The Federal Home Loan Bank of San Francisco becomes the first FHLBank to allow members to use mortgage loans based on VantageScore 4.0 as collateral for advances.
As many as 88,000 individual tax identification number mortgages could be originated in a year if certain market barriers were removed, according to Urban Institute researchers.
Flagstar’s warehouse business was left unscathed by the recent loss at its parent, NYCB. However, it doesn’t take much to make a nonbank feel queasy when the unexpected happens at one of its financiers.
Facing criticisms that borrowers would intentionally default to qualify for VA’s upcoming loan-modification program, the agency noted that nearly 90% of its home loan portfolio is at a 2.5% to 3% coupon.
Buying 5% to 6% bulk MSRs in the secondary market might seem like a crazy idea given the prepayment risks involved. But the longer mortgage rates stay higher, the more it looks like a smart move.
The Homebuyers Privacy Protection Act has bipartisan support in the House. The bill, like its companion bill in the Senate, would amend the Fair Credit Reporting Act to prohibit the sale of consumers’ information without their approval.
The Mortgage Bankers Association took Treasury Secretary Janet Yellen’s remarks as an opportunity to reiterate industry concerns about the Basel III endgame proposal.
San Diego-based Guild Mortgage said it’s buying origination assets from one of Utah’s largest lenders. Given the recent jump in interest rates, some believe the “roll-up” of shops is just getting started.
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