Although they continue to face heavy repurchase expenses and plan for more such exposure in the future, banks are reporting very strong profits from their mortgage banking operations during the third quarter. A dozen banks that have reported third-quarter earnings so far posted...[Includes one graph]
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The most active sellers of home mortgages to Fannie Mae and Freddie Mac rely on significantly different strategies in generating loan originations, but the product they end up delivering to the government-sponsored enterprises is remarkably uniform. The average credit score...[Includes one data chart]
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On Jan. 1, 2011, new federal rules relating to credit scores and risk-based pricing notices to consumers will take effect, but an exception exclusively for mortgage lenders may not be as simple as it seems, according to Informative Research. Under new regulations developed...
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Gleacher & Company, an independent investment bank headquartered in New York City, has seen an opportunity to tap into an under-served mortgage market and decided to take advantage of it, launching a residential mortgage banking initiative through the acquisition of ClearPoint Funding Inc, a wholesale mortgage banker. Gleacher recently set up...
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The severity of the problems in the foreclosure process may have been exaggerated by the media and politicians, but the full extent of the fallout won’t be known for some time, according to a new Credit Suisse report. “Overall, we would note that the market penalized...
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Arthur Prieston, chairman of the the Prieston Group, Inc. received a patent for a lender scoring system known as the Mortgage Operational Safety Assessment, or MOSA, score. The scoring system allows industry participants to accurately measure the risk associated with a certain lender, using...
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Freddie Mac is jacking up its net worth requirements for seller-servicers as part of a broader initiative to reduce counterparty risk. The government-sponsored enterprise currently requires approved seller-servicers to have...
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