Nonbanks played an increasingly important role in the mortgage servicing business during the first quarter of 2018, according to an analysis and ranking by Inside Mortgage Finance. [Includes two data charts.]
Nonbank mortgage lenders have been reporting weak profit margins since January, a situation that has some in the industry alarmed while others believe that as originations increase in the months ahead the tough times will dissipate.
The House of Representatives appears ready to pass the Senate’s regulatory relief bill sometime this month while still planning to push for more revisions to the Dodd-Frank Act.
Mick Mulvaney, acting director of the Consumer Financial Protection Bureau, is thinking about ending public disclosure of the agency’s controversial consumer-complaint database. The idea is consistent with his goal of limiting the bureau to activities that are specifically required by law.
Recent moves by two private mortgage insurers to reduce mortgage insurance premiums for borrower-paid MI policies would have a positive impact on affordability and potentially increase MI market share at the expense of FHA, according to a report from the Urban Institute.
Redwood Trust announced this week that it purchased a stake in 5 Arches, an originator and asset manager of business-purpose residential mortgages. Redwood will continue aggregating jumbo and other non-agency mortgages, but officials at the real estate investment trust also see promise in loans for single-family rental properties and fix-and-flip financing.
Excessive risk-based pricing, high private mortgage insurance premiums and lender credit overlays are locking out low-income borrowers and families of color from the conventional mortgage market, pushing them towards FHA as their only option, concludes a new study from the Center for Responsible Lending.
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