018 - IMFnews

MorVest Taking Bids on Freddie Mac Bulk MSR Portfolio

Dealmakers, including Mark Garland of MountainView Financial Solutions, expect a flurry of activity this fall.

September 19, 2018 - IMFnews

CFPB Proposes Disclosure Sandbox

The agency specifies that a two-year testing period would be the norm.

September 18, 2018 - IMFnews

For Sale: Fannie Mae Bulk MSR Portfolio, Average LTV: 59 Percent

Kentucky product dominates the portfolio at 98.9 percent. Ohio is a distant second…

September 17, 2018 - IMFnews

Short Takes: MBA’s Stevens Looks Back at the GSEs (Pre-Crisis) / A No-Bid Because of FM Watch Ties / What’s FM Watch? / Sharp Elbows? / TMS Buys Two MSR Packages, Is Hungry for More / PenFed Hires USAA Exec to Run Mortgages

It may be hard to fathom, but Fannie and Freddie once played with very sharp elbows…

September 17, 2018 - IMFnews

Parent of Church Street Mortgage Files to Go Public

If all goes well, the net proceeds will total $20.25 million.

September 14, 2018 - IMFnews

What We’re Hearing: Freddie Charter Creep? No, Just a Supplemental Service / Caliber Thinking About Going Public? / The Role Das Played in First Data’s Successful IPO / Dimon v. Trump – Bring it On! / Dimon, a Nervous Mess? / New Penn Rolls Out Piggyback HELOC

JPMorgan is the parent company of the nation’s second largest residential lender, Chase. Trump last decade started a small mortgage brokerage operation in Long Island and then killed it...

September 13, 2018 - IMFnews

Short Takes: Late for an Anniversary / GSE Reform: A Solution Searching for a Problem / ClearEdge Lending Ramps Up / Warehousing the Non-QM Market / LendingTree Shareholders Not Smiling Right Now

Silvergate Bank is actively providing warehouse lines of credit to non-QM lenders and we understand that Comerica is now sticking its toe in the water…

September 12, 2018 - IMFnews

Short Takes: Wells Fargo’s (Mortgage) Job Cuts / Annaly Poised to Buy More MSRs? / FHFA Seeks Comment / Eight Consecutive Quarters of Feeling Bad About Profit Margins / PenFed Hires a TV Journalist

Annaly may use the proceeds to fund additional acquisitions of mortgage servicing rights…

September 12, 2018 - IMFnews

Jumbo Servicing Balances Up by Almost 11 Percent Year Over Year

Flagstar Bank and Shellpoint Mortgage Servicing had significant increases in their jumbo servicing portfolios over the past year…

September 12, 2018 - IMFnews

S&P Estimates $63B of CMBS Exposure to Hurricane Florence

The CMBS transactions with the highest potential exposure are collateralized by shopping malls and office properties in Northern Virginia...

September 12, 2018 - IMFnews

A Few Silver Linings in the Origination Downturn: Improved GOS, More MSR Sales

Wedbush estimates that originations will fall by 8.0 percent this year…

September 11, 2018 - IMFnews

MIAC Offering Fannie/Freddie MSR Package

The selling institution is described as a mortgage banking firm with a west coast concentration...

September 11, 2018 - IMFnews

Blackstone Takes a Hard Look at Some of Incenter’s Mortgage-Related Operations

As one source put it: “Blackstone wants you to make it big or you’re gone.”

September 10, 2018 - IMFnews

Stearns Launches ‘Partnership’ Program, Hopes to Buy Stakes in Many Lenders

Schneider told IMFnews the Blackstone-owned lender/servicer is presently working on other deals...

