Real estate investment trusts that specialize in the residential MBS market held $232.44 billion of agency and non-agency MBS at the end of March, according to a new Inside MBS & ABS analysis. The MBS holdings of 16 top mortgage REITs were down 0.3 percent from the fourth quarter and off 11.9 percent from March 2015. However, several REITs boosted their positions during early 2016 and the industry is slated to see a major merger of two firms ... [Includes one data chart]
Trade groups involved in home sales and appraisal issues are calling for a hearing in Congress regarding the future of appraisal regulation. The American Bankers Association, the Appraisal Foundation, the Appraisal Institute, the National Association of Home Builders and the National Association of Realtors made the requests in letters to Congress. …
Quicken Loans CEO Bill Emerson ruled out any possibility of settlement with the Department of Justice over allegations of filing false claims on flawed FHA-insured mortgage loans, preferring instead a jury trial. During a recent interview with CNBC’s Squawk Box, Emerson said settlements are a business model that has worked well for the DOJ in its effort to recover taxpayer losses due to questionable FHA lending practices. Quicken Loans, however, will not cave in to agency…
Although still in its infancy, the number of mortgage loans originated by online marketplace lenders is growing and should be monitored, according to a white paper released by the U.S. Treasury Department this week. The paper, which includes research and industry recommendations in the online lending space, including mortgage loans, was based on responses to Treasury’s request for information on the topic. Acknowledging the benefits and risks of online lending, the study emphasized the need for…
State regulators focused much of their mortgage-related supervisory efforts in 2015 on servicing examinations enforcement, according to the Multi-State Mortgage Committee. State regulators also continue to work on capital requirements for state-licensed nonbank servicers, but there’s no timeline for when further action might occur. ....
Many mortgage lenders continue to fret about the Consumer Financial Protection Bureau’s integrated disclosure rule, but the bureau’s latest report to Congress suggests they should also pay attention to fair lending issues, including Home Mortgage Disclosure Act data integrity, along with mortgage servicing. “Mortgage lending continues to be a key priority for the [CFPB’s] Office of Fair Lending for both supervision and enforcement, with a focus on HMDA data integrity and potential fair lending risks in…
Declining interest rates have thrown a monkey wrench into mortgage servicing sales this year, but investment bankers and advisors are seeing an increase in new auction notices, even though pricing remains muted. Moreover, some market-makers expect an eventual boom – but only if interest rates would rise a bit and stay that way. “There hasn’t been a lot of activity of late…
In almost 19 months, the capital cushions at Fannie Mae and Freddie Mac will fall to zero, which means if either government-sponsored enterprise (or both) suffers a net loss in a quarter, Uncle Sam will need to step in and supply cash to get the afflicted party back to zero. Depending on whom you talk to in the mortgage industry, a capital draw from Treasury could set off irrational behavior on the part of Congress or it’s much ado about nothing. …
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