One mortgage technology expert had this to say on the Ellie Mae shutdown: “This is going to get ugly. Real money is lost when you can’t close loans on time.”
The two have petitioned Treasury Secretary Jack Lew to designate Fannie and Freddie as SIFIs. Being an SIFI means the two would be subject to higher capital standards and greater scrutiny – as though the two aren’t under enough scrutiny as it is.
One executive, requesting his name not be used, said, “It completely wrecked our last day of the month. We were unable to sending closing packages, send disclosures, export files and such.”
A group called The 60 Plus Association has released TV and radio ads in seven states targeting Senate Banking Committee Members who are sponsoring GSE reform legislation. The group claims the bills “allow the government to take over the mortgage industry in an action 'disturbingly similar' to Obamacare.”
To date, the use of eminent domain to restructure residential loans has garnered a ton of headlines in the financial press, but has posted little in the way of success.
No purchase price on the sale of Allonhill assets to Stewart was ever disclosed. According to the bankruptcy filing, the sale price cannot be revealed for at least 12 months after the sale and will require approvals from both parties.
Whatever happened to the sale of Cole Taylor Mortgage, which has been in the works for nine months or so? Good question. When we asked one source close to the deal, his response was this: “Think of the Energizer Bunny but with fairly old batteries.
Fannie Mae this week released its STAR servicer rankings and hopefully a copy found its way to all those pesky regulators who think nonbank servicers can’t tell the difference between a debit and a credit.