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Firms adjust to industry changes

Dollar in the sand
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According to Rob Chrisman’s Daily Mortgage News & Commentary, MGIC (MTG), CapWest Mortgage and Residential Finance are realigning themselves in the market to adjust to industry changes.

Repositioning itself to be more like Fannie Mae and Freddie Mac, MGIC decided it would no longer require a manual underwrite if the property being aquired has sold within the last 180 days.  

Additionally, CapWest Mortgage is expanding its secondary market operations to include a wholesale and mini-correspondent platform.

Meanwhile, Residential Finance is shifting gears from refinance to purchase focused.

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