Are record-low interest rates masking high-cost mortgage lending?

Are record-low interest rates masking high-cost mortgage lending?

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The New York Times rambles, and mangles mortgages along the way

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Selene Finance reportedly gets big Ginnie Mae boost

Carrington Mortgage Services also part of the action

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Specialty mortgage servicer, and subsidiary of Ranieri Partners, Selene Finance reportedly landed a huge contract with Ginnie Mae.

Sources tell HousingWire that Ginnie Mae is displeased with more than a few of its "poorer performing mortgage servicers" and will place those distressed mortgages with one of two selected third-party firms.

The other firm is also reportedly Carrington Mortgage Services.

The Department of Housing and Urban Development, which oversees Ginnie Mae, did not confirm the contracts.

The contract is expected to offer opportunities nationwide and Ginnie solicited bids for months before making its selection.

Selene Finance's parent company was founded by former bond trader and vice chair of Salomon Brothers, Lewis Ranieri.

In more recent times Ranieri, who invests in many firms with varied mortgage strategies, also sits on the board at Shellpoint Partners. Shellpoint is succesfully bringing private-label mortgage bonds to market, a rare feat for today and potentially indicative of Ranieri's influence.

Shellpoint and Selene are not affiliates other than partial ownership from Ranieri.

The Ginnie Mae contract should significantly boost operations at Selene, the sources tell HousingWire.

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