Individual borrowers purchasing homes in the era of the Consumer Financial Protection Bureau’s integrated disclosure rule, dubbed TRID, generally seem to be having an improved overall customer experience, despite a few bumps in the road, according to two recent surveys. But the progress for homeowners is coming at the expense of mortgage lenders. A survey from the STRATMOR consultancy found that overall borrower satisfaction is at a multi-year high ...
United Guaranty, the market leader in private mortgage insurance – and a key partner of the GSEs – made it official this week, filing for an initial public offering of common stock in a transaction valued at $100 million. UG’s parent company American International Group will retain ownership of 80.1 percent of the firm, with the public getting the balance. As the company notes in its IPO documents, Fannie Mae and Freddie Mac must approve the spin-off. But when that will happen remains unclear. No specifics are addressed in the S-1 filing with the Securities and Exchange Commission and a spokesman for UG declined to comment on the matter.
Housing advocates and civil rights groups laud the GSEs’ first payment, $180 million, to the National Housing Trust Fund in years. It’s part of Fannie Mae’s and Freddie Mac’s efforts to support underserved markets through affordable housing, which organizations have long been calling for. But many are also worried about what the future holds for the GSEs. Wade Henderson, President and CEO of The Leadership Conference on Civil and Human Rights calls it “another significant measure taken by FHFA Director Mel Watt to shore up the commitments made to communities of color that expand affordable and sustainable housing finance.” He added that strengthening...
Fannie Launches Marketing Center. Fannie Mae’s new Marketing Center, introduced this week, is a free online tool providing lenders and other housing professionals access to a variety of customizable marketing materials including HomeReady mortgage, HARP, and more. Freddie’s Second ACIS CTR of 2016: Freddie Mac announced its latest ACIS credit risk transaction, which is its second for 2016. This new transaction provides credit loss protection up to a combined maximum limit of approximately $336 million of losses on single-family loans. White House GSE Advisor Steps Down. White House senior policy advisor on housing and GSE issues Michael Stegman is expected to step down from his post sometime this week, according to industry sources.
The AMI chief warned that at some point the GSEs may decide to review TRID documentation and penalize lenders who made even small clerical errors in the disclosures.
According to survey figures from Inside Mortgage Finance, WJB funded $410 million in 4Q15. Typically, it sold jumbos on a correspondent basis to secondary market investors, including JPM.
RSS