"While this was an extremely difficult decision to make, we intend to build on our leadership position in the correspondent market and remain committed to purchasing loans from smaller financial institutions and independent mortgage companies," mortgage head says in letter.
These risks are real. For example, even if interest rates were to fall, mortgage originations may also fall. Any increase in mortgage originations may not be enough to offset the decrease in the MSRs value caused by the lower rates, the bank states.
The Federal Deposit Insurance Corp. continued its recent "freaky Friday" streak last week, stepping in at Bradenton, Fla-based Freedom Bank, after the Commissioner of the Florida Office of Financial Regulation closed the bank on Friday after market close. All deposits of the failed bank will head over to Grand Rapids, Mich.-based Fifth Third Bank, the FDIC said.
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