Defying the expectations of most industry analysts, investors have bid up the price of agency MBS over the past two weeks, pushing values into nosebleed territory. According to figures compiled by MBS Quoteline, the price of the Fannie Mae 3.50 percent bond recently reached 104.4. “This week and last week we saw new highs,” said Joe Farr, director of sales and marketing for the company. And that has made...
The increase in the number of mortgage loan originators with state licenses was attributed to increased access to warehouse credit and less exposure to regulation than big banks.
On the supply side, there were $5.63 trillion of single-family MBS guaranteed by Fannie Mae, Freddie Mac and Ginnie Mae outstanding at the end of September.
President Obama this week signed a comprehensive package of spending bills, providing funding to federal agencies through fiscal 2015 but missing two initiatives that would have toughened FHA enforcement and benefited new homeowners through enhanced housing counseling. The FY 2015 Consolidated and Further Continuing Appropriations Act is comprised of 11 funding bills for all federal agencies, including the Department of Housing and Urban Development. The bill provides...
As the share of investors purchasing homes declines, mortgage financing continues to take market share from cash financing for home purchases, according to the latest Campbell/Inside Mortgage Finance HousingPulse Tracking Survey. Non-cash financing was used on 72.4 percent of home purchases in November, based on a three-month moving average. That’s up from a 70.7 percent share in November 2013 and a share as low as 66.9 percent in March 2012. Prior to the housing crisis, the non-cash share of total home sales averaged...
Complying with all of the Consumer Financial Protection Bureau’s mortgage rules that took effect this year could actually boost a lender’s fair lending liability under certain circumstances, according to one top attorney. “There are several possibilities where a person could be in complete compliance or even engage in behaviors incentivized by these rules, while also possibly increasing fair lending risk,” said Colgate Selden, counsel at the Alston & Bird law firm, during a webinar last week sponsored by InsideMortgage Finance. “The ability-to-repay, loan originator compensation, mortgage servicing, and Truth in Lending Act/Real Estate Settlement Procedures Act integrated disclosure rules all contain provisions where persons could indirectly increase their fair lending risk through compliance with those rules.” Among the ATR-related fair lending issues discussed by Selden, a former CFPB official, are...
Ginnie Mae approved the transfer of $66.06 billion in mortgage servicing rights during fiscal year 2014, a 56.5 percent tumble from the prior year as “mega” MSR transactions hit the skids. In fiscal 2012, just $25.39 billion in Ginnie product changed hands, but the market heated up significantly with $152.22 billion transferred in 2013. As always, transfers can be...[Includes one data chart]
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