September 10, 2018 - IMFnews

Short Takes: Time for Executives to Consider Their Options? / Tight Profit Margins Can Lead to ‘Internal Strife’ / AO Seeks Account Executives / Analyzing the Prospects for Filling the Fannie CEO Job / Milken Institute Hires SEC Commissioner

"As a result, at this time I’m receiving a larger volume of calls from execs seeking to explore outside opportunities.” - Rick Glass

September 10, 2018 - IMFnews

Mortgage Bankers Add Jobs, Brokers Trim Slightly

Jerry Selitto, president of Better Mortgage: “We continue to hire and we just opened our second California office in Irvine…”

September 10, 2018 - IMFnews

Incenter, MorVest Selling Bulk Servicing Portfolios

Both these MSR portfolios have low note rates…

September 7, 2018 - IMFnews

Strong Performance for Nonprime Mortgages. 60-Day Delinquencies of Less Than 4 Percent

Fitch views prepayments as a positive credit factor…

September 7, 2018 - IMFnews

What We’re Hearing: Ex-Goldman Partners See Gold in the Subprime Hills / Under the Radar / Strong Non-QM Volumes from Angel Oak and Citadel / The Conventional Loan of the Future: Five Percent Down at Least / DeMarco Weighs In / Signs of Overheating: Home Flipping

Former Federal Housing Finance Agency Acting Director Ed DeMarco told us the bill is a good starting point and includes language that both Democrats and Republicans can agree on...

September 7, 2018 - IMFnews

10 Years After GSE Takeover, Mortgage Execs Weigh In: Leave Fannie and Freddie Alone

Industry consultant Tim Rood said the first rule for GSE reform should be: “Do no harm.”

September 6, 2018 - IMFnews

Short Takes: Jeb, Tell Us What You Really Think About Fannie and Freddie / AIG’s New Jumbo MBS / Judge Kavanaugh and the CFPB / Elusive Indeed / A Promotion at Freddie

Never one to mask his complete disdain for Fannie Mae and Freddie Mac, Rep. Jeb Hensarling let it rip...

September 6, 2018 - IMFnews

In His Waning Days as HFSC Chairman, Hensarling Introduces New GSE Reform Bill. (Yes, Really)

One housing lobbyist dismissed the bill as misguided, adding: “This is like someone laying on their death bed after drinking and sinning and finally realizing they need to get baptized.”

September 6, 2018 - IMFnews

Latest Nonprime MBS from Lone Star (Caliber) Stocked with Purchase Mortgages, FRMs

The weighted-average coupon is 6.50 percent.

September 6, 2018 - IMFnews

Fannie Mae Hires Ex-FGMC CEO Andy Peters as ‘Strategy Advisor’

Peters departed First Guaranty Mortgage Corp. earlier this year...

September 5, 2018 - IMFnews

29 Trade Groups and Organizations Ask White House and Congress to ‘Cement’ GSE Progress

The letter – signed by trade groups both large and small – comes a day before the 10th anniversary of the federal takeover of Fannie and Freddie...

September 5, 2018 - IMFnews

Mortgage Banking Income at Depositories Held Steady in 2Q18, Call Reports Show

For many depositories, there’s a significant mismatch between their reported mortgage banking income and what’s on their call reports…

September 4, 2018 - IMFnews

RoundPoint Hikes Debt Facility to $650 Million

RoundPoints new debt facility expires in 2021...

August 31, 2018 - IMFnews

What We’re Hearing: Fannie and Freddie, 10 Years Gone / Betting on Two Stocks for Retirement / MBA Weighs In / Housing is Elemental / Meanwhile, Back at the Ranch, An Industry Grows Concerned

Meanwhile, a dozen or so mortgage, housing and consumer groups are putting the final touches on a new letter to Treasury Secretary Steven Mnuchin...

August 31, 2018 - IMFnews

In July, FHA Delinquencies Dropped Ever So Slightly

At the end of July, mortgage bankers serviced 7.9 million FHA loans. Wells Fargo ranked first with a market share of 19.2 percent.

August 30, 2018 - IMFnews

Short Takes: Federal Help for the Gig-Worker Mortgage Market? / New SBC Programs from Silver Hill / Consultant Roque: LO Pay Isn’t Being Cut Quickly Enough / Fairholme: Fannie and Freddie are So Undervalued / A New Customer Service VP for RoundPoint

According to industry consultant Rick Roque, residential originators are not lowering loan officer compensation quickly enough...

