Citigroup + (Cenlar - Black Knight) = ?
The Citi decision to exit mortgage servicing perhaps made sense in 2017, but today not so much.
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The Institutional Risk Analyst
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Banks | Markets | Finance
R. Christopher Whalen
Jul 306 min
Yellen's FSOC: Housing Policy Dreams vs Mortgage Market Reality
Yellen's proposal for a backstop is merely a canard to help Treasury avoid another fiasco next time a Ginnie Mae issuer fails
712 views
R. Christopher Whalen
Jul 278 min
Update: New York Community Bank & Mr. Cooper
Joe Otting does not seem to understand the value of the Flagstar correspondent lending and mortgage servicing business...
624 views
R. Christopher Whalen
Jul 255 min
Update: CapitalOne Financial & PennyMac Financial Services
Of note, PFSI has been growing share in wholesale, a direct challenge to UWMC
332 views
R. Christopher Whalen
May 206 min
Joe Biden Goes Subprime; Should Citi Buy NYCB/Flagstar?
Citi is a subprime lender. They should be directly involved in government lending.
972 views
R. Christopher Whalen
May 86 min
Portfolio Update & Mortgage Survivors
The survivors in mortgage finance optimize operations around purchasing loans from brokers/ correspondents, and direct to consumer (DTC)
474 views
R. Christopher Whalen
May 59 min
Debt Deflation in CRE? PFSI, COOP & RKT
If the run-of-the-mill Republic First interest rate mark is 13.3% of assets that is not just wiping out one bank’s 8% capital but also FDIC
686 views
R. Christopher Whalen
Mar 197 min
Top-Five Banks: Q1 '24 Earnings Setup
We see higher credit costs, narrowing NIM and still rising funding costs squeezing the banking industry in Q1 2024...
586 views
R. Christopher Whalen
Feb 297 min
Update: UWMC & Rocket; Rate Cut Dreams Fade
Industry leaders believe that the FHFA wants the GSEs to offer issuers "repurchase insurance" to the tune of 25bps per loan.
578 views
R. Christopher Whalen
Feb 156 min
Interest Rates, Mortgage Lenders & MSRs
While there are a great number of people inside the Fed who ponder the appropriate level of reserves in the system, they don't really know
647 views
R. Christopher Whalen
Feb 410 min
Assume Loss Given Default > 100% | PennyMac & Western Alliance Bank
Q: What do Silicon Valley Bank, First Republic Bank, Signature Bank and New York Community Bank have in common? Auditor, KPMG.
2,606 views
R. Christopher Whalen
Nov 14, 20233 min
Housing Finance Outlook Q4 2023
Baring some emergency, the Fed seems on track to keep interest rates at current levels indefintely.
559 views
R. Christopher Whalen
Nov 6, 20234 min
ACH: The Bank Deposit Ain't in the Mail
Was the breakdown of the normally stable and, indeed, routine workings of the Clearinghouse the result of bad actors?
1,191 views
R. Christopher Whalen
Nov 1, 20236 min
Update: PennyMac Financial Services
If we are marking balance sheet assets to actual market in the age of deflation, what of the heavily modeled world of servicing assets?
510 views
R. Christopher Whalen
Oct 26, 20239 min
Interest Rates, Fintech & MSRs
Regulatory skepticism about mortgage assets could effect financing rates for lenders, which means higher mortgage rates for consumers.
528 views
R. Christopher Whalen
Jul 28, 20235 min
Washington Trip Notes; Mr. Cooper & PennyMac Financial
The last Treasury Secretary that tried to extend the maturities of US government debt was Jack Lew (2013-2017). Yellen missed an opportunity
653 views
R. Christopher Whalen
Apr 30, 20236 min
Update: Mr. Cooper & PennyMac Financial
Both PFSI and COOP are navigating the current market well, but we have questions about where the former is headed.
1,315 views
R. Christopher Whalen
Apr 3, 20236 min
Update: Charles Schwab (SCHW); Sagent Presentation
Most major banks grew larger during quantitative easing. Now many of these banks will shrink in terms of assets and also earnings in Q1 2023
4,355 views
R. Christopher Whalen
Oct 28, 20227 min
Update: Credit Suisse (CS) & PennyMac Financial (PFSI)
Like COOP, volumes are down dramatically from 2021 but MSR values and cash flows from servicing are rising
955 views
R. Christopher Whalen
Oct 26, 20224 min
Update: Mr. Cooper (COOP)
Despite the outlook for the industry, COOP continues to be one of the better performing names in our mortgage surveillance group.
297 views
Christopher Whalen
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