top of page

The Institutional Risk Analyst
POST YOUR ADS HERE


Bayview Acquires Guild Mortgage
Truth is, it’s hard to see the leadership of either RITM or UWMC combining with another entity, but the cost pressures in the industry today are driving radical change.
-
Jun 194 min read


Housing Finance Outlook | Q3 2025
We expect to see continued consolidation in the world of residential mortgage finance in coming months. The sad fact is that many less competitive businesses in mortgage finance have been waiting for the FOMC to ride to the rescue with lower interest rates. If rate cuts do not materialize in 2025, however, then many of these businesses may not survive.
-
May 279 min read


Housing Finance in the Age of Volatility: GHLD, UWMC, RKT, COOP, JPM
While GHLD provides a lot of good information about their business, the investor disclosure provided by UWMC is a bad joke, especially when you remember that UWMC is the largest nonbank lender in the US. The Q1 2025 press release is just 9 pages in length and lacks some of the most basic financial information available from UWMC’s peers.
-
May 910 min read


Update: Block Inc, Nu Holdings & Guild Holdings
Notice that SQ co-founder Jack Dorsey styles himself as "block head" in the corp roster, a silly affectation that does not help the stock
-
Nov 15, 20247 min read


Citigroup + (Cenlar - Black Knight) = ?
The Citi decision to exit mortgage servicing perhaps made sense in 2017, but today not so much.
-
Oct 9, 20247 min read


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
-
Jul 30, 20246 min read


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?
-
Nov 1, 20236 min read


Mark-to-Market on Bank America; Update on Credit Suisse & Guild Holdings
We recently added Western Alliance (WAL) and GHLD to our portfolio
-
Mar 17, 20238 min read


TIAA Sells Everbank; Mortgage Earnings Wrap
The big news this week starts with the poor showing by Rocket Companies (RKT), reporting a loss for Q3 2022 and a big decline in volumes.
-
Nov 4, 20225 min read


The FOMC Embraces Debt Deflation
The deflation of 2023 is about marking down all types of real assets to the price level that equates with a non-QE world.
-
Aug 10, 20225 min read


Update: Guild Mortgage & Block Inc.
Since Block has not yet changed its ticker symbol, perhaps Mr. Dorsey will eventually change the company's name back to Square...
-
Aug 7, 20227 min read


The Residential Mortgage Finance Top Twenty Seven
Who is going to acquire and restructure Blend Labs (BLND) before this newbie-fintech-something runs out of cash?
-
Apr 4, 20222 min read


Update: Guild Mortgage
In our view, Guild Mortgage is one of the highest quality businesses in the residential mortgage space.
-
Mar 12, 20224 min read


Update: Blend Labs, Guild Mortgage and United Wholesale Mortgage
To paraphrase our friend and fellow mortgage maven Rob Chrisman, ponder a 2022 lending market that’s 75% purchases and just 4.79 million uni
-
Nov 12, 20216 min read


Update: Rocket Companies and United Wholesale Mortgage
Growing numbers of investors are burned by mortgage stocks. Big question: Will the industry snap back due to now falling interest rates?
-
Aug 16, 20215 min read


Update: Mr. Cooper & New Residential Investment
The big surge in income and net worth caused by the FOMC last year is rapidly ending. Winter has returned to mortgage land...
-
Aug 9, 20215 min read


Update: Commercial, Residential Loans & MSRs
We continue to believe that issuers and funds should be accumulating conventional servicing. Rates bottomed in February...
-
Apr 5, 202113 min read


Nonbank Update: Rocket Companies
Because of forward liquidity and credit concerns, the window for IMBs to tap the public equity markets appears to have closed for now
-
Nov 12, 20207 min read
bottom of page