The Consumer Financial Protection Bureau, which has a mortgage-related field hearing scheduled for Thursday in Atlanta, is expected to issue its final servicing rule this week.
The National Association of Federal Credit Unions is afraid that new GSE buyback policies promulgated by the Federal Housing Finance Agency could lead to a secondary mortgage market with fewer products and less competition from credit unions and smaller lenders. In a new comment letter to the agency, Dan Berger, NAFCU’s executive vice president of government affairs, said any new buyback requirement would hurt CUs disproportionately because these so-called nonprofit lenders “do not have the volume…
Newcastle Investment Corp., a key player in the huge servicing sale recently unveiled by Bank of America, has raised roughly $538 million by selling 57.5 million shares of common stock in the open market.
Now that mortgage insurance claims are waning, and new business is on the rise again, there’s increasing talk that Essent Guaranty might file papers to go public this year.
Norton Wells, senior vice president of Bank of America’s mortgage resolution team, has left the company, industry officials confirmed to Inside Mortgage Finance.
The Consumer Financial Protection Bureau has a field hearing scheduled for January 17 in Atlanta, and industry sources fully anticipate that the bureau will release its final mortgage servicing rule the night before.
FHA reported $21 billion of new residential endorsements in November, down from the previous month but up substantially from the same period a year ago. Fixed-rate mortgages accounted for 80 pecent of the total. For details see the new edition of Inside FHA Lending.
Underwater homeowners who have remained current on their payments and who can demonstrate a “hardship” may be eligible to relinquish their homes, cancel their mortgage debt and avoid the messy foreclosure process under the terms of a Fannie Mae and Freddie Mac policy change to take effect in March. The two government-sponsored enterprises will broaden the authority of their servicers to approve a deed-in-lieu of foreclosure to non-delinquent Fannie or Freddie borrowers who can no longer afford to stay in the home. Effective March 1, the new deed-in-lieu option is...
Fannie Mae and Freddie Mac in 2012 combined for the third biggest year ever in single-family mortgage-backed securities issuance, according to a new Inside Mortgage Finance market analysis and ranking.
The Department of Housing and Urban Development this week announced the latest changes designed to bolster the solvency of the FHA and ease Congress’ fear of a potential taxpayer bailout. The announcement is in connection with additional reforms, which FHA Commissioner Carol Galante committed to in an agreement with Sen. Bob Corker, R-TN. In a deal that cleared the way to her confirmation as FHA chief, Galante promised to have the measures in place by the end of the month to better manage risk and strengthen the FHA Mutual Mortgage Insurance Fund. As expected, HUD is...
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