Banks will have to hit a higher mark during their 2014 stress tests now that the Fed is increasing passage requirements. Under the new guidelines, the Fed will use its own numbers to determine if a bank is well capitalized.
As the American Securitization Forum comes to a close, the private-label side of the secondary market reached a clear consensus that mortgage servicing is, in fact, really important.
The other consensus is that mortgages are going to cost more. More for borrowers, more for originators, more for servicers — and ultimately less yield for investors.
This is somewhat of a breakthrough. Mortgage servicing remained largely ignored by the secondary side for so long, and this new desire to work together is indicative of transformation.
Last June, we covered the start-up of Agire Mortgage Corp., a mortgage lender launched by industry heavy-hitters, including the former COO of New Century Mortgage Robin Cook-Auerbach, as well as former execs from GMAC-RFC and Countrywide. The company said at the time that it wanted to make a push into third-party originations via a strong technology backbone.
Getting into the TPO (third-party origination) business in June 2007? Good luck with that.
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