Personnel

Browse articles from IMFnews related to Personnel.

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 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 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

United Wholesale Keeps Funding Startup Grants for Brokers, but Would Like Some Company

UWM CEO Mat Ishbia noted that his company does not have a say on which applicants ultimately get picked by NAMB, though the lender does have one representative on the review panel.


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 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 15, 2017 - IMFnews

Short Takes: Patenaude Finally Gets Senate Approval to be the #2 at HUD / Acting Ginnie Chief Vows Progress on VA Refi Abuses / Radian Readies Huge Note Sale / A New Hire for eOriginal

Radian inked a deal with Wall Street underwriters this week to sell $450 million of senior notes due in 2024...


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 the Wake of Hurricane Irma, ABS East Securitization Show is Still a Go for Miami Beach

Information Management Network will contribute proceeds from the conference to aid hurricane relief efforts.


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

White House Finally Issues ‘Intent’ to Nominate Notice on Brian Montgomery for FHA Commissioner

While in the Bush White House, Montgomery assisted in HUD’s recovery and rebuilding efforts along the Gulf Coast and New Orleans following Hurricane Katrina. He is expected to play a similar role in the wake of hurricanes Harvey and Irma.


September 12, 2017 - IMFnews

Short Takes: Former DB Exec Paul Mangione Slammed in DOJ Civil Complaint / Fort Schuyler Advisors? / Angel Oak Passes $7B Mark / Richard Cordray? / A New CFO for LenderLive

As IMFnews went to press, Mangione could not be reached for comment. He currently heads Fort Schuyler Advisors...


September 12, 2017 - IMFnews

No Experience Required: Guaranteed Rate’s Program Will Train 100 Workers in CA

Liftoff promises that participants will get instruction on sales itinerary and be prepared for a loan licensing exam.


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 6, 2017 - IMFnews

Short Takes: Loan Closings Cancelled in Parts of FL as Hurricane Approaches / A Rarity: Podium Readies Jumbo MBS Backed by Reverses / Applications and Refis on the Rise / Freddie Exec Takes CIO Job with Subservicer Cenlar

As another hurricane approaches the U.S. more loan closings are cancelled...


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

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

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

Short Takes: Richard Cordray, Still on the Job / Coming Soon: 2Q17 Warehouse Ranking / New Bank Statement Loan Takes Off / Berkshire Now BofA’s Largest Shareholder / A New Hire for Falcon

Earlier this month, nonprime lender Citadel Servicing Corp., Irvine, CA, launched a one-month bank-statement program for self-employed borrowers.


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

New Online Lending Platform Hopes to Put Loan Officers Out of Work

“The NOLO platform allows customers to complete the mortgage lending process entirely online without the industry standard loan officer interference at each step,” 360 said.


August 28, 2017 - IMFnews

Short Takes: Cherry Creek Mortgage Chairman Resigns. Why? / Healthcare Benefits Extended to Same Sex Couples / Hurricane Harvey, the Aftermath / Cancelling Closings as the Storm Approached / A New High for Home Prices

The day before, Cherry Creek Mortgage issued a statement saying it would extend health care benefits to cover same-sex couples “effective immediately.”


August 25, 2017 - IMFnews

What We’re Hearing: They’re Back: 80-10-10s / Credit Unions Allowed to Buy Servicing Rights? / DB Cuts Large Repo Deal with Penny Mac Financial / Wells Fargo, UWM Dominant in their Channels / So Long Wells, Hello loanDepot

Dan Hanson, a top production manager for number-one ranked lender Wells Fargo, has jumped ship for loanDepot...


August 24, 2017 - IMFnews

Short Takes: A New Loan Record for Freddie Mac / CFPB Warns Seniors About Reverses / Refis on the Rise a Bit / SFR Official Gets Ginnie Job / A New Hire for Mortgage Network

According to a Freddie spokesman, the loan represents the “the largest-ever single-asset tax-exempt financing completed” by the GSE…


August 24, 2017 - IMFnews

Eagles Named HUD Acting Deputy Secretary; Pantenaude on ‘Hold’ in the Senate

Senate Democrats opposing the administration’s proposed cuts to HUD’s FY 2018 spending bill have reportedly placed a hold on Pantenaude’s nomination...


August 23, 2017 - IMFnews

Short Takes: Mortgage Apps Decline / What to do About Fannie and Freddie? / A Fast Grower, Guild has its Eye on M&A / Walter Bolting Reverses / A Promotion at UWM

A fast grower, Guild Mortgage is open to buying other shops...


