According to company correspondence provided to Inside Mortgage Finance, Green Tree's target date for exiting the wholesale/broker channel is mid-April.

Federal regulators have, for all intents and purposes, completed their work on the qualified residential mortgage standard. This means the final rule’s release could be imminent.

The HUD chief told Hispanic real estate professionals that in today’s market, mortgage credit is too hard to obtain for consumers with low credit scores.

An organization chart of the post-deal company provided to IMFnews has RFC’s Michael Isaacs being put in charge of “consumer direct” at PMAC.

The starting salary for the CEO is said to be about $450,000 plus benefits, which is roughly double what the new director of the Federal Housing Finance Agency, Mel Watt, earns.

A veteran player in the jumbo ARM market said one investment bank in particular has “had lots of layoffs.”

Industry advisors briefed on the servicing project noted that changing the minimum 25 basis point servicing fee has some firms on edge.

It's nice to know that some lenders are willing to take on risk. Check out the new FHA/VA product from New Penn Financial: a 560 FICO minimum.

At deadline we got wind of a former Wall Street investment banker who is setting up a fund to help independent mortgage firms (nonbanks) raise capital.

Citadel, which raised $200 million in seed money from investors, now employs 35 full-timers compared to just 10 a year ago.