“The examiner-in-charge apparently thought that the owner was lying, and the CFPB now wants to question him under oath,” principal Joe Garrett writes in a note to his clients.
At one shop based in the Midwest there’s unconfirmed talk of loan officers who haven’t been paid for months, unpaid leases and top executives who were on vacation as volumes collapsed.
He cited one example where a $40 billion MSR package can be sold to one buyer that agrees to board the servicing files in increments of say $5 billion a month.
So, what does this mean for the industry? Answer: That the Mortgage Mutual Insurance Fund likely will return to health even faster and that maybe there’s room for FHA to cut premiums.
The creation of a U.S. sovereign wealth fund could grease the skids for an end to the conservatorships of Fannie Mae and Freddie Mac.
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