Origination

By now, thousands of readers have viewed our coverage (both in print and online) of eWarehouseOne, the mysterious warehouse lender that appears to have collected at least $250,000 in application and good faith checks, and doesn’t have a whole lot of lines of credit to show for it. After two months of investigating the company and talking to roughly 20 sources, we’ve come to the conclusion that the man running the show is Tom Reynolds, once listed as EVP in charge of warehouse lending. The problem is this: none of the account executives hired by the company (some of whom have left) have ever met Reynolds, though they’ve spoken to him on the phone.

Almost $2.6 billion of capital flowed into publicly registered nontraded real estate investment trusts and partnerships in the first quarter, up from $2.2 billion one year prior and $1.6 billion two years prior as part of investor flight into hard assets.

Housing industry groups are pressing the Consumer Financial Protection Bureau to craft a qualified mortgage rule that shields lenders from meritless litigation and ensures access to affordable and sustainable mortgages.

HARP 2.0 refinancings are red hot in both Florida and Nevada, according to testimony by HUD secretary Shaun Donovan.

It appears the residential finance sector is about to gain another new mortgage insurance company.

It’s no secret that the mortgage industry – after hearing from its customers – is clamoring for a HARP 3.0 refi solution for underwater loans that are not guaranteed by Fannie Mae and Freddie Mac. But how do we get there?

A representative for eWarehouseOne is trying to place roughly $70 million of applications with at least two other banks.

The Obama administration, which has proposed levying a tax on the largest banks as a way to pay for a broad mortgage refinancing plan, is now in talks with members of Congress about finding an alternative source of funding.

The Consumer Financial Protection Bureau is shutting the door on states issuing transitional licenses to bank loan officers who seek work at an independent nonbank lender or brokerage shop.

Ally Financial’s nonbank warehouse lending customers are searching for back-up lines of credit, fearing the government-owned lender may soon cut back.