Trade groups representing smaller nonbank seller/servicers say it’s the larger nondepositories, with nearly 70% of the market, that pose the biggest risk to Fannie and Freddie.
Rather than encouraging lending in flood-prone areas, mandatory flood insurance requirements limit mortgage originations for borrowers with low income or low credit scores, researchers at the NY Fed found.
The Biden administration’s move to reduce the impact of medical debt from consumer credit reporting will make it easier for some homebuyers to qualify for government-backed mortgages.
If you’re looking for some good news regarding the mortgage sector, take a peek at MSR values for 1Q22. They increased nicely, offering some shops a financial boost of sorts.
Receiving borrower tax transcripts from the IRS, which usually takes 48 hours, is stretching on for weeks since the start of the tax filing season, according to lenders.
The company sees demand for contract underwriting from mortgage lenders trying to originate purchase mortgages and other new products amid margin compression.
The new option is for borrowers who cannot achieve at least a 25% reduction in the principal and interest portion of their payment through a 30-year loan modification with a partial claim.
The mortgage origination “correction” has arrived, with some shops pondering their options. As one dealmaker put it, “Many lenders will need to find a safe port in the storm.”
Lenders argue the temporary measures adopted by Fannie and Freddie to promote condo safety unnecessarily raise costs for borrowers and present liability issues for HOAs and cooperatives.
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