Originator Compensation Feedback; Two New Mortgagee Letters; Flagstar Selling NPLs; Several Investor Updates; More on Buying a Bank
ByPosted To: Pipeline Press
We’re now in that lull period leading up to Thanksgiving. Many feel it is a good time to pull pranks on cubicle dwellers: CHECK IT OUT Yesterday I mentioned well capitalized mortgage companies buying banks. A grizzled industry vet wrote, saying “Buying a bank is a good idea but it is nearly impossible to do if you are not a bank. I have worked with very well capitalized clients for over a year only to find out that the OTS and OCC will not approve the deals if the business plan is to operate the bank to feed the needs of the mortgage company. Once you own a bank you can bid on other banks that are closed each week, but without being in the pre-approved category you have no idea who is for sale. People with money who want to buy banks are not allowed to play because they don’t own a bank.” Regarding…(read more)