Issuance of jumbo MBS was strong in 2013 until interest rates started to rise in May due to concerns that the Federal Reserve was set to taper its stimulus efforts.
Mel Watt said he will formally announce the delay in higher LLPAs and g-fees after he is sworn in on Jan. 6, the same day he will resign his House seat.
According to calculations from Inside Mortgage Finance, some counties will see the limit fall to $271,050. “At the very least FHA should allow for a phase-in period,” said one industry lobbyist.
As an industry, banks assigned a fair-market value of $48.4 billion to their mortgage servicing rights, according to figures compiled by Inside Mortgage Trends.
With residential originations expected to fall by 25 percent next year, some mortgage executives are predicting grim news in terms of new hiring, especially in any field tied to loan production. But as always, there are always a few “silver linings” in any downdraft, mortgage banking being no exception to the rule. A handful of firms say they are still aggressively recruiting residential loan officers who have a solid background in purchase-money lending – that is, sales professionals with deep ties to ...
The trend of deconsolidation among mortgage lenders is likely to reverse due to the advantages of large lenders, according to projections from Fannie Mae. “The recent decline in large-lender share of the primary market is temporary, and principally a result of cyclical factors that caused larger lenders to pull back from the market,” said Gerry Flood, director of strategic planning in Fannie’s economic and strategic research division. Flood cautioned that the projections don’t take ...
The government-sponsored enterprises Fannie Mae and Freddie Mac are stepping up their development of a standardized dataset to support the Consumer Financial Protection Bureau’s recently finalized consolidated closure disclosure forms – a project that could represent a tipping point in the mortgage industry’s use of electronic mortgages, technology vendor representatives say. The GSEs’ common industry dataset that supports the CFPB’s form is called the Uniform Closing Dataset, and is one component of ...
Increases to the guaranty fees charged by the government-sponsored enterprises could prompt some changes for lenders. While execution with the GSEs will remain more attractive than issuing non-agency mortgage-backed securities, new loan-level pricing adjustments could shift some business to portfolio and to the FHA. The Federal Housing Finance Agency last week announced changes to GSE MBS g-fees that will amount to an average increase of approximately 11 basis points, to be implemented in March and April ...
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