One trade group official told Inside Mortgage Finance that despite efforts by the Federal Housing Finance Agency to create g-fee parity for lenders of different sizes, there has been little in the way of progress.
Are mortgage bankers so diabolical that they attempt to find a way around new regulations? Industry consultant Joe Garrett of Garrett, McAuley & Co. thinks so.
The frothy prices being offered for MSRs are beginning to cool somewhat. Theres definitely a tighter range on bids lately, said Matt Maurer, managing director of MountainView Servicing Group.
Paul Rozo, who runs PRMG, told us that he is not a big fan of call centers and that every LO in his organization is a hunter, a sales person who relies on referral business and/or handling their own marketing."
According to Alice Alvey of Indecomm Mortgage U, many shops are reassessing originator comp plans for January 2014 to adjust to the changing margins and seize the opportunity to blame it on the change in the law."
The mortgage slowdown will separate the men from the boys, the girls from the ladies. It's time to fire all underperforming loan officers, says mortgage consultant David Lykken.