Paul Muolo

U.S. consumers owed $8.995 trillion on their residential loans at the end of March – the lowest debt figure recorded in almost five years, according to new figures compiled by National Mortgage News and the Quarterly Data Report.

he National Association of Independent Housing Professionals officially requested that CFPB deputy director Raj Date resign because he is “biased” against mortgage brokers and has “internally finalized” regulations that would harm the sector.

It hasn’t been a good week for the loan brokerage community. On Monday Raj Date, the number two man at the CFPB, in a speech to the American Bankers Association blamed mortgage brokers (more or less) for the housing bust.

Fannie Mae, which boasts a “credit enhanced” delinquency rate of roughly 8% on its guaranteed loans, is moving closer to launching a pilot program to dispose of some of that product.

Thanks to rock bottom interest rates new mortgage applications spiked by 18% for the week ending June 8 on a sequential basis.

Wells Fargo & Co., the nation's largest home lender and issuer/servicer of GNMA loans, is telling its correspondents and brokers that it will only participate in the FHA's new "Streamline" refi program on loans its services.

The Government National Mortgage Association is in no rush to sell the $11.5 billion of mortgage servicing rights that it inherited almost two years ago when nonbank lender/servicer Taylor, Bean & Whitaker failed.

Paramount Residential Mortgage hired former Caliber Funding official Dave Pilotte as its new wholesale manager in charge of the Inland Valley area and Southern California.

In a speech before the American Bankers Association Monday Consumer Financial Protection Bureau deputy director Raj Date slammed loan brokers for causing the mortgage crisis, raising the ire of at least one loan broker trade group, the National Association of Independent Housing Professionals, which is calling for his resignation.

The National Association of Independent Housing Professionals, in a new comment letter to the CFPB asks the agency to exclude all Fannie Mae, Freddie Mac and government mortgages from coverage under proposals that could radically alter how loan officers earn their pay.

According to new reports, both Berkshire Hathaway, the holding company controlled by Warren Buffett, and Ocwen Financial have expressed interest in buying the nation’s fifth largest servicer.

Shawn Miller has parted ways with nonperforming mortgage investor Arch Bay Capital, but is now starting a new origination firm backed by the company he left.

Monday June 11 is the day the Federal Housing Administration’s new streamline refinancing option launches. (Lenders, start your engines.) Meanwhile, mortgage bankers and brokers are still busy writing as many new HARP 2.0 loans as humanly profitable.

In a new letter to HUD secretary Shaun Donovan, 69 members of Congress ask the agency to ease underwriting standards on condominium loans financed by the Federal Housing Administration.

Some industry officials are urging the Consumer Financial Protection Bureau to use its ‘exemption authority’ to exclude Fannie Mae, Freddie Mac, and FHA loans from its LO compensation proposals.

A major shakeup occurred last month in the senior ranks at nonperforming loan investor Arch Bay Capital with CEO Shawn Miller parting ways with the company.

If you’re wondering why the nonperforming loan auction market hasn’t been more robust – especially given the fact that banks and the GSEs are sitting on billions of dollars in defaulted home mortgages – you can blame accounting rules, or so we’re told.

It’s spring and mortgage rates have tanked once again, spurring loan applications to spiral upward.

Fannie Mae is moving closer to launching a pilot program to dispose of some of its nonperforming residential loans.

GMH Mortgage Services hired industry veteran Karen Bausman as its new president.