Fannie Mae said that in the midst of trying to reach first-time homebuyers, a new trend has emerged with existing homeowners struggling to become repeat, move-up buyers.There was a 40 percent decrease in repeat buyers from 2002 to 2014, according to recent commentary from Jude Landis, vice president, single-family credit policy at Fannie. Credit did not appear to be holding them back either, because even among homeowners with mid-tier credit scores, between 680 and 740, the number of repeat home purchases dropped dramatically. “Owners of their first homes may have the credit eligibility to move up, but low housing equity appear to be holding them back,” she said.
Although the Federal Housing Finance Agency said that Freddie Mac failed to meet all of its goals for low-income homebuyers in 2014, the GSE apparently has put the wheels in motion to meet its target for 2015. But Sen. Bob Menendez, D-NJ, ranking member of the Senate Subcommittee on Housing, Transportation and Community Development, wrote the FHFA asking why the goals fell by the wayside.Don Layton, Freddie’s CEO, told Inside The GSEs that the GSE has been working since early in the year to make sure those goals are met. Those preparations included the hiring of Danny Gardner in March, who leads a new unit specializing in affordable housing.
FHFA Debuts FHFA Insights Blog. This week the Federal Finance Housing Agency launched a new blog titled FHFA Insights. The blog, located on the agency’s website, is designed to serve as a resource for a wide range of stakeholders, including homeowners, renters, policy makers, media and the general public. The FHFA’s most recent blog entry this week focuses on the expansion of the Neighborhood Stabilization Initiative which went into effect Dec. 1. …
In addition to state law, federal laws address cross-selling issues. The Real Estate Settlement Procedures Act, for example, covers referrals of settlement service business, like residential mortgage loans.
“Some of you work the regular hours with minimal extra ... and this will not work,” an assistant vice president and underwriting manager at Franklin American said in an email to underwriters...
Most mortgage lenders reported a significant uptick in purchase-mortgage originations during the third quarter of 2015, though there is little sign that originators are lowering credit standards to stimulate more business. According to revised estimates by Inside Mortgage Finance, purchase-mortgage originations climbed 10.7 percent from the second to the third quarter of this year, hitting $280 billion. At that level, the purchase market was the strongest it has been since the third quarter of 2007. At the same time, credit standards – at least in the agency market – have eased...[Includes two data tables]
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