Arch Bay Capital, once one of the most active buyers of nonperforming residential loans, has sold most of its NPL portfolio and launched a company that will originate non-agency mortgages, according to industry officials who have been briefed on its plans.
JPMorgan Chase marked up the asset value of its mortgage servicing rights by 8 percent in the fourth quarter to $7.6 billion and reported strong residential lending results, funding $51.2 billion of product, a slight gain from a very strong third quarter.
The federal judge in charge of overseeing multiple lawsuits filed by the Federal Housing Finance Agency against non-agency mortgage-backed securities issuers for misrepresenting deals that were sold to Fannie Mae and Freddie Mac rebuffed yet another motion by one of the banks to shut down the legal action.
In a few weeks the White House will release its new budget and theres increasing speculation that it will ask for $3 billion to $5 billion for the beleaguered FHA Mutual Mortgage Insurance Fund
The Consumer Financial Protection Bureau issued its final rules on residential servicing practices early Thursday morning, cracking down on dual tracking, and telling the industry it cannot engage in a foreclosure sale until all other alternatives are considered.
Ocwen Financial Corp. is meeting with its investment bankers on Wall Street today about a proposed senior credit facility that will help the nonbank continue to grow at a brisk pace.
Mortgage firms that handle 5,000 or fewer loans will receive a significant exemption from servicing rules released today by the Consumer Financial Protection Bureau
Citigroup has joined the club of megabanks marking up the asset value of their mortgage servicing rights. Shares of Genworth spiked, and other mortgage news briefs.
What Were Hearing Certain mortgage bankers are using a four-letter word to describe the trifecta of final regulations unveiled by the CFPB the past two weeks, and as you might guess that word isnt love. The rules servicing, qualified mortgages and loan originator compensation will shape the industry for years to come... plus other mortgage industry happenings.
Although the Consumer Financial Protection Bureau has finalized its servicing regulations, it likely will take a close look at the transfer of mortgage servicing rights a business that has been booming of late, with most of the activity tied to legacy product.