American International Group this week cleared the air regarding a potential spinoff of its profitable mortgage insurance division, saying it likes the MI business very much and considers it a “core” asset. In other words, it’s not for sale. Then again, during AIG’s third-quarter earnings call, President and CEO Peter Hancock left open the door to a possible sale of United Guaranty, saying that “over time” the company likes to maintain its flexibility and that if the “right offer to monetize assets” came along, it would ponder a bid. “It gives...
A month has passed since the mortgage industry began making new Truth in Lending Act/Real Estate Settlement Procedures Act integrated disclosures (TRID) without any reports of anticipated and widespread delays in loan closings. That’s the good news. The bad news is that some lenders are being overly careful on sharing the buyer-disclosure form, which is used to pay third parties involved in the mortgage process. And that means certain vendors, including Realtors, aren’t getting paid in a timely fashion. According to interviews conducted by Inside Mortgage Finance over the past week, there also appears...
Freddie Mac’s $475 million net loss in the third quarter of 2015 – its first in four years – underscores the need to rebuild capital reserves at the two government-sponsored enterprises and to plan for their emergence from conservatorship, according to some mortgage groups and housing advocates. In a joint letter, the Community Home Lenders Association and the Community Mortgage Lenders of America, both of which represent small independent mortgage lenders, urged President Obama to support recommended revisions to a sweep agreement that prohibits the GSEs from rebuilding capital and to free them from conservatorship. Freddie’s third-quarter loss was...
It remains to be seen whether the mortgage servicing market actually grew in the third quarter of 2015, but it’s clear that distribution within the industry continued to shift. The top 50 mortgage servicers had a combined portfolio of $7.300 trillion, including whole loans in portfolio and mortgage servicing rights, at the end of September, according to a new ranking and analysis by Inside Mortgage Finance. That was down 0.2 percent from total servicing held by the top 50 companies at the end of the second quarter. The final word on mortgage debt outstanding comes...[Includes two data tables]
The company, whose share price was hammered this past summer after disappointing 2Q results, promised investors that it will be break even in 2016 or “modestly profitable.”
Since the federal takeover, the Treasury Department has provided $116.1 billion in assistance to Fannie with the GSE returning (once the 3Q dividend is paid) $144.8 billion...
The top five servicers still accounted for over half (53.3 percent) of the total for the top 50 servicers, but that was down from 57.0 percent a year ago.
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