Short Takes: The TRID Mess and Due Diligence Delays / What if Bruce Berkowitz’s GSE Bet Doesn’t Pay Off? / Closer to the Finish Line, Really? / An Ugly Future for Homeownership? / Google Quits Mortgages / New Hires for Flagstar February 24, 2016 Paul Muolo Meanwhile, Fairholme’s case against the government is still pending and Berkowitz said from a legal standpoint, “We’re getting closer to the finish line…”Read More
Congress Voices Concerns on DOL Overtime Move, Which Could Affect Mortgage Firms February 22, 2016 George Brooks Currently, employers are required to pay overtime for all employees who make $23,660 or less annually.Read More
Short Takes: $500 Million is the Target for BofA / BofA’s Past FHA Pain / Ocwen a ‘Neutral’ / A New CFO for Stonegate February 22, 2016 Paul Muolo BofA said it has no plans to further reduce its involvement in FHA lending. Read More
Former FHA Chief Galante Named to Ocwen’s Board February 19, 2016 Paul Muolo A smart political move? Ocwen's board now includes former officials from the U.S. Treasury and FHA.Read More
What We’re Hearing: The TRID Ugliness Continues / CFPB’s Cordray Resists the Federal Register Move / Some Nonbanks Lost Money in 4Q? / Will Ocwen Change Course and Become an FHA Lender? / Does the FHFA’s Mel Watt Have the Power to Change the Course of GSE February 19, 2016 Paul Muolo The TRID error problem is not going away, at least not yet...Read More
Shareholders in Altisource Warn of Conflicts of Interest with Former Chairman Erbey February 18, 2016 Brandon Ivey The shareholders demanded that a planned large acquisition of single-family homes by Altisource be halted...Read More
Short Takes: Why GSE Hiring is on the Rise / When is Don Layton Leaving Freddie? / Ellington Accelerates Non-QM Loan Buys / No, Says FHA / Stonegate Hires Former NovaStar Official February 18, 2016 George Brooks, Brandon Ivey, and Paul Muolo Shrinkage? Thanks to the CSP, changes in reps and warrants, cyber security and more, Freddie Mac continues to hire new workers...Read More
Gone but Not Forgotten: Ocwen Founder Erbey Controls 17 Percent of the Company February 17, 2016 Paul Muolo Bill Erbey controls blocks of Ocwen's stock in his own name, but also through limited partnerships and limited liability corporations.Read More
Short Takes: High Production Volume Isn’t Everything / More Loans Mean More Compliance Risk / European-Based Banks Eyeing Mortgage Pullback? / Mortgage Layoffs at Wells / New Hires for FGMC, Silver Hill February 17, 2016 Paul Muolo Wells Fargo continues to cut workers tied to the servicing function...Read More
Caliber CEO Heads for the Retirement Exit as IPO of Nonbank Looks Increasingly Unlikely February 16, 2016 Paul Muolo Caliber is owned by Lone Star Funds, which was hoping to take the nonbank public one day…Read More
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