Outreach and lender-education efforts by industry groups, such as the National Association of Realtors and the National Association of Home Builders, have boosted refis as well...
Standard & Poor’s lost a little market share in the business of rating non-mortgage ABS during the first quarter of 2016, but the firm still was the most active player in the market, according to a new ranking by Inside MBS & ABS. S&P rated 58.4 percent of the $41.42 billion of non-mortgage ABS issued in early 2016, down from its 61.5 percent share for all of last year and its 64.1 percent share back in 2014. The company’s strong suit was in vehicle-finance ABS, where it rated 64.7 percent of the market, by dollar volume. While S&P’s share was up slightly in a few categories, its stake in the credit card ABS segment fell...[Includes two data tables]
A federal appeals court in New York this week will hear arguments from African-American subprime borrowers in Detroit in connection with a proposed class action challenging Morgan Stanley’s mortgage securitization practices during the subprime mortgage boom. The American Civil Liberties Union and its partners are seeking class-action status for the borrowers’ Fair Housing Act claims, which were initially rejected by a lower court. The court previously ruled that each borrower would have to sue on his or her own. The issue on appeal at the U.S. Court of Appeals for the Second Circuit is...
In fact, the transition to a new GSE single security that’s scheduled to start in 2018 could become a test run of sorts for the even bigger changes ahead…
Mortgage lenders continue to face persistent repurchase demands from Fannie Mae and Freddie Mac, but a growing share of them end up being withdrawn, according to a new Inside Mortgage Trends analysis of disclosures made by the two government-sponsored enterprises. During the first quarter of 2016, lenders repurchased or replaced $315.0 million of mortgage loans for breaches of representations and warranties. That was a record low for ... [Includes two data charts]
Commercial banks and savings institutions reported a small increase in the volume of repurchases and indemnifications regarding single-family mortgages during the first quarter of 2016, according to an Inside Mortgage Trends analysis of call-report data. Banks reported $764.1 million of repurchases during the first quarter, a 3.9 percent increase from the previous period. That was down 23.3 percent from the first quarter of 2015, however, and sets a pace ... [Includes one data chart]
A majority of mortgage companies plan to increase their spending on technology as part of their efforts to boost profit margins, according to the latest results from Fannie Mae’s quarterly survey of lenders. Some 56 percent of the 169 lenders surveyed by Fannie in the second quarter of 2016 listed technology investment as one of their top two strategies to increase profit margins, marking the first time a majority of respondents plan to increase tech spending to help profits since ...
Intercontinental Exchange will acquire a majority equity position in the owner of Mortgage Electronic Registration Systems and “modernize” MERS, according to the companies. Terms of the investment weren’t disclosed, though ICE said the price and terms of the transaction are “immaterial” to the company. The transaction is expected to be completed at the end of this month. MERS is owned by MERSCorp Holdings, a private corporation and member-based organization ...
The chance of Fannie Mae/Freddie Mac reform legislation passing Congress this year is virtually nil. But that hasn’t stopped industry trade groups from talking about the topic, or dispensing a barrage of advice for the Federal Housing Finance Agency about the withering capital cushions at Fannie and Freddie. The way things stand today, the largest industry trade organizations – and arguably the most powerful politically – are taking the position of “all or nothing” mortgage-finance ...
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