Nonbanks have dominated the Ginnie Mae MBS issuer ranks for several years, and they are gradually claiming a bigger share of the government-sponsored enterprise market, according to a new analysis by Inside MBS & ABS. [Includes one data chart.]
Close to $500 million worth of VA Interest Rate Reduction Refinance Loans that do not meet new seasoning requirements ushered in under the recently approved Dodd-Frank reform act are in “orphan status,” causing financial headaches for the lenders that originated them.
Housing and Urban Development Secretary Ben Carson this week reiterated concerns about riskier FHA loans that could endanger the health of the program’s Mutual Mortgage Insurance Fund.
The government-sponsored enterprises recently intensified efforts to help borrowers in rural areas qualify for a mortgage as part of their “duty-to-serve” markets where credit is scarce. Freddie Mac launched an employment program in high-needs regions and Fannie Mae has a new program targeting owners of manufactured homes.
The Department of Housing and Urban Development will issue, in September, final rules to ease FHA requirements for financing condominium purchases and refinancings.
Federal courts have thrown out the Consumer Financial Protection Bureau’s aggressive interpretation of anti-kickback provisions in the Real Estate Settlement Procedures Act. But plenty of questions remain about how new management of the agency will handle the issue or the fate of existing guidance on marketing service agreements, industry experts said this week.
The White House’s broadly phrased proposal to make Fannie Mae and Freddie Mac private corporations again and make explicit the government’s guarantee of their mortgage-backed securities caught industry observers by surprise.
LenderLive, a third-party service provider and correspondent lender, is weighing its options and has hired investment banker Houlihan Lokey, according to industry advisors familiar with the firm.
Internet retail giant Amazon.com is exploring the idea of buying a mortgage banking franchise and making a splash in this highly cyclical business. But two huge questions loom: Will it actually happen? And if so, will Amazon disrupt the residential lending landscape the way it has brick-and-mortar retailers at the shopping mall?
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