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Volume 18 - Number 5

March 2, 2018

Is it Too Soon to Start Talking About Mel Watt’s Successor?

Although Federal Housing Finance Agency Director Mel Watt has nearly 11 months left on his term, that isn’t stopping the mortgage rumor mill from talking about who might succeed him. At the very least, no one in the industry has predicted that Watt, a former Democratic Congressman from North Carolina, would be offered a second, five-year term. Two names that are being actively discussed in the industry are Mark Calabria, chief economist to Vice President Mike Pence, and Craig Phillips, who currently serves as counselor to Treasury Secretary Steven Mnuchin. Of course, just because the industry is talking about them, doesn’t necessarily mean the White House is. Both men are quite familiar with the...

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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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