Industry Trade Groups Call for Compton Vote. A coalition of 28 trade groups representing the mortgage and real-estate industries has urged the Senate leadership to bring Paul Compton’s nomination as general counsel of the Department of Housing and Urban Development to the floor for a vote. The Senate Committee on Banking, Housing and Urban Affairs approved Compton’s nomination in July but no further action has been taken since. In a joint letter, the coalition underscored the importance of the role of HUD general counsel in the aftermath of hurricanes Harvey and Irma. The groups urged Senate Majority Leader Mitch McConnell, R-KY, and Senate Minority Leader Chuck Schumer, D-NY, to provide all the necessary resources to help in the disaster recovery and to put the HUD general counsel in place, which is critical to the recovery efforts. On Sept. 14, the Senate confirmed ...
UWM isn’t alone among the optimists, but its closest brethren in the “feeling good” club are nonprime/non-QM lenders such as Angel Oak, Citadel and Caliber…
In the second quarter, the top three HEL originators were Bank of America, Chase and Wells Fargo, according to a new ranking from Inside Mortgage Finance…
The supply of home-equity loan debt outstanding has been in such a steady decline since 2007 that even the mild revival in new lending has been unable to stop. At the end of June, there was $585.09 billion of HEL debt outstanding, including home-equity lines of credit and closed-end second mortgages. That was down 0.7 percent from March. The vast majority of those loans, some $556.94 billion, were held in portfolio by banks, savings institutions and credit unions. There was...[Includes three data tables]
After a couple of slow weeks, there appears to be renewed interest among investors looking to buy mortgage servicing rights, but in certain markets caution is being expressed regarding properties where hurricane damage might be an issue. In mid-September, Fannie Mae issued a bulletin temporarily suspending servicing transfers involving properties located within designated disaster areas. A week after the Sept. 13 bulletin was issued, Fannie clarified to market participants that the bulletin was meant as guidance and not a firm directive or prohibition on MSR transfers. According to Incenter Mortgage Advisors, Denver, some sellers of Fannie receivables “elected...
Drawing to a close, the third quarter of 2017 is turning out to be modestly better than some lenders expected with both profits and production volumes getting a second wind recently thanks to falling interest rates. “We’re having a great quarter,” said Mat Ishbia, president and CEO of United Wholesale Mortgage, Troy, MI. According to Ishbia, not only will UWM post record originations of $8.6 billion in the third quarter, but volume at the privately held nonbank will be about 20.0 percent higher than ever before. According to figures compiled by Inside Mortgage Finance, UWM is...
Anecdotal and empirical evidence confirm that mortgage lenders are continuing to lighten up on their underwriting criteria. The loosening may not be as pronounced as it was in the run-up to the financial crisis, but there are concerns that it will intensify as the Federal Reserve raises interest rates. Fannie Mae’s latest mortgage lender sentiment survey found that more lenders said they have eased credit standards than tightened them, something the government-sponsored enterprise attributed to limited demand for residential finance and a negative outlook on profit margins. “The net share of lenders reporting easing of credit standards over the prior three months has continued...
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