PHH Bails on Correspondent Channel; More Mortgage Earnings; New MI Player?

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Posted To: Pipeline Press

In residential lending banks, and regulators, fret about non-banks. Do they have enough capital to originate and service loans? And everyone frets about online lenders for a myriad of reasons while those online lenders continue to gain market share. But in an interesting move three of the largest online small business lenders will disclose to borrowers the annual percentage rate on their loans in a bid to improve transparency . Instead of 110 correspondent investors out there now we have 109. Or close, according to pricing engines that track correspondent lender prices. PHH Mortgage Corporation has decided to exit the Correspondent Lending business. It isn’t the first, and it won’t be the last. “PHH will honor all locked loans which have previously been registered with us” but locks ended yesterday…(read more)

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