With the rules for nonprime lending established – for the most part – under the Consumer Financial Protection Bureau’s recently finalized ability-to-repay requirements, at least four lenders have stepped up their plans to enter the nonprime origination market, a business that has been long dormant with certain exceptions.
Bank of America, which is in the process of selling roughly $308 billion worth of mortgage servicing rights, recently trimmed its servicing staff by at least 700 workers...
After including a significant amount of ARMs in its first issuance of the year, the second non-agency jumbo mortgage-backed security of 2013 from Redwood Trust will consist largely of 30-year fixed-rate mortgages, according to a new presale report released by Kroll Bond Rating Agency.
Mortgage banking income increased at a faster rate than did secondary market sales during the third quarter of 2012. Huge gain-on-sale margins pushed the industry to its most profitable quarter, according to an analysis of call report numbers by Inside Mortgage Trends.
Envoy Mortgage, a privately held nonbank, is the latest lender to jump into the correspondent lending arena. On Wednesday the firm issued a statement saying it has hired two industry veterans – Dan Hastings and Todd Cheney – to build and run the new division. Formed in 1997, Envoy has been a retail-only lender funding in 48 states… Plus other mortgage news briefs.
Fourteen months after the White House signaled its intention to make Carol Galante the nation’s next housing commissioner, the Senate on Sunday afternoon finally confirmed her nomination.
The White House has placed former federal housing commissioner Nic Retsinas on its list of possible candidates to head the Federal Housing Finance Agency, industry officials familiar with the matter told Inside Mortgage Finance.
Add former GSE regulator James Lockhart to the growing chorus of industry officials who believe that using Fannie Mae and Freddie Mac to refinance underwater non-agency mortgages is a bad idea.
Remember the 4.4 million delinquent mortgagors who were done wrong by the nation’s mega-servicers and lost their homes to foreclosure? Remember how the Comptroller of the Currency launched a program in 2011 to let these mortgagors appeal? Well, apparently...
A $14 billion package of high-touch mortgage servicing rights owned by Bank of America has failed to trade, according to servicing advisors familiar with the transaction.
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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