Early indicators suggest that private mortgage insurers saw an uptick in new business during the third quarter, a time when most mortgage production indicators were losing momentum. Fannie Mae and Freddie Mac securitized a total of $58.18 billion of single-family loans that were insured by private MIs during the third quarter, according to a new Inside Mortgage Finance analysis of loan-level detail. That was up 3.7 percent from the second quarter at a time when total production by the two government-sponsored enterprises declined by 15.6 percent. Private MI-insured loans accounted...[Includes two data charts]
California was the biggest source of private MI loans for Fannie Mae and Freddie Mac, but the state doesn’t dominate the GSE insured market the way it does in other measures.
U.S. prosecutors estimate that Fannie Mae and Freddie Mac lost almost $850 million (gross) from Countrywide's "Hustle" program. However, at the time, BofA didn't even own CFC.
Based on their view that the requirements of the ATR rule and ECOA are compatible, regulators said they “do not anticipate that a creditor’s decision to offer only Qualified Mortgages would, absent other factors, elevate a supervised institution’s fair lending risk.”
The Federal Housing Finance Agency is requiring Fannie Mae and Freddie Mac to promptly notify the agency whenever they detect fraud “or other financial misconduct” with any business entity they have done business with during the past three years.
Marc Savitt, president of National Association of Independent Housing Professionals, a broker/appraiser trade group, noted that the short-term outlook for the sector looks difficult.
The survey of almost 2,000 real estate agents found that lenders routinely extend their deadlines due to loan processing issues, causing problems for homebuyers
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