Although the Federal Housing Finance Agency has backed away from radically reducing the government sponsored enterprises’ role in the mortgage market, some non-agency lenders believe more of the conventional market might be up for grabs if the FHFA overhauls GSE guaranty fees and loan-level pricing adjustments. There isn’t likely to be much market opened up based on loan amount; FHFA Director Mel Watt has ruled out any change in Fannie Mae and Freddie Mac loan limits. But the FHFA is actively engaging the industry and will be seeking formal comment on guaranty fees and LLPAs. Under current LLPAs, if a borrower has a low FICO score, low downpayment or other “risk factors,” they pay...
As reported by IMFnews, the FHFA has yet to appoint a permanent chief executive and chairman for the CSP, formally known as Common Securitization Solutions.
Seven lenders reported net losses during the first three months of 2014, but 12 of the firms showed stronger results than they had in the fourth quarter of 2013.
Taken as a barometer of industry activity, Wells Fargo's prediction is hardly good news for a business that is facing an ugly 40 percent decline in fundings this year.
The Nationstar spokesman noted that Rodgers’ production duties were assumed by Chad Patton, a senior executive for business development at the nonbank lender.
Loan modifications that reduce principal and interest payments by at least 10 percent perform significantly better than other mods, according to the Office of the Comptroller of the Currency.
New York regulator Benjamin Lawsky also questioned the efficiencies touted by nonbank mortgage servicers, countering that “technology alone does not keep a family in its home."
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