Impac Mortgage, one of the fastest growing funders among the top 100, has hired Mike Casey and Matthew Dismore to bolster its correspondent lending division.
Although the ink is barely dry on the new ‘Qualified Mortgage’ rule, mortgage bankers are already voicing concerns about how it will hurt compensation and affect the jumbo market.
Promontory Financial this week laid off between 750 and 1,000 workers in the Denver area, many of them working on loan reviews tied to delinquent and foreclosed mortgages, industry sources told Inside Mortgage Finance.
Before we get to the main event (the ‘Qualified Mortgage’ rule), it’s time to consider the improving fate of Fannie Mae, which is poised to have a few coming quarters of blow-out earnings – which will go directly into the coffers of the U.S. Treasury Department, much to the delight of the newly nominated secretary Jack Lew.
Merrill Lynch is in the market actively buying jumbo mortgages and is also looking for an executive to manage its correspondent purchases, secondary market officials told Inside Mortgage Finance.