Preferred Language Question Added to the URLA. The Federal Housing Finance Agency announced on Oct. 20 that it decided to add a preferred language question to the redesigned URLA. The regulator noted that the question will enable borrowers who prefer to communicate in a language other than English to identify that language. They said that it also provides clear disclosures that the mortgage transaction is likely to be conducted in English and that language resources may not be available. FHFA Director Mel Watt said following stakeholder outreach and input the agency has taken steps to mitigate concerns about the inclusion of a language preference question. Fannie Exec Withdrew Treasury Job Consideration. Brian Brooks, Fannie’s general counsel, decided to opt out of being...
The GSEs are also working toward issuing credit-risk transfer deals as real estate mortgage investment conduits, which would allow REITs to hold more of the assets.
BRAWL chief Tony Casa said if loan brokers want to send a message to firms that operate in both wholesale and retail, brokers should take their business elsewhere.
Plenty of executives we’ve spoken to the past few months believe the industry is in for a considerable spate of M&A in the year ahead. Then again, we’ve heard that prediction before...
The secondary market in transfers of agency mortgage servicing rights continued to gain momentum during the third quarter of 2017 as long-time players in the mortgage industry executed plans to shift strategy. A new Inside Mortgage Trends analysis of agency mortgage-backed securities disclosures shows an estimated $150.80 billion of Fannie Mae, Freddie Mac and Ginnie Mae servicing changed hands during the third quarter. Much of the activity reflected ... [Includes three data charts]
Wells Fargo is working on an online mortgage application process that’s even more advanced than Quicken Loans’ Rocket Mortgage, according to officials at the bank. “I would describe what we’re doing as kind of the next generation, because it’s not just about giving a fast answer,” Timothy Sloan, president and CEO of Wells Fargo, said last week during the bank’s earnings call. He was asked to compare the application Wells is developing with Rocket Mortgage, which allows for a ...
Shopping timelines for purchase mortgages are continuing to shrink, according to a new study by LendingTree, an online loan marketplace based in Charlotte, NC, confirming a broader downward trend identified as well by Ellie Mae, a cloud-based platform provider in Pleasanton, CA. Much of the progress was attributed to the digitalization of the mortgage process. LendingTree analyzed data from a sampling of more than 5,000 closed loans from March 2016 through May 2017 ...
A higher share of Baby Boomers are carrying mortgage debt in retirement than previous generations, prompting concerns about potential foreclosures and other financial issues, according to an analysis by Fannie Mae. “Even with the post-recession acceleration in free-and-clear homeownership, Boomers appear unlikely to attain mortgage-free retirements at the same rate as the predecessor generation,” Patrick Simmons, a director of strategic planning in Fannie’s economic ...
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