PennyMac Mortgage Investment Trust may repurchase up to $150 million of its outstanding common shares as the real estate investment trust's stock price has declined this year.
The Mortgage Bankers Association's non-seasonally-adjusted application index increased by 3.0 percent compared with the previous week, with the increase driven by refinances.
If the Federal Housing Finance Agency implements a principal reduction program that applies to all delinquent mortgages serviced by the government-sponsored enterprises that have negative equity, the Housing Finance Policy Center estimated that 14,563 principal-reduction mods would be completed.
The metric will assess lender performance based on the lender’s default rate within three credit-score bands and compare it to an FHA target rate, rather than to the lender’s peers.
Credit Insurance Risk Transfer 2015-2 covers an $8.1 billion pool of mortgages with a maximum coverage of approximately $202.5 million provided by re-insurers.
The Nonprofit Alliance of Consumer Advocates focuses on helping borrowers that have mortgages owned by a servicer subject to the $25 billion national servicing settlement.
Redwood Trust set up a new risk-sharing agreement with Freddie Mac last month. This makes the real estate investment trust the first to execute proprietary risk-sharing arrangements with both GSEs. In the arrangement with Freddie, Redwood commits to absorb the first 1 percent of credit losses on up to $1 billion of new conforming loans it expects to deliver to Freddie over the course of the third quarter of 2015. Redwood said this is done through a special-purpose entity. The REIT entered into the risk-sharing agreement with Freddie in July and had already been in a risk-sharing transaction with Fannie since the fourth quarter of 2014. In that transaction, Redwood sold protection on the first 1 percent of losses on a $1.1 billion Fannie pool.
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