Originations decreased 48% from the first quarter of 2013, down to $353.1 million. Impac attributes most of that to the sale of their brick and mortar branches at the end of last year, which accounts for $180 million of the decline.
It was an eventful day for the housing finance market on Tuesday, with Rep. Mel Watt officially confirmed as the next leader of the FHFA. Not long after his confirmation became a likely conclusion, the HW 30 finished down.
Bill Ashmore doesn’t want to date himself. But he does. And he really, really does when he recalls a time in the mortgage business when work happened before the advent of the computer. Back then, when Ashmore started, scanning the room of a mortgage office likely meant a visual presentation that in 2013 appears like a scene from Argo.
Hat tip to Blown Mortgage's Morgan Brown, who forwarded me a copy of a press advisory yesterday from Freddie Mac regarding the GSE's move to inject additional liquidity into the troubled Alt-A lending market.
In the statement, senior vice president Paul Mullings said Freddie will seek to provide some relief to seized-up Alt-A markets by purchasing more Alt-A loans on a forward basis:
One by one, they filed into the city council chambers. They took their seats and waited their turn, and once there weren’t any seats left, they moved to the seldom-used overflow seating. When the overflow seating filled, they moved to the civic center so they could watch the meeting on a closed-circuit feed..
It’s a new world, and in this new world, data is more crucial than ever. Getting the best data possible, and then being able to interpret that data to improve performance, will be a competitive edge that no company in the mortgage finance space can do without in the current environment of volume contraction. Read More
Only seven or eight years ago, mortgage fraud was one of the top stories in the industry. It was quite common to see stories estimating losses in the millions, with some experts suggesting that these numbers were only the tip of the iceberg. Lenders and their partners scrambled to strengthen their fraud-prevention strategies. Read More