The Federal Housing Finance Agency is expected to announce lower loan limits for Fannie Mae and Freddie Mac sometime this fall, a move that warms the hearts of non-agency jumbo originators everywhere, but is causing consternation among certain factions of the market, in particular, Realtors and the California Mortgage Bankers Association. “Any reduction in the loan limit will have a huge impact on the California market,” said Susan Milazzo, executive director of the CMBA. “We’re a high-cost state.” The trade group executive told...

Look for the Senate leadership from both sides of the aisle to ramp up efforts to craft new legislation on comprehensive mortgage finance reform when Congress returns from its summer recess next week, although industry observers predict lawmakers will make only marginal progress this fall. Last month, at the behest of Senate Banking, Housing and Urban Affairs Committee Chairman Tim Johnson, D-SD, and Ranking Member Mike Crapo, R-ID, senior committee staff met with various industry “stakeholders” – including trade associations, consumers groups and academics – to hear their thoughts on housing finance reform and the fate of Fannie Mae and Freddie Mac, according to meeting participants. The meeting takeaway among the stakeholders who spoke with Inside Mortgage Finance is...

With the most significant collection of regulations to hit the mortgage industry in decades just a few months away from implementation, mortgage lenders are feeling tremendous pressure and continue to clamor for relief from regulators. Last week, the Mortgage Bankers Association asked the Consumer Financial Protection Bureau for a grace period of six to 12 months before it takes enforcement actions under any of the new mortgage rules implementing the Dodd-Frank Act. “Since the rules were issued...

Radian Guaranty has struck a deal with Freddie Mac on a pool of delinquent and reperforming mortgages, capping the private mortgage insurer’s exposure at $840 million and reducing the total number of delinquent loans by 12.6 percent. Announced on Aug. 29, the agreement covers a group of 25,760 first-lien loans insured by Radian and held by the government-sponsored enterprise that were delinquent as of Dec. 31, 2011. The agreement provides for the future treatment of these loans, including claim payments, loss mitigation and termination of insurance coverage. At the same time, Radian’s claim exposure on 9,756 delinquent loans and 4,586 loans that were...

America’s Homeowner Alliance said it will defend low downpayment loans and the mortgage interest deduction.

Purchase mortgages accounted for 39 percent of the loans included in the new Credit Suisse jumbo MBS deal. The weighted-average combined LTV was 71 percent.

The government is seeking due diligence reviews performed by Clayton, as well as all communication between the clients for whom the company performed such work.

With origination profits leveling off, some mortgage bankers are looking to cash out. But can they still get top dollar?

Carrington Mortgage is in the market to buy residential servicing rights. Meanwhile, the mortgage application losing streak has ended.

Borrowers are given the option to either make a single, lump sum draw for adjustable and fixed-rate HECMs at closing or within the 12-month period after the loan closing.