GSE high-LTV mortgage programs gained traction during 3Q with the two securitizing $2.23 billion of insured purchase loans with LTV ratios of 96 or 97 percent...
Given the fairly wide range in origination volume trends among the group, it’s difficult to forecast how the overall market fared based on just their activity.
Fannie Mae and Freddie Mac securitized $59.07 billion of single-family loans with private mortgage insurance coverage during the third quarter of 2015, reflecting the increase in purchase-mortgage production, according to a new analysis and ranking by Inside Mortgage Finance. The flow of PMI-insured loans to the government-sponsored enterprises’ mortgage-backed securities program was up 12.3 percent from the second quarter, and it was likely the biggest such volume since the housing market collapsed in 2008. The data come from loan-level MBS disclosures, which Fannie started providing in 2013. The increased volume of privately-insured mortgages came...[Includes two data tables]
loanDepot’s initial public offering of stock – $100 million is the target capital raise – is viewed as a bullish sign for the mortgage industry, especially nonbanks, but don’t expect a long line of imitators, at least not yet. Advisor Joe Garrett, who runs Garrett, McAuley & Co., isn’t quite sure what to make of the recent IPO news, stating bluntly: “I’m sure it will get a lot of ‘wannabes’ hot and bothered.” Garrett noted...
The Consumer Financial Protection Bureau’s new guidance on mortgage services agreements has given the industry little confidence about such arrangements and likely helped push another major lender, Bank of America, to shutter its MSA ventures. BofA decided to the pull the plug on all marketing services agreements it has with realty firms, including RE/MAX. The bank told IMFnews, an affiliated daily service, that it will discontinue all “space rental agreement programs due to recent regulatory developments.” Its MSA agreements will end...
The Consumer Financial Protection Bureau’s decision to ignore more than 40 years of established interpretation of the Real Estate Settlement Procedures Act’s anti-kickback provision would deprive consumers of the benefits of risk retention and do them further harm, warned an industry trade group in an amicus brief. The brief in support of the petitioner in PHH Corporation, et al., v. Consumer Financial Protection Bureau said allowing CFPB Director Richard Cordray’s decision to stand would increase closing costs, make an already lengthy closing period longer, and make the mortgage origination process more confusing for borrowers and lenders. Currently on appeal in federal appeals court in the District of Columbia, the decision issued by Cordray on June 4, 2015, relates...
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