DocMagic Says It Will be Ready for TRID, Delay or No Delay. Industry vendor DocMagic, Inc., based in Torrance, CA, announced recently that the CFPB’s proposed delay in implementing the TILA-RESPA Integrated Disclosure (TRID) rule will have no bearing on its plans to be ready to meet the bureau’s originally planned Aug. 1 due date. “The CFPB only stated that they will be issuing a ‘proposed amendment’ to delay the rule to Oct. 1, which means it could possibly finalize a shorter time period,” said Rich Horn, TRID legal advisor to DocMagic and former senior counsel and special advisor at the CFPB. Horn led the production of the 1,888 page final TRID rule and the design and consumer testing of ...
Ginnie Mae securitized $6.6 billion of VA jumbo loans in the first three months of 2015, up 15.9 percent from the prior quarter, according to an Inside FHA/VA Lending analysis of Ginnie Mae data.Jumbo loans – single-family mortgages with loan amounts exceeding $417,000 – comprised 18.7 percent of total VA originations in the first quarter. VA jumbo originations outpaced FHA jumbo production, which totaled $2.8 billion in the first quarter, up 17.0 percent from the prior quarter, according to the Inside Mortgage Finance database. VA jumbos in Ginnie mortgage-backed securities issued in the first quarter included modified VA loans as well as those originated in Alaska, Guam, Hawaii and the U.S. Virgin Islands. Wells Fargo ranked first among securitizers of VA jumbos in the first quarter, with $1.3 billion in production. Second-ranked Freedom Mortgage conveyed $652.7 million in ... [ 1 chart ]
(*)Hatteras Financial agreed this week to acquire Pingora Asset Management and Pingora Loan Servicing. Hatteras said the acquisition will help the real estate investment trust acquire mortgage servicing rights, including MSRs on the REIT’s jumbo adjustable-rate mortgage flow business ...
Pete Mills, SVP for residential policy at the Mortgage Bankers Association, said there are a few issues not covered by the bureau’s delay. “What about state regulators?" he asked. "Are they going to be bound, are they under that same understanding as the bureau?”
The eight banks tracked by the OCC’s Mortgage Metrics report – including Wells Fargo and JPMorgan Chase – completed 7,571 principal reduction mods in the first quarter...
Neither of the credit-rating industry’s perennial market leaders – Standard & Poor’s and Moody’s Investors Service – managed to claim a top spot during the first quarter of 2015, according to a new Inside MBS & ABS ranking. Fitch Ratings ranked as the top player in rating the bigger non-mortgage ABS market. The company rated 43 ABS issued during the first quarter that represented 64.2 percent of total issuance by dollar amount. The company rated all eight credit-card ABS issued in early 2015, along with most of the student-loan deals. Fitch raised...[Includes two data tables]
Proposed credit card ABS disclosure requirements from the Securities and Exchange Commission could compromise commercially sensitive proprietary issuer information and prove too burdensome for issuers, according to the Structured Finance Industry Group. The industry group this week unveiled an alternative card ABS format that was endorsed by both its issuer and investor members. The three-part disclosure “would provide more information on more metrics” than either of two options proposed by the SEC. Last year, the SEC adopted...
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