Mortgage brokers and bankers have been waiting anxiously for the Consumer Financial Protection Bureau to issue its loan officer compensation rule. This is the rule where the agency convened a "Small Business" panel in the spring to weigh in on compensation and lender education issues. Needless to say, few in the industry came away happy with what was told to them by the agency. The general feeling is this: CFPB wants to wipe out all loan brokers and hand over the business to depositories. You might say the anger level is rising on the part of some. We understand some factions may raise the issue that one CFPB official close to the issue has a significant other who used to create products for subprime lenders…
Meanwhile, we keep hearing rumors that Judicial Watch—yes that Judicial Watch—is targeting the agency. For what, you may ask? Answer: A whole host of things. Look for more solid news on this in a few weeks…
From a high level source: Look for a push from Fannie Mae/Freddie Mac/FHFA on repurchase rules. The White House has been told that some lenders might open the loan spigots if they can understand their potential buyback exposure…
So, you thought the first two quarters were strong in terms of originations and profits? Wait until you see the third. It could be super-blowout. OK, maybe it won’t be that good. But with Wells Fargo, Bank of America and JPMorgan Chase all out of wholesale, many nonbank wholesalers are salivating at what may come their way. (To advertise on BrokerUniverse where LOs and brokers hang out drop an email to
FOR THE DATA RECORD: Fast-growing wholesalers in the first quarter include Cole Taylor, Stearns Lending, Stonegate United Wholesale.
APPRASIAL SPEEDS: On the National Mortgage News website Friday we reported that it takes up to six weeks to get an appraisal in North Dakota, also known as the "Boomtown State." I’m curious: what are appraisal turn times like in your state? Drop an email to Paul.Muolo@SourceMedia.com.
FACTOID: Attending my daughter’s college orientation meeting recently a representative from her college (in Chicago, home to mortgage legend George Ostendorf and the Cubs) reminded parents that even a bankruptcy filing does not wipe out student loan debt. (A lobbyist is smiling somewhere.)
KEY INDUSTRY MORTGAGE SHOWS: On Sept. 13 and 14 SourceMedia/National Mortgage News will hold its annual Mortgage Regulatory Reform Conference in Arlington, Va. As an added bonus for attendees: I might actually be in attendance.
MORTGAGE PEOPLE: Auction.com has given Monte Koch, a founding partner and board member, the additional title of co-chief executive officer. The firm’s other co-CEO is Jeffrey Frieden. During his career Koch has worked at Deutsche Bank Securities and other firms.
SPECIAL SUPPLEMENTS: Check out the "Field Services" supplement on the NMN website:
MORTGAGE DATA: The top jumbo lenders in the nation during 1Q were Wells Fargo, Chase, Bank of America and Union Bank. For the full ranking see the Alternative Products Quarterly Data Report. The A-QDR also has second lien and IO data as well. For a free sample email
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FINAL WORD: On Sept. 11 Bob Dylan releases his new LP, entitled "The Tempest." Speculation is that it could be is last. Mark Fogarty phone home.
