Short Takes: The First Step in GSE Reform: New Capital Standards from the FHFA / How to Liquidate and Sell the Charters (Legally) / Guaranteed Rate Comes on Strong / The Race to the Top of the Mortgage Heap / Das? / Two Big Hires for SitusAMC
pmuolo@imfpubs.com, bivey@imfpubs.com
If you’re wondering why everyone in the mortgage industry is waiting with bated breath for the new capital standards for Fannie Mae and Freddie Mac, it’s simple: Those standards, once cast in stone, will give the Federal Housing Finance Agency a powerful tool. One GSE observer who used to work on Capitol Hill told IMFnews those standards will give the FHFA legal cover to declare Fannie (or Freddie, take your pick) “critically” undercapitalized. Once that determination is made, the agency can move to terminate the conservatorship and enter into a receivership…
The next step might be to create a limited liability regulated entity (LLRE) which would succeed the GSE. After that, the LLRE (once capital is raised) becomes a new company and the charter is sold to new owners. From what we understand, the FHFA has the legal power to sell the charter. We also understand that the Treasury Department under former Senior Counselor Craig Phillips was well aware of all of this. More to come in the weeks ahead…
Top 15-ranked lender Guaranteed Rate broke company records for mortgage-lock volume for four consecutive months, including June. The lender said it locked $5.31 billion of volume for the month that just ended…
Meanwhile, United Wholesale Mortgage continues to originate loans hand-over-fist but can it catch up to market leaders Quicken Loans and Wells Fargo? We’ll put it this way: The race is getting much closer as the quarters go on…
Wells Fargo continues to hunt for a new CEO to run the entire banking organization. We’re told one candidate still in the running for the job is Sanjiv Das, CEO of Caliber Home Loans, the nation’s 11th largest home lender. During his career, Das has worked at Citibank, Vericrest Financial and other shops.
MORTGAGE PEOPLE: SitusAMC (formerly Situs) said Tim Mazzetti and Dean Wheeler will be joining the mega-advisory firm as managing directors. In their roles, Mazzetti and Wheeler will lead the firm’s U.S. servicing and asset management business. The two men join SitusAMC from Cohen Financial. The firm has roughly $175 billion in commercial real estate assets under management globally.
Almost Half of All New Home Loans Are Taken Out by Millennials
Millennials now account for 47% of all new mortgage originations, according to Realtor.com. But this generation doesn’t approach the loan process in the same way as previous borrowers, so grabbing their attention — and business — may require you to shake up your selling tactics a bit. Examine the outlook for the millennial mortgage market, and gather some key tips for capturing market share within it, in the Inside Mortgage Finance guide Mortgages for Millennials.
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