The first quarter revealed slippage in warehouse financing and that Flagstar, a longtime player in the space, was pulling the plug. Still, there was a hint of good news: More nonbank originators are operating at break-even or better.
When nonbanks suffer in the origination game, so do their bankers. According to the latest analysis from Inside Mortgage Finance, warehouse commitments totaled $96.0 billion at yearend. (Includes data table.)
Housing Secretary Fudge resigns; IRS postpones controversial changes to IVES; regulators to alter Basel capital proposal; banking regulators waive appraisal requirements in Maui; feedback sought on bank call-report proposal.