And at least one more former subprime veteran is starting a new company. But his new venture will focus on small balance commercial mortgages. More on that next week…
Keep in mind that if nonprime comes back it will be nothing like the insane loan programs of 2002 to 2007. We’re talking 70% LTVs, maximum…
According to the Quarterly Data Report, subprime lending peaked in 2006 at roughly $800 billion or 25% of all fundings. Such a market share will NEVER happen again. For historical subprime rankings drop an email to:
By the way, we’re working on a possible story about one nonbank lender that is willing to make more than 10 loans to investors who buy homes. We’re told that many bank lenders cap their loans to one borrower at 10. This lender will go up to 20…
TWITTER (MORTGAGE) NEWS: Watch my personal Twitter feed where I provide updates on breaking stories. Just visit Twitter and plug in my name…
The Consumer Financial Protection Bureau has been racking up mortgage company audits left and right – including both banks and nonbanks alike. We know of several lenders that have been audited including Nationstar Mortgage, Union Bank and others. Nationstar’s audit ended in early July or so. One official there said a “robust team” from the agency was in its shop…
And not only do the lenders face audits from the CFPB but from Fannie Mae, Freddie Mac and their warehouse providers perform audits as well. Is there any end insight to this audit-mania? Answer: No. But plenty of firms have sprung up to assist lenders in dealing with audits…
Some audit reports are 50 pages long…
What’s the fasting growing cost that lenders face? Answer: Hiring enough staff to deal with compliance…
And in case you didn’t know it, correspondent buyers of loans continue to complain about servicing-released premiums, commonly known as SRPs…
BOOK CORNER: Wall Street Journal reporter James R. Hagerty has published a new book on Fannie Mae. It’s entitled "The Fateful History of Fannie Mae: New Deal Birth to Mortgage Crisis Fall." A review copy is on the way to my office but one lender who has read the book described it to me as quite good.
MORTGAGE PEOPLE: LOGS Network hired Jason Roberts as its newest senior vice president of business development and acquisitions.
WASHINGTON NEWS: The Mortgage Bankers Association this week informed the Consumer Financial Protection Bureau that
MORTGAGE DATA: NMN recently published the 2Q edition of its exclusive Quarterly Data Report product. It includes the nation’s top 100 lenders and servicers and much more including wholesalers, correspondents and retailers. To order email
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KEY INDUSTRY MORTGAGE SHOWS: In less than two weeks NMN will hold its annual technology awards show at the MBA convention in Chicago. It’s being put together by our technology editor Austin Kilgore. For more information visit
FINAL WORD: Will the next presidential debate be as entertaining as Biden v. Ryan? Let’s hope so. You may not like Biden but at least he was entertaining Thursday night. And you can expect the opening skit on "Saturday Night Live" this week will be a sendup of the debate.
