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.
People are listening to real estate economists today in a way that anyone who covered the industry a decade or more ago would not recognize. Smoke is one of the members of this new wave of real estate economists. In fact, Smoke is actually the newest one on the block. The upstart economists at places like Trulia and Zillow are still new, Smoke is just the latest player to join the game..