The amount of home equity outstanding hit a record in 2017, surpassing the previous peak seen in the run up to the financial crisis. Economists at the Federal Reserve Bank of New York note that equity extraction by borrowers has been limited by tight underwriting standards.
Since the beginning of the year, at least 11 mortgage banking franchises have come to terms with new owners, representing annualized loan production of $70.3 billion – enough volume to rank as the nation’s fourth largest lender, according to figures compiled by Inside Mortgage Finance. [Includes one data chart.]
Most of the mortgage provisions in the recently enacted Dodd-Frank reform act will not take effect immediately and will require action by the Consumer Financial Protection Bureau.
For years, values on Ginnie Mae mortgage servicing rights have lagged behind the prices paid for Fannie Mae and Freddie product, but finally it appears the government market is catching up.
The Consumer Financial Protection Bureau and Freddie Mac released separate reports in May suggesting that potential borrowers should talk to multiple lenders when seeking a mortgage. The organizations noted that a significant share of borrowers are missing out on thousands of dollars in savings by neglecting to consider offerings from a variety of lenders.
Brian Montgomery this week was sworn in as FHA commissioner, ready to tackle a number of priorities he promised Congress he would undertake once in office.
Attorneys at the Consumer Financial Protection Bureau this week formally threw in the towel on the agency’s controversial interpretation of anti-kickback provisions in the Real Estate Settlement Procedures Act.
Ditech CEO Tom Marano: “I am pleased with the improving performance of our servicing business; however, I am disappointed with the performance of the origination business...”
The trade group argues that if lenders organized as pass-through entities do not receive the new deduction, they will be at a competitive disadvantage...
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