From what we understand a certain fast-growing nonbank wholesaler has landed on Wells Fargo’s “exclusionary” list and is also about to be bounced from what’s left of Citigroup’s correspondent program. At press time we knew the identity of the firm and hope to have a story tied up by early next week. But a word of caution about Wells’ exclusionary list and anyone else’s for that matter: There may be a simple reason why Wells won’t buy mortgages from a certain lender. From what we’re told usually it’s tired to loan buyback squabbles. And often times these disagreements are cleared up and the matter is settled with the lender getting off the exclusionary list…
eWarehouseOne, the mysterious warehouse lender that we’ve been writing about for two months, has been losing sales executives left and right. (AEs are no longer listed on the firm’s website.) One ex-account manager told us she never received a pay stub from the firm and instead someone from eW1 deposited cash in her account by going to a bank branch. I don’t know of too many mortgage firms that work this way, but see the Monday story in the print version of National Mortgage News. Don’t subscribe? Call 800-221-1809…
In case you missed it: correspondent purchases are rocking over at PennyMac. But when is the REIT gong cut its first warehouse line? Have any information, drop me a line at
Over the past two weeks there’s been a number of news leads we’ve picked up but haven’t had time to expand on. So, without further delay here they are: SunTrust recently hired industry veteran Reggie Davis who ran operations in Raleigh, N.C. SunTrust also hired account executives from MetLife Home Loans…
Cornerstone Mortgage of Houston, a nonbank, hired John Skoba, EVP and chief financial officer for Aurora Loan Services…
Hard-money lender CalCap Advisors of California is seeing a steady increase in its business. “We funded the same amount of loans in 1Q 2012 that we funded all of last year,” one senior executive there told us…
Fannie Mae has granted bifurcation waivers on flow servicing deals to several end-servicing buyers. A Fannie spokesman confirmed the news but said the number of waivers granted is less than 20…
Clayton Holdings LLC, a due diligence, underwriting and surveillance provider (among other things), has launched a redesigned website…
Allonhill of Denver has been hiring of late. Of course, the firm also has had several departures the past year…
We all know who the two top warehouse lenders in the nation are (Wells and Bank of America) but here are the names of some smaller players in the field: Horizon Bank and Community Trust Bank. Meanwhile, here’s a question: whatever happened to NattyMac? One of their AEs went to eWarehouseOne for a short while then bolted…
WASHINGTON NEWS: Ginnie Mae wants to provide more loan-level data to its MBS investors so they can determine if the underlying mortgages were originated through a mortgage broker or some other third-party channel. Starting in September, Ginnie Mae issuers must begin reporting whether a loan application was taken by mortgage broker or a correspondent lender, according to an “All Participants Memorandum” the secondary market agency issued this week. APM 12-07 also directs Ginnie Mae MBS issuers to report to the agency if the borrower is a first-time homebuyer. (Reporting by NMN’s Brian Collins.)
THIS COLUMN’S FOR SALE: Want the rest of the industry to know about your HARP 2.0 program changes and LLPAs? Need to reach correspondents and brokers? Send an email to
MORTGAGE BANKERS/SERVICERS, GIVE US YOUR NUMBERS AND GET LISTED FOR FREE: NMN and its sister publication Mortgage Servicing News, the most widely read news magazine in the servicing sector, have launched their annual origination/servicing survey. Eventually, we’ll use this information for stories. To receive a survey drop a line to
DATA STUFF: If you need contact names and emails on the top players in mortgage banking subscribe to NMN’s MortgageStats.com product. For more info drop an email to
I'm
LAST WORD: Which mortgage firm makes more loans to members of Congress than others? The answer might surprise you.
