The heads of quality control at Fannie Mae and Freddie Mac describe the causes and treatment of defects. The percentage of repurchases has remained stable at Fannie, but is elevated at Freddie.
Digital assets specialist Silvergate Bank bolstered its liquidity with an FHLB advance after the implosion of crypto king FTX caused a run on the bank's deposits in the fourth quarter.
NCLC attorneys claim the bulk sale of seasoned loans allows buyers to circumvent the GSEs’ loss-mitigation programs. That adds up to more borrowers unable to stay in their home.
Despite FHFA’s decision to require that lenders provide both a VantageScore 4.0 and a FICO 10T credit score, it may be years before the market can implement the new scores.
OIG says the agency’s procedures for disposing of old hard drives and other electronic media still need work to make sure confidential data doesn’t get into the wrong hands.
Minority-owned Protecdiv will partner with insurance giant Aon in credit insurance risk-transfer transactions. The collaboration gives the small re-insurer the scale to work with large institutions.
The industry goliaths reported huge declines in earnings from their mortgage banking operations in the fourth quarter, driving the sector to its weakest profits in more than a decade. (Includes data chart.)
Looking to cut costs, mortgage lenders are planning to reduce the amount of money spent on technology. That might not be the best choice, given that originations will bounce back, eventually.
Fairway Independent Mortgage, the nation’s fifth largest reverse mortgage lender as of the end of September 2022, plans to invest “unprecedented resources” to achieve its goal.
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