Mortgage industry participants should expect the Consumer Financial Protection Bureau to cast both a wider and deeper dragnet of Home Mortgage Disclosure Act data compared to the Federal Reserve’s oversight of the nearly 40-year-old law, according to CoreLogic. A new CoreLogic report forecasts a more muscular collection of industry information following the Dodd-Frank Act’s transfer of HMDA supervision and enforcement from the Fed to the bureau, including a significant shift in ...
Agency securitization of loans originated by correspondents and mortgage brokers fell 27.9 percent during the first quarter, but there are a number of companies moving in to take up the slack as big-name banks trim down their third-party originator programs. Wells Fargo and Chase remained the biggest sellers of TPO loans to Fannie Mae, Freddie Mac and Ginnie Mae, but their volume was down 41 percent from the fourth quarter ... [Includes one data chart]
During the first quarter of 2014, nonbank lenders accounted for 37.7 percent of originations, based on a market sample covering over three quarters of fundings during the period.
Although Garrett declined to comment further on the matter, attorneys that represent lenders before the CFPB were happy to share their opinions on the "under oath" issue.
Ocwen's share price fell 7 percent on the day, moving closer to its 52-week low of $33.54. Its high is a mouth-watering $60.18. In other words, its market cap has been almost halved.
Industry officials who have studied the issue contend that the Treasury Department does not have the legal right to give Fannie and Freddie back to their junior and common shareholders. In short, it would take an act of Congress.
According to figures compiled by Inside Mortgage Finance, in the fourth quarter brokers facilitated roughly 9.8 percent of all originations, one of the lowest readings ever.
Major contributors to the jumbo MBS include New Penn Financial with a 25.5 percent share, Prospect Mortgage and Prospect Lending with a combined 20.4 percent share and Quicken Loans with a 15.5 percent share.
The status of housing finance reform legislation has become a topic of open speculation after the leadership of the Senate Banking, Housing and Urban Affairs Committee announced a last-minute postponement of a markup this week following the submission of some 100 amendments and the continued non-commitment of support by some committee Democrats. Committee Chairman Tim Johnson, D-SD, and Ranking Member Mike Crapo, R-ID, announced to a packed committee chamber earlier this week that they would delay consideration of S. 1217 in order to “build a larger coalition of support” for their reform measure. “While we have the votes to report the bill out today, members of the committee have asked...
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