Mortgage brokers accounted for 9.6 percent of all loans originated in the the third quarter, one of the lowest readings ever, according to exclusive survey figures from Inside Mortgage Finance.
Freddie Mac projects that interest rates on 30-year fixed-rate mortgages will hit 5.00 percent by the end of 2014, with little impact on affordability.
Speaking at a housing finance forum sponsored by the Urban Institute and CoreLogic, Gene Sperling, a White House economic advisor, said the Obama Administration believes the “risks are simply too great and that this would recreate the problems of the past.”
Analysts commenting on the settlement note that while JPM did not admit any violations of law, it acknowledged in a “statement of facts” section that employees did not comply with company underwriting guidelines and representations.
The purchase mortgage share of originations is expected to increase significantly, from 30 percent in 2012 to 79 percent in 2015, according to Freddie Mac.
Wells Fargo once again ranked first among issuers with a market share of 29.6 percent, followed by Chase Home Finance (12.1 percent), and U.S. Bank (3.8 percent).
The CFPB has come up with a new three-page loan estimate form ("Ficus") that must be given to borrowers within three business days after they submit a loan application.
RFC is privately held. One of its top executives is Barry Habib, a well-known mortgage trainer who has worked at GMAC Mortgage and other shops during his career.
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