Fannie Mae and Freddie Mac mortgage-backed securities accounted for 74 percent of combined FHLB MBS portfolios in the second quarter, up 2 percent from 1Q13.
In a letter dispatched to CFPB Director Richard Cordray, MBA stresses that mortgage firms are not being allowed enough time to properly comply with the January 2014 implementation of the bureau’s many new rules.
The Chicago ordinance, which took effect in November 2011, requires mortgage lenders to register vacant properties with the city and pay a $500 registration fee.
As reported by IMFnews late last week, Stewart Title is buying Allonhill, a due diligence firm based in Denver. Meanwhile, look for billions of dollars in NPL sales soon.
Commercial banks and savings institutions continued to generate solid earnings on their mortgage banking activity during the second quarter of 2013, according to a new call report analysis by Inside Mortgage Trends. Banks and thrifts reported $8.164 billion in mortgage banking income during the second quarter, a 6.0 percent increase from the first three months of the year. It was, in fact, the second best quarterly earnings for the industry since the bank call report was amended in ... [Includes two data charts]
Tommy Adkins, director of loan production for Florida Capital Bank Mortgage, has some advice for lenders fearing a tumultuous slowdown in refinancings: cut overhead now and don’t look back. Unfortunately for rank-and-file mortgage workers, cutting overhead means jobs. When Wells Fargo recently announced that it was eliminating 2,300 jobs in its mortgage department, it provided few details on what type of workers were let go except to say most were in fulfillment and processing. A Wells spokesman ...
Federal regulators this week re-proposed risk-retention requirements with an option to align the definition of qualified residential mortgages with the definition of qualified mortgages. The regulators said the alignment will help increase mortgage availability and reduce compliance costs. “The agencies are concerned about the prospect of imposing further constraints on mortgage credit availability at this time, especially as such constraints might disproportionately affect groups that have ...
The spike in interest rates in recent months didn’t cause a significant change in homebuyer behavior, according to the latest Campbell/Inside Mortgage Finance HousingPulse Tracking Survey. The non-cash share of purchase-financing continued to increase in July and sales-to-list price ratios remained elevated, indicating strong demand from homebuyers relying on mortgage financing. Non-cash financing (conventional mortgages, FHA and VA, non-agency, etc.) accounted for 72.1 percent of ...
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