Paul Muolo

Warehouse credit for nonbank borrowers is probably the most plentiful it's been since the financial markets crashed three years ago, as banks large and small have waded into the sector.

MetLife senior vice president Brian Lewand confirmed to National Mortgage News that his institution is targeting growth in reverse mortgage lending.

Charbonneau & Associates is working on two mortgage-related acquisition deals, a sign that certain lenders are looking for a strong capital partner in anticipation of tighter net worth requirements.

Early this week the Consumer Financial Protection Bureau will formally name Haspel to a top post, according to industry officials who have worked with him over the years.

After months of rumors, Wells Fargo & Co. — the nation's largest originator of reverse mortgages — made it official confirming that it is leaving the sector, but will remain as a servicer.

Mortgage bankers funded $11.3 billion of interest-only loans in the first quarter, a 60% gain from the same period a year earlier, according to figures compiled by National Mortgage News and the Quarterly Data Report. However, many IO loans are actually jumbo mortgages and roll over within five to seven years.

The Consumer Financial Protection Bureau has hired Christopher C. Haspel away from the Government National Mortgage Association, giving him a top slot at the new agency, according to officials familiar with the matter.

Residential loans sourced through loan brokers accounted for just 6.9% of loan production nationwide in the first quarter, the lowest market share reading on record, and another sign that these third-party salesmen face a dismal future.

The nation's seven mortgage insurance companies wrote $13.6 billion of new policies in the first quarter, a 30% gain from the same period last year as the sector continued to gain strength, according to figures compiled by National Mortgage News and the Quarterly Data Report.

Fannie Mae sold 62,814 foreclosed properties in the first quarter, a 65% jump in activity from the same period a year earlier, according to new figures released by the company.

Roughly 22.7% of all residential properties with a mortgage had negative equity at March 31, a slight improvement over yearend, when 23.1% of mortgaged homes were underwater, according to figures released Tuesday by CoreLogic.

Freddie Mac on Tuesday afternoon unveiled a major reorganization in its ranks, naming former GMAC executive Tony Renzi to head a newly created division to oversee single family lending, operations and technology.

The National Association of Mortgage Brokers last week confirmed that it has ended its legal challenge of the Federal Reserve Board's rule on loan officer compensation and is looking at alternative ways of changing how loan officers are paid.

The Federal Housing Finance Agency is expected to release its long-awaited proposal on changing servicing compensation by July with three main options being offered to the industry, according to servicing advisors close to the issue.

At the end of March mortgage companies were servicing just shy of $9.5 trillion in home loans, a 4% decline from a year ago, and a sign that foreclosures and "cash-in" refinancings are continuing to play a key role in reducing residential debt.

Ocwen Financial Corp. is one of at least three investors that were invited in by Goldman Sachs to make a final round of bids on Litton Loan Servicing, the Wall Street firm's specialty servicing division, according to investment bankers and others close to the situation.

No doubt, these are tough times for loan officers at both nonbanks and depositories. Loan production is down, the purchase money business is in the tank and new compensation rules eventually may mean less take-home pay for loan officers.

The government and a group of private investors plan to spin off the subprime lending and servicing division of American International Group by selling $500 million of stock to the public through a real estate investment trust.

The chief financial officer of Kondaur Capital, the investor in nonperforming loans, left the company about 10 days ago — at the same time that the NPL investor's founder and chairman Jon Daurio was forced out by the firm's board.

The government and a group of private investors plan to spin off the subprime lending and servicing division of American International Group, by selling $500 million worth of stock to the public — through a REIT structure.