Purchase-mortgage originations continued to grow during the third quarter of 2013, with a significant share of the loans coming from loan correspondents, according to a new ranking and analysis by Inside Mortgage Finance. Lenders generated an estimated $218.0 billion in purchase mortgages during the third quarter, the highest three-month volume since the third quarter of 2007. That was up 17.2 percent from the second quarter and it brought year-to-date production to $583.0 billion, up 30.4 percent from the same period in 2012. Refinance production continued...[Includes four data charts]
The Federal Housing Finance Agency this week announced it would direct Fannie Mae and Freddie Mac to implement a three-pronged adjustment in guaranty fee the two government-sponsored enterprises charge lenders, including a 10 basis point g-fee hike beginning in March. The increases which would boost the average guaranty fee for new loans to over 60 bps are part of the FHFAs strategic plan for Fannie and Freddie to attract more private capital to the mortgage market and improve the relationship between g-fee and risk, according to FHFA Acting Director Edward DeMarco. As part of the plan, Fannie and Freddie will drop...
Officials close to the matter said the MI policy briefing was cancelled due to Senate approval of a new permanent director to the agency, Mel Watt, a former North Carolina Congressman.
In certain ways, HUDs "qualified mortgage" definition is less restrictive than the CFPB edict, including setting no limit on a borrowers debt-to-income ratio.