The Top 10 Stories of 2011
January 9, 2012 7:12 PM
B of A to Sell Correspondent Unit, Keep Warehouse
After months of rumors, Bank of America made it official Wednesday morning, saying it would exit the correspondent mortgage space, where it ranks second nationwide.
Bank of America Cuts 3,200 Mortgage Workers Including LOs
The long rumored mega layoff at Bank of Americas mortgage unit has begun.
It's Official: Fannie Inked Deal to Buy MSRs From B of A
For several months Fannie Mae has insisted that it's not in the servicing business, but a recent 10-Q filing by the government-owned GSE reveals that it agreed to buy $74 billion of MSRs from Bank of America in the third quarter. No purchase price was disclosed.
MetLife May Kiss Mortgages Goodbye But Stay in Reverses
For a while it looked as though MetLife wanted to be a top player in mortgage banking. But not anymore. Late last week, the insurance conglomerate said it would explore a sale of MetLife Home Loans, Irving, Texas, stressing that it might only sell its forward business.
FHA's Capital Position Still in the Black But Barely
Despite falling house prices and rising claims, the Federal Housing Administration's mortgage insurance fund clung to a slim capital ratio of 0.24% on its book-of-business for the year ending Sept. 30, compared to 0.5% a year ago, according to independent actuarial reports released Tuesday morning.
What's FHFA's Play on Risk?
It would seem that Federal Housing Finance Agency chief Edward DeMarco has given up hope that Congress will get around to permanently fixing Fannie Mae and Freddie Mac.
Lenders Have Already Started Their Engines for HARP 2.0
Some lenders are already chomping at the bit on 'HARP 2.0' and plan to hit the ground running to refinance Fannie Mae/Freddie Mac-backed mortgages when the application process commences on December 1.
Unfunded Mortgage Applications Come to $1 Trillion
A lot of mortgage applications went unfunded last year. A whole lot. In fact, a full $1 trillion in apps went unfunded for a variety of reasons. Compared to the $1.6 trillion that did get funded, that's a big turndown rate of 38%.
Appraisal Vendor CEO Resigns, Some Appraisers Waiting to be Paid
The founder and part owner of appraisal management vendor AppraiserLoft resigned as CEO this week, saying he wants to pursue new business ventures in mobile technology application development.
Tough Questions for Embattled New CEO at MERS
Bill Beckmann begins each week with a flight from his home in St. Louis to Washington, D.C. The weekly flights have become a routine of sorts since he took on a job that of late, has become among the most daunting among executive jobs in the mortgage industry, president and chief executive of Merscorp Inc.
