Former FHA chief David Stevens said use of the False Claims Act as a “legal sledgehammer will now be tested by one of the highest quality FHA lenders in the nation.”
Mortgage banking appeared to become somewhat more profitable during the first quarter of 2015, according to a new Inside Mortgage Trends analysis of earnings reports filed by a diverse group of 19 publicly-traded companies. The group – all but one of them banks – reported a total of $3.496 billion in mortgage banking income during the first quarter. That was up 10.2 percent from the end of last year. It also represented a 23.0 percent increase over the first quarter of 2014, one of the ...
PHH Corp., the largest publicly traded nonbank mortgage originator in the nation, is a company that has perplexed investors and analysts for years. In business for decades, it survived the subprime crisis by never originating a “B” or “C” loan. It stuck to its knitting as the largest private-label funder and servicer in America. In 2007, it was almost bought by Countrywide Financial Corp., a sale which would have been disastrous for management and employees, given what happened to CFC ...
Most lenders already doing business with Fannie Mae and Freddie Mac expect to offer the new low-downpayment options available from the government-sponsored enterprises, though few expect to see much pickup in their originations. A new Fannie survey found 81 percent of lenders intend to offer the 97 percent loan-to-value ratio mortgage sometime this year. About 8 percent said they’re not interested and the rest weren’t sure. But of those planning to offer the product, only ...
The majority of the 9.3 million borrowers who lost their homes between 2006 and 2014 will likely become eligible to re-enter the home purchase market within the next nine years, according to an analysis by the National Association of Realtors. However, only about a quarter of them are expected to actually return to the market. “The extended time needed to repair credit scores or save for a downpayment, combined with other overlapping post-distress factors on credit quality, such as ...
Recent actions by the Federal Housing Finance Agency, the government-sponsored enterprises and FHA to make it easier for borrowers to get a mortgage are probably going to be an inconsequential wash overall, according to a panel of industry representatives and policy experts. However, there was some optimism expressed as well. Commenting on last week’s changes from the FHFA on GSE guaranty fees and loan-level price adjustments, Ron Haynie, senior vice president of ...
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