A number of lenders in July stopped offering mortgages with characteristics outside of those allowed for qualified mortgages, according to the Mortgage Bankers Association. The MBA said credit availability declined in August after four months of loosening. “The slight decline in the Mortgage Credit Availability Index in August reflected a reduction in the availability of certain loan features, particularly interest-only and terms exceeding 30 years,” said Mike Fratantoni, the MBA’s vice president of research and economics. “As these loan features are outside of the QM definition, these changes may reflect the beginning of QM implementation, and the fact that Fannie Mae and Freddie Mac are limited to acquiring loans that meet the QM definition.” The MCAI is...

Stonegate Mortgage plans to raise up to $100 million in an initial public offering, according to documents filed with the Securities and Exchange Commission late last week. Meanwhile, stock prices for other mortgage-related companies that priced IPOs this year have declined. Stonegate is unique among mortgage company IPOs this year in that it’s not a real estate investment trust. Three of the four mortgage-related IPOs that have priced in 2013 have been for REITs and the other was a nonbank affiliated with a REIT. Stonegate was founded...

The House Financial Services Committee’s senior Democrat is drafting her own legislation to reform the government-sponsored enterprises as an alternative to a Republican bill that was rammed through committee earlier this summer but is stalled getting to the House floor. During a speech this week at a meeting of the National Association of Federal Credit Unions, Rep. Maxine Waters, D-CA, said she is seeking industry input for her bill that would be “quite different” from the Protecting American Taxpayers and Homeowners Act, sponsored by Committee Chairman Jeb Hensarling, R-TX. Waters said...

Will private mortgage insurance firms continue to steal market share from the FHA? It certainly looks that way.

Maxine Waters is working on a GSE reform bill that likely will garner strong industry support, unlike Rep. Hensarling's PATH Act.

The city council’s favorable vote represents a rare notch in the win column for MRP, which has suffered numerous defeats in local jurisdictions across the nation, likely at a substantial loss to the firm’s financial backers.

Two Harbors revealed that it sold several billions of dollars’ worth of agency MBS in the third quarter as the assets became less attractive with rising rates. The proceeds will be used to buy MSRs.

When it comes to mortgage servicing rights, Pingora has been a busy bee. It bought Gilpen Mortgage and has been an active bidder on several packages.

It's been five long years since Uncle Sam seized Fannie Mae and Freddie Mac. Is time to give them back to shareholders?

Not only is Stonegate Mortgage going public, but it plans to issue jumbo MBS as well.