The Federal Housing Finance Agency is calling for public comments to weigh in on its planned survey of borrowers as part of a joint effort with the Consumer Financial Protection Bureau to build and maintain a database of government mortgage information. The planned National Survey of Mortgage Borrowers will be a quarterly survey of recent first-time borrowers of single-family mortgages. “The survey questionnaire will be sent to approximately 7,000 new mortgage borrowers each calendar quarter and will consist of approximately 80-85 multiple choice and short-answer questions designed to obtain information about individual residential mortgage borrowers that is not available elsewhere,” explained the FHFA in its recent Federal Register notice.

Mortgage industry economists widely agree that loan origination volume is going to drop sharply in 2013 – and again next year – although there is some variation in when they expect the downturn to take hold. The consensus view of economists at Fannie Mae, Freddie Mac and the Mortgage Bankers Association is that new originations in 2013 will drop 13.6 percent from last year’s level, falling to $1.635 trillion. The consensus – a simple average calculated by Inside Mortgage Trends – predicts ... [Includes one data chart]

When Countrywide Financial Corp. chairman and CEO Angelo Mozilo gave then company president Stanford Kurland the heave-ho in the fall of 2006, little did Kurland know at the time that it would be the best thing to ever happen to him professionally. Six years later, Kurland sits atop a growing mortgage empire fueled by the activities of PennyMac Mortgage Investment Trust, a publicly traded real estate investment trust with a market capitalization rate just north of $1.5 billion. To boot ...

GSE principal reduction could end up saving the government money but its reach to additional distressed borrowers would be limited, according to a report by the Congressional Budget Office. Expanding Fannie Mae’s and Freddie Mac’s loan modification policy to include principal forgiveness under the current Home Affordable Modification Program would probably generate fewer than 60,000 additional modifications, concluded the CBO report published last week.

The overall picture for mortgage delinquency and foreclosure activity generally is continuing to improve, despite some bumps in the road in a number of states. The mortgage delinquency rate increased to a seasonally adjusted rate of 7.25 percent at the end of the first quarter of 2013 – up 16 basis points from the fourth quarter of 2013, but down 15 basis points from one year ago, according to the Mortgage Bankers Association’s latest National Delinquency Survey, released late this week ...

Democrats are happy, but not quite content, with President Obama’s long-awaited action last week to send the name of Rep. Mel Watt, D-NC, to the Senate as the White House’s nominee for director of the Federal Housing Finance Agency. Prominent progressives are doubling down by demanding that Edward DeMarco, the FHFA’s long-standing but embattled acting director, be dispatched out of office by the president forthwith. Freshman Senator and one-time Consumer Financial Protection Bureau architect Elizabeth Warren, D-MA, and New York Attorney General Eric Schneiderman, D, lauded Watt’s nomination, then immediately demanded that Obama appoint a new FHFA acting director in the interim.

AIG and its mortgage insurance subsidiary United Guaranty Corp. are combining their investment expertise and knowledge of the mortgage market to purchase residential whole loan mortgages as investments. The initiative is in a pilot phase and limited in scope, according to UGC executives. Closed loans will be purchased individually from correspondent lenders and held in portfolio. There are no plans for direct lending or securitization, executives added. Loans targeted for purchase will be subject to ...

One of the things that is unusual about this housing recovery is the extent to which it has been supported by investors – and not just individuals looking for rental property. Institutional investors have jumped into the rental home market in a way not seen before, and that is benefitting some industries you might not expect, or in ways you may not have anticipated. “In traditional housing recoveries, individuals and households provide the bulk of the demand the market needs to rebound,” said ...

Officials at Ocwen Financial were highly critical of the accounting methods used by other servicers that have acquired significant holdings of mortgage servicing rights recently. Ocwen might also soon have more cash than necessary for its planned acquisition opportunities, with officials considering initiating a stock buyback. William Erbey, Ocwen’s chairman, said his company is considerably less leveraged than other servicers. He noted that Ocwen carries most of its MSRs at market value rather than ...

Sixty-five percent of real estate agents would be more willing to recommend a lender if they were provided a mobile “app” to track the status of scheduled mortgage closings, according to a new survey by Campbell Surveys and Inside Mortgage Finance Publications. “Most lenders today are not keeping us advised of the status of the loan and, more frustrating, they are requiring additional documents piecemeal,” according to one real estate agent that responded to the survey. “Instead of a ...