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 We’re 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 isn’t “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.
Nationstar Mortgage and KB Home are taking their strategic partnership to another level, setting up a new mortgage company that will provide mortgage banking services to new KB homebuyers across the U.S., the two firms announced.
Real Estate Mortgage Network is on the verge of launching a new correspondent division what will use the trade name HomeBridge, a company official told Inside Mortgage Finance.
During the final three months of 2012, Fannie Mae and Freddie Mac securitized some $52.72 billion of single-family home loans that were covered by private mortgage insurance, according to a new Inside Mortgage Finance analysis.
Trade groups that represent loan brokers are still analyzing the details of the Consumer Financial Protection Bureau’s 500-plus page loan originator compensation rule, but at first glance officials are lukewarm on what they see.
Redwood Trust is set to issue its second non-agency jumbo MBS of the year, a $666.13 million security, according to a presale report released today by Kroll Bond Rating Agency. The MBS will largely consist of 30-year fixed-rate mortgages, with 51.4 percent of the originations from First Republic Bank. Plus other mortgage news briefs.
Fannie Mae is ending the practice of assigning different guaranty-fee discounts to the various “affinity groups” or cooperatives that pool mortgages for sale into the secondary market, Inside Mortgage Finance has learned.
Some SWFs in other countries have extensive ownership interests in major corporations and sweep much of their profits into state coffers.
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