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.
Melvin Luther Watt quietly slid into his office as the first appointed director of the Federal Housing Finance Agency. It was the end of last year, in mid-December. Christmas was coming and the markets were in the middle of the harshest winter in years. As he took over the office of Acting Director Ed DeMarco — himself the unassuming lightning rod for the nation’s housing policy — Watt gave no indication of what he intended to do with his new position; arguably the most powerful job in mortgage finance..
Crowdfunding has swept through large verticals of consumer finance, including student loans and credit card debt. And so, naturally, in a market of rising property values, the real estate market is the latest frontier for crowd-based financing. Read More
Like oxygen, warehouse lending is one of the mortgage industry’s essential life-supporting elements. And fortunately, the warehouse segment is in much better health today than it was six years ago, as we are back up to around 70 warehouse lenders at my last count. Read More