Much like the GSEs, banks have the ability to share credit risk on a pool of assets. However, bank CRT issuance has been limited thus far as industry participants wait for an endorsement from banking regulators.
The Federal Housing Finance Agency will eliminate certain upfront loan-level price adjustments while implementing “targeted” increases for most cash-out refinance transactions. The agency also approved two new credit scoring models for Fannie and Freddie.
With all the layoffs this year, it stands to reason that finding loan officer talent would be an easy task. But that’s not necessarily the case. Overall, the LO landscape remains competitive.
As bad as originations were this year, 2023 is projected to be worse. Purchase-mortgage business is expected to decline even as mortgage rates come down and home prices level off.
Mr. Cooper posted a respectable profit for the third quarter, but challenges remain. Behind the scenes, this top-10-ranked shop has been both buying and selling bulk mortgage servicing rights.
Industry trade groups want Ginnie Mae to continue making changes to its risk-based capital requirements for nonbank issuers during the extended implementation period.
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