“A number of companies are expanding the lines they need,” said Larry Charbonneau. “I’ve been doing a number of reviews for warehouse banks lately. Volume is definitely picking up.”

Warehouse providers of credit ended the second quarter of 2017 with $64.0 billion of commitments on their books, a modest 8.5 percent sequential gain, reflecting a strong – but not an overheated – origination market for nonbank originators. Compared to the same quarter a year ago, commitments increased 12.3 percent. According to interviews conducted by Inside Mortgage Finance this week, credit managers are...[Includes one data table]

Mortgage closings moved out of the office years ago to places more convenient for borrowers. Now, technology allows closing to occur without all the parties being present in the same place. United Wholesale Mortgage claims to be the first lender to have completed a “virtual e-closing” with a refinance that closed at the end of July. The lender allowed the borrowers and notary to use webcam technology and electronically sign all of the closing documents. Previously, lenders offering e-closings have required some in-person contact with a notary to e-sign closing documents. “This ultimately eliminates...

The clock is ticking on the phrase-out of the London Interbank Offered Rate, or LIBOR, a benchmark the mortgage market has relied on for the past few decades. Now comes the debate: is it something to worry about or no big deal? A new report from Bank of America Merrill Lynch suggests that when it comes to MBS at least, the changes will be felt, depending on the sector. “Certain agency MBS cash flows will be impacted directly,” BAML notes. “For example, underlying cash flows on LIBOR-indexed hybrid ARMs may change if an alternate index is chosen.” The researchers noted...

This year, nonprime production across the U.S. might top $3 billion to $4 billion at best. At its peak last decade, it was a $1 trillion a year business. That’s not a misprint…

Not only has the proposed sale of First Mortgage Co. fallen apart, but a recent lawsuit filed against the company by a new warehouse lending firm raises serious questions about FMC’s recent profitability and its future. As Inside Mortgage Finance went to press this week, FMC was no longer making new loans, but was still servicing its past production, estimated at $1.67 billion. Company owner and CEO Ron McCord – one of six defendants sued by warehouse provider CapLoc – said...

PHH Corp., Ocwen Financial and Walter Investment Management Corp. have quite a bit in common these days: all are large publicly traded lender/servicers that continue to lose money while struggling to find a path to both regulatory redemption and a business model that works. But recent earnings reports and public filings suggest immediate relief looks elusive for all three. For now, Walter – the parent of Ditech Financial, the nation’s 10th largest servicer – appears...

Among other things, CapLoc – an affiliate of Eli Global – charges that FMC pledged “ineligible” mortgages as collateral…

Advisory firm Mortgage Banking Solutions, Austin, TX, is working on three mortgage-related acquisitions...

It hasn’t been a pretty month for Walter Investment Management, the publicly traded parent company of the nation’s eighth largest servicer. And it could get even uglier by the time summer is out. Not only is Walter in danger of being kicked off the New York Stock Exchange – for having a share price of less than $1.00 for too many days – but investors appear to have given up on the company and the idea that a restructuring, now in progress, will yield positive results. If Walter is...