Nonbank mortgage lenders are starting to complain more loudly about the length of time it takes to get their loan officers approved to do business in New York state, quoting approval times that can take anywhere from 90 to 120 days – and that’s for an application with no “red flags.” A mortgage consultant who works closely with nonbanks estimated that some of his LO clients have waited as long as six months, including both new LOs and bank loan officers who are transferring to a nondepository. Requesting anonymity, he said...

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The Blackstone Group has finally lifted the 'cone of silence' on its acquisition of mortgage lenders. But will it disclose origination figures?

Will the industry see a flood of nonbanks into the second lien market?

Servicing employment has been under pressure the past few years as loan processors such as Ocwen Financial, Nationstar Mortgage and others move to offshore as many back office workers as possible.

Meanwhile, PHH may be facing exposure on a front that investors had no clue about until recently: marketing service agreements...

Is now a time to buy into PHH?

The case caught the attention of many loan officers and managers because it centered around the basic issue of what type of client information an LO can take with them when they depart one organization for another.

One analyst familiar with the case noted that $109.2 million “is a big chunk” for PHH, adding that the case shows “the CFPB is crazy and doesn’t want to be questioned or challenged…”

According to one published report, Gov. Andrew Cuomo is considering John Coffey as the next superintendent for New York Department of Financial Services.