August 30, 2018 - IMFnews

What’s Going on with the FHA’s ‘Defect Taxonomy’? Answer: Not Much

Despite calls by the industry to improve and clarify the process, the FHA has yet to make a move to meet industry demands for a more detailed defect taxonomy…

August 30, 2018 - IMFnews

MVFS Offering $1.6 Billion of GSE Bulk MSRs

In an interview this month, MVFS Executive Vice President Mark Garland described the MSR auction market as “very, very strong…”

August 29, 2018 - IMFnews

Short Takes: A ‘Significantly’ Less Liquid Secondary Mortgage Market? / In Five Years the GSE Loan Limit Would be Zero (for Example) / Origination Capacity Remains Elevated / Fannie Exec Joins RoundPoint

Origination capacity in the mortgage industry remains “elevated,” according to a new report from PiperJaffray.

August 29, 2018 - IMFnews

Gateway Mortgage Founder, a Trump Supporter, Wins GOP Primary in Oklahoma

The Gateway Mortgage founder won the Republican primary with 54.6 percent of the vote.

August 29, 2018 - IMFnews

MBA’s ‘Profit’ Took a Hit in FY 2017, but Assets Increased by Almost 10 Percent

MBA listed compensation for “current officers, directors, trustees and key employees” at $6.0 million for fiscal year 2017. It was $7.1 million the year prior…

August 29, 2018 - IMFnews

More M&A Activity Ahead for Celebrity Financial?

Celebrity’s Robnett hinted that a third acquisition could be revealed by October.

August 27, 2018 - IMFnews

Short Takes: Don’t Worry About the Government / Don and Maxine, Fireworks Ahead? / Steve’s Choice / Invitation Homes CEO Takes A Leave of Absence / Customers You Never Need to Call (A Good Thing)

Cowen believes Rep. Maxine Waters will use the post to go after President Trump and his White House team...

August 27, 2018 - IMFnews

No Longer for Sale, RoundPoint Sells Shares in Private Placement

Of the $17.2 billion that RoundPoint subservices, roughly $3.0 billion is non-agency product, said Alan Price, an executive at the company…

August 23, 2018 - IMFnews

Short Takes: MBA Concerned About Tax Deduction for Some Lenders / Annaly About to Close MTGE Deal / More Nomination Confirmed / Mortgage Rates Continues to Decline Mortgage Bankers Association is concerned that many lenders won’t be eligible for a new 20 percent tax deduction for pass-through entities. Lenders that retain their production in portfolio look to be eligible for the deduction, but there is uncertainty around businesses that originate and sell loans. In a letter to the Internal Revenue Service, the MBA argued companies that finance real estate loans should be able to claim the deduction. See this Friday’s edition of…

August 22, 2018 - IMFnews

Short Takes: Celebrity in the Hunt / Ocwen Gets the ‘All Clear’ Signal from Ginnie / Oh Carol / The National Servicing Settlement – It’s a Wrap / Two Joes In Charge at Waterstone

Celebrity Financial has several M&A irons in the fire...

August 22, 2018 - IMFnews

Great Ajax Looks to Increase Servicing for Others with Expansion of Gregory Funding Unit

Gregory Funding is in the first year of a three-year expansion plan…

August 22, 2018 - IMFnews

Subservicing Growth Continues to Slow. M&A Ahead?

Cenlar and Dovenmuehle, which rank first and second, respectively, experienced slow growth during the period…

August 21, 2018 - IMFnews

Short Takes: Broeksmit Takes Over as MBA Chief / His Resume / Cowen: Bright, a Plus for Housing / A Possible Successor to Watt at the FHFA? / Churchill Mortgage Executive Named to CMLA’s Board

Bright has been mentioned in housing and mortgage circles as a possible successor to FHFA Director Mel Watt.


Who "owns" the mortgage customer that’s brought to a wholesale lender through a loan broker?

The broker. It’s his/her client.
The wholesale/table funder. They’re taking the financial risk.
The broker, but only for the first year. After that, the borrower is fair game.
Hard to answer. It’s a complicated issue.

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