A new report found that fewer millennials have taken out FHA loans in the past couple of months and more choosing conventional loans. Separately, mortgage brokers are getting most of their business from Generation X. According to June data from the Ellie Mae Millennial Tracker, approximately 63 percent of all closed loans made to millennial borrowers were conventional mortgage loans with an average amount of $205,066, while 36 percent were FHA loans with an average amount of $173,381. Conventional and FHA loans, which tend to track in cycles, make up...
With the troubles from the financial crisis fading in the rear-view mirror, the residential mortgage servicing industry could be on “the edge of glory,” if companies can elevate their game and keep it at a high level, according to analysts with S&P Global Ratings. “The financial crisis left mortgage servicing hanging on a moment of truth,” they said in a new report. “This led to substantial changes in the industry in the past 10 years, the effects of which are still being felt today.” The changes included...
If the $10.4 billion figure proves accurate it will result in another hefty dividend payment by Fannie and Freddie to the holder of its senior preferred stock: the U.S. Treasury.
Fannie Mae and Freddie Mac are well aware of the issue and have leeway to replace LIBOR with another benchmark when the time comes, industry officials said.
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