August 22, 2017 - IMFnews

Short Takes: loanDepot’s Hsieh has Some Fun / Fannie’s Forecast / Finance of America Ramps Up Reverses / Jumbo Credit Standards Loosened, Somewhat / New Regional Hires for Silver Hill

No update from loanDepot on the IPO, but CEO Anthony Hsieh took some shots at the rumor mill...


August 21, 2017 - IMFnews

Short Takes: Treasury Secretary Mnuchin is Staying Put / Bet on an ‘Administrative’ Fix for the GSEs? / Mr. Cooper is Born / But Alice Cooper is #1 / Lima Hires Capital Markets Chief

Confused about Mr. Cooper? Just make out the check to Nationstar Mortgage...


August 21, 2017 - IMFnews

Deephaven Mortgage Managing Director Brett Hively Departs; Former Quicken Executive His Replacement

Hively’s resume includes stints at Goldman Sachs (where Nichols also worked), New Century Mortgage Co., and Option One Mortgage.


August 18, 2017 - IMFnews

What We’re Hearing: The Nation’s Volume Leader in the ‘New’ Nonconforming Is… / Sales Executive Departs / Don’t Stop Believin’ (in Fannie and Freddie)? / ‘Contract Law’ and GSE Common Shares / A Legislative Snafu Called Donald Trump?

According to our calculation, Fannie common now trades at $2.80, a 20.17 percent improvement since the close of 2Q17, while Freddie’s value rose 21.08 percent to $2.70.


August 18, 2017 - IMFnews

With No Ginnie Mae President on Board, Annual Summit Moved to January 2018

The Trump administration has yet to announce a nominee for the top job at Ginnie Mae...


August 17, 2017 - IMFnews

Short Takes: Changes for the HARP Program / Still Eligible: 143,000 / But Shrinking / Citadel Servicing Crosses $1B Mark / A New CIO for Freddie Mac

The FHFA estimates that roughly 143,000 GSE borrowers are still eligible to use the HARP program.


August 17, 2017 - IMFnews

Will CFPB Director Cordray Bolt by Labor Day?

The clock is ticking on Richard Cordray’s political ambitions in Ohio…


August 16, 2017 - IMFnews

Short Takes: HUD Deputy Nominee Waits on the Senate, Still / Refis Rising? / A Private Placement for Ellington / Ellie Goes After the Big Boys / A Share Price Estimate of Zero

Mortgage software provider Ellie Mae said in a recent SEC filing that “part” of its business strategy is to target larger mortgage lenders...


August 16, 2017 - IMFnews

Mortgage Hiring Spree Tapering Off?

Another digital lender that’s hiring is NewFi Lending of Emeryville, CA…


August 16, 2017 - IMFnews

Federal Appeals Court Rules Mortgage Underwriters are Entitled to OT Pay

Under this test, an employer must show that the employee is paid at least $455 per week…


August 15, 2017 - IMFnews

Short Takes: What REITs and Fannie & Freddie Have in Common / Replacing One Burden with Another / Who is Western Bancorp? / PHH’s Warehouse Providers / A New Hire for LenderLive

A higher dividend than what Fannie and Freddie pay?


August 15, 2017 - IMFnews

Guild Mortgage Hires PHH’s CIO Gabe Minton

At PHH, from 2014 to 2017, Minton held the title of senior vice president and chief information officer.


August 14, 2017 - IMFnews

Short Takes: More Disclosures from Walter / KBW on Ocwen / You Need a Budget, Now / Supreme Wants to Hire 100 LOs / New Hires for Greystone

Industry consultant Joe Garrett, in a new company newsletter, says he’s still bothered that “so few mortgage companies” don’t have budgets.


August 14, 2017 - IMFnews

California Bank Cuts Mortgage Staff as Refis Decline

Provident noted that overcapacity is putting pressure on origination margins…


August 11, 2017 - IMFnews

What We’re Hearing: 10 Years Already? / When was the First (Subprime) Shot Fired? / And No. Nine for Fannie & Freddie / The New Nonprime Kids on the Block / Watt Seeking Political Cover? / How About $500,000 for the MID?

This year, nonprime production across the U.S. might top $3 billion to $4 billion at best. At its peak last decade, it was a $1 trillion a year business. That’s not a misprint…


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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