In a follow-up development to earlier reports of the demise of W.J. Bradley Mortgage as a result of the CFPB’s integrated disclosure rule, affiliated newsletter IMFnews reported last week that at least $20 million worth of jumbo loans originally funded by the lender have hit the TRID “scratch-and-dent” market, citing an investor who plays in the space. The loans were offered by Texas Capital Bank, which several sources have identified as a key warehouse lender to WJB, a now defunct privately held non-depository. Early reports on the company’s voluntary closure suggest that TRID errors on non-agency mortgages played a key role in the firm’s demise. Sources contend that a few months back WJB tried to sell at least $30 million ...
Although BLS reported declines, recent interviews conducted by IMFnews suggest that some nondepositories are in a hiring mode this spring, especially for retail loan officers.
The last couple of application reports from the Mortgage Bankers Association have been tepid, but anecdotal evidence suggests that the first quarter – which closed on Thursday – was much better than what many executives were expecting back in early January. Moreover, many mortgage officials interviewed by Inside Mortgage Trends believe that if it weren’t for concerns about the integrated disclosure rule known as TRID, origination volumes would have been ...
Fannie Launches Marketing Center. Fannie Mae’s new Marketing Center, introduced this week, is a free online tool providing lenders and other housing professionals access to a variety of customizable marketing materials including HomeReady mortgage, HARP, and more. Freddie’s Second ACIS CTR of 2016: Freddie Mac announced its latest ACIS credit risk transaction, which is its second for 2016. This new transaction provides credit loss protection up to a combined maximum limit of approximately $336 million of losses on single-family loans. White House GSE Advisor Steps Down. White House senior policy advisor on housing and GSE issues Michael Stegman is expected to step down from his post sometime this week, according to industry sources.
As manufactured housing advocates continue to push for chattel lending, the Federal Housing Finance Agency is weighing whether it will allow the loans that are based on financing the home itself rather than the real estate property. The topic made a strong showing in the FHFA’s recent request for comment in which questions about serving the manufactured housing industry were included under its duty-to-serve proposed rule. One of the questions specifically focused on whether a pilot program should be developed that would allow chattel loans. Many commenters said Fannie Mac and Freddie Mac should increase their support for the manufactured housing industry and that includes creating a market for chattel lending.
The Federal Housing Finance Agency’s Office of Inspector General released five reports this week examining everything from corporate governance to examiner issues. The two reports released on March 31 focused on the board’s of Fannie Mae and Freddie Mac. The OIG found that the there are “serious deficiencies” in the GSEs boards when it comes to managing Fannie Mae’s and Freddie Mac’s remediation efforts. The report said the board could become “no more than a bystander to management’s efforts to remediate matters requiring attention.” One of the reports also noted that while the board has made progress in overseeing cyber risk, much more needs to be done.
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