The answer to that question is: Don’t bet on it. But 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. The National Association of Independent Housing Professionals recommends on its website: “As an alternative to the proposed changes in mortgage loan origination standards, the CFPB should exercise its exemption authority under Dodd-Frank, by specifically exempting all prime/traditional and government loans from the MLO Compensation regulations, while retaining the proposed restrictions for high cost and subprime mortgages. It would eliminate any incentive for placing a prime qualified borrower in a high cost mortgage for the purpose of greater financial gain and would be a far less burdensome solution. Moreover, it would establish a firewall to protect consumers from steering, while restoring consumer choice to the prime market. We urge the CFPB to adopt this alternative.” There you have it…
The following CFPB officials are closely involved in managing the proposal process: Charlie Honig, Kelly Thompson Cochran and Paul Mondor…
MORTGAGE BANKERS, START YOUR ENGINES: Come Monday morning the race will be on for the new FHA streamline refinancing program. Loan officers everywhere are salivating because the upfront charges are a lot lower than the current ones. LOs hope to crank up the volume in a major way. Stay tuned…
How many times can one borrower refinance in today’s market? Any LO with a calculator knows the answer to that question but one thing is obvious: the higher the loan balance, the more advantageous it is to refi…
This past week we talked to a senior executive at Caliber Funding about two recent departures at the shop. He didn’t want to go on-the-record but he made it clear that Caliber is for high volume producers only—or LOs that want to eventually become high volume producers. In other words, this is the major leagues, not single-A baseball. Got that?...
Remember eWarehouseOne, the (shall we say) mysterious warehouse lender which gathered many applications and upfront fees (almost $2 million worth by one count), and then didn’t fund any lines (that we know of)? Apparently, its website was having problems this past week and couldn’t be accessed at times. And we still haven’t heard from eW1 warehouse chief Tom Reynolds…
Just $499 to refi? Sounds too good to be true? Well, maybe. See the exclusive story on the National Mortgage News website. Don’t subscribe? Call 800-221-1809. Want a site license to the website for your entire company along with a data plan? Drop an email to:
Disappearing MSRs? Consumers now owe just $9.1 trillion on their home loans compared to $10.1 trillion at the peak of the housing market (pre-bust.) Of course, this number won’t keep going down forever. Eventually, it will turn around. If you need a list of the top 100 holders of MSRs drop a note to
While we’re on the topic of MSRs, which firm might wind up with Taylor Bean & Whitaker’s Freddie Mac receivables? Read the Monday edition of NMN…
COMMERCIAL MORTGAGES: Eastern Mortgage Capital of Boston financed a $3.87 million loan on the Sherwood Forest Apartments, an 80-unit apartment complex located in Kankakee, Ill. The mortgage is backed by the FHA.
MORTGAGE PEOPLE: PHH Corp. this week elected Gregory J. Parseghian as a "Class I" director. Parseghian once worked on Wall Street and also headed Freddie Mac briefly. And he’s also a Yankees fan.
NMN PERSONNEL NOTES: Get well soon to NMN staffers Bradley "Broker" Finkelstein, and John Cahill, one of our advertising mavens. And special condolences to the family of the late great Paul Herron, NMN’s very first bureau chief. His warmth and humor will be sadly missed.
READING MATTER: If you’re trying to get a leg up on the MBS market read Bonnie Sinnock’s "Street Smarts" column every week in National Mortgage News.
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
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LAST WORD: Tell me where the unemployment will be in November and I’ll tell you who the next president of the United States will be.
