Five Oaks will allow for cash-out refis for loans with balances of up to $1 million. The maximum allowable loan-to-value ratio is 65 percent, but the company may eventually go to 70 percent.
All seven active mortgage insurance companies reported a total of $31.34 billion of new primary insurance written during the first quarter, according to calculations from Inside Mortgage Finance.
In case you didn’t notice, the price of Fannie and Freddie common rose about 5 percent Tuesday, after Watt spoke. In trading Wednesday, they were up again...
Richard Smith, chief marketing officer for Ditech, said the mortgages that the company originates will close in Ditech’s name, not in the name of Green Tree.
The disclosure regime envisioned by the SEC prompts even greater privacy concerns than the initial proposal, according to a number of non-agency MBS issuers.
“This decision is motivated by concerns about how such a reduction could adversely impact the health of the current housing finance market,” said FHFA Director Mel Watt.