Based on what Freddie's Layton said, one might think that going forward, the GSEs might barely break even. Maybe that’s why the GSEs – and not necessarily Mel Watt – want to hike their guaranty fees…
Beginning in December, the FHFA directly stepped into the MSR sales market, requiring its approval on all Fannie/Freddie transfers involving 5,000 loans or more. This additional level of approval initially caused concern in the market because it added another layer of oversight to sales.
Fitch said ignoring broker price opinions dramatically increased the likelihood of underestimating potential loss severities and results in insufficient credit enhancement.
Freddie CEO Don Layton warns that staffers “at all levels” would flee the secondary market giant amid the five-year transition period, citing several provisions of the bill that are detrimental to employees.
Fannie Mae and Freddie Mac securitized just $11.1 billion of refinance mortgages with high loan-to-value ratios during the first quarter of 2014, a sign that the Home Affordable Refinance Program is slowing down significantly. The first-quarter high-LTV refi market was down 37.1 percent from the fourth quarter of 2013 and off a hefty 78.5 percent from the $51.4 billion of business the two government-sponsored enterprises did back in the first three months of last year, according to a new Inside MBS & ABS analysis. Production was...[Includes one data chart]
Agency securitization of loans originated by correspondents and mortgage brokers fell 27.9 percent during the first quarter, but there are a number of companies moving in to take up the slack as big-name banks trim down their third-party originator programs. Wells Fargo and Chase remained the biggest sellers of TPO loans to Fannie Mae, Freddie Mac and Ginnie Mae, but their volume was down 41 percent from the fourth quarter ... [Includes one data chart]
Mortgage industry participants should expect the Consumer Financial Protection Bureau to cast both a wider and deeper dragnet of Home Mortgage Disclosure Act data compared to the Federal Reserve’s oversight of the nearly 40-year-old law, according to CoreLogic. A new CoreLogic report forecasts a more muscular collection of industry information following the Dodd-Frank Act’s transfer of HMDA supervision and enforcement from the Fed to the bureau, including a significant shift in ...
Officials at TD Bank project that the lender will be able to weather the downturn in originations better than most because of its diversified product offerings – including portfolio mortgages – and an emphasis on cross-selling products. Mike Pedersen, president and CEO of TD Bank, said the bank’s goal is to continue to outpace the market in terms of originations. “We still believe we’ll outgrow the market, and that’s because we are underpenetrated against our customer base ...
As previously reported by Inside Mortgage Trends, the Consumer Financial Protection Bureau did in fact announce plans last week to roll out a voluntary eClosing pilot project later this year – along with guidelines that lay out the minimum functions required of participants as well as the features the CFPB wants to test in the pilot. To join the bureau’s pilot on electronic closings, each participant must have a system that meets minimal technical capabilities and requirements ...
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