For Ginnie Mae mortgage-backed securities issued in January 2013, the average reported credit score was 701 and the average DTI ratio was 38.0. By December, the average FHA credit score was down to 680, while the average DTI ratio was up to 40.3.
The Consumer Financial Freedom and Washington Accountability Act, sponsored by House Financial Services Committee member Rep. Sean Duffy, R-WI, would, among other things, replace the single CFPB director with a five-member commission appointed by the president and confirmed by the Senate.
Then again, acquirers also may find that companies that need to sell might have a hard time admitting as much. “I’m seeing a ton of interest on the buy-side these days,” said Larry Charbonneau, a principal in Charbonneau & Associates.
Mortgage-banking income reported by banks and thrifts rose 12.7 percent from the third to the fourth quarter of last year, according to a new analysis of call-report data by Inside Mortgage Trends. The fourth-quarter surge brought annual earnings from mortgage banking to $25.857 billion in 2013.
In the fourth quarter of 2013, Redwood issued one jumbo MBS totaling $325 million and completed whole loan sales of $648 million. Officials at the real estate investment trust said Redwood plans to issue a jumbo MBS in March or April.
Citigroup will not provide representations and warranties for fraud on the MBS and half of the mortgages were originated with stated- or no-documentation.
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