The House Financial Services Committee this week approved legislation that would allow the White House to fire the director of the Federal Housing Finance Agency at will and allow Congress to set the agency’s annual budget. Those provisions are included in the CHOICE Act, a Republican bill that would make sweeping changes to the Dodd-Frank Act. While the legislation is expected eventually to be cleared by the full House on a partisan vote, its fate in the Senate is murkier. FHFA Director Mel Watt’s term as chief regulator of Fannie Mae and Freddie Mac ends...
The vacancy rate across single-borrower, single-family rental securitizations rated by Morningstar Credit Ratings fell to its lowest level in a year, as high retention rates for full-term leases kept performance in the sector within expectations, according to a company report. The vacancy rate dropped to 4.1 percent in March, driven by an improving average retention rate, which rose for the third consecutive month, the report said. The average retention rate for all single-borrower, single-family rental securitizations now stands at 79.5 percent, it noted. In addition, the overall turnover rate held...
After the end of the first quarter, PennyMac acquired a bulk portfolio of Ginnie Mae mortgage servicing rights with an unpaid principal balance of $4.30 billion.
One fact seems certain: there are more purchasers for non-agency/nonprime loans than a year ago with a handful of foreign and even U.S. banks contemplating acquisitions…
The FHFA was created in part because its predecessor, the Office of Federal Housing Enterprise Oversight, was widely seen as lacking enough independence to adequately oversee the GSEs...
Nearly all publicly held commercial banks and savings associations continued to generate a profit on their mortgage banking activities during the first quarter of 2017, but in most cases it was less than they earned in the past, according to an exclusive analysis and ranking by Inside Mortgage Trends. A group of 26 national banking organizations and regionals reported a combined $2.295 billion in mortgage banking income for the first quarter. Not all institutions ... [Includes one data chart]
The updraft in mortgage interest rates following the November election has bolstered the secondary market in mortgage servicing rights, and business could quicken even more if independent mortgage bankers feel profit pressure from declining margins, according to industry experts. There are more bidders in the market than last year, said David Bennett, a managing director at MountainView Capital Holdings, during a panel session at this week’s secondary market conference ...
Now that Arch Mortgage Insurance is the largest player in the MI space – thanks to its yearend purchase of United Guaranty Corp. – it has no intention of taking it easy. In a recent interview with Inside Mortgage Trends, company CEO of Global Mortgage Insurance and Reinsurance Andrew Rippert touched on future growth, including plans for further expansion into international markets, increasing the firm’s coverage into more non-agency loans, and reinsuring its mortgage risk to ...
There are sharp differences in compensation structures for loan originators who work out of retail branches and those in the consumer-direct business, according to Strategic Mortgage Finance Group. Stratmor, an advisory firm, recently released details from its most recent “compensation connection” survey, covering compensation in 2015. The results focused on traditional retail LOs and consumer-direct LOs who tend to focus on call-center/online originations. Retail LOs were found to ...
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