Public Perception of Originator Compensation Changes; Details on Redwood Non-Agency MBS Deal; Several Investor Updates;

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Posted To: Pipeline Press

What is the public hearing and seeing regarding the April Fool's Day changes? "Starting April 1, under a new compensation rule from the Federal Reserve, borrowers who get their mortgages through brokers will most likely pay less for their services and must be offered the lowest possible interest rate and fees for which they qualify. The new rule also affects those dealing with small banks and credit unions, which typically do not fund loans from their own resources. But most banks and other direct lenders, including the few mortgage companies that function like banks, are exempt." SOUNDS MISLEADING! Details of the latest Redwood Trust March 1 st deal are emerging . The $290 million residential MBS are backed by 303 loans, roughly 2/3 from First Republic Bank and the rest by PHH Mortgage . The...(read more)

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Source: www.mortgagenewsdaily.com

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