Mortgage lenders delivered a hefty $218.29 billion of single-family mortgages into Fannie Mae and Freddie Mac mortgage-backed securities during the second quarter of 2016, according to a new Inside Mortgage Trends analysis of MBS disclosures made by the two government-sponsored enterprises. That was an increase of $45.32 billion over the first quarter, and 30.2 percent of the gain came from California, where total GSE loan sales jumped ... [Includes two data charts]
Recently, rumors were making the rounds in Washington that Fannie and Freddie might be pondering an increase in their net worth minimums for seller/servicers...
Mortgage lenders delivered big increases in purchase mortgages and refinance loans to Fannie Mae, Freddie Mac and Ginnie Mae during the second quarter of 2016, according to a new analysis and ranking by Inside MBS & ABS. The agencies securitized $100.05 billion of purchase mortgages and $118.24 billion of refinance loans during the second quarter, up 37.3 percent and 31.1 percent, respectively, from the first three months of the year. That brought total agency issuance of single-family MBS to $612.38 billion for the first six months of 2016, putting the market on target to match last year’s $1.261 trillion in production. Although second-quarter volume was a strong rebound from the first quarter, momentum seemed...[Includes two data tables]
The Federal Housing Finance Agency this week detailed its efforts to make sure Fannie Mae and Freddie Mac policies and practices are consistent enough to keep prepayments speeds on their to-be-announced securities essentially the same. Prepay speeds for the two government-sponsored enterprises have moved significantly closer as more of their products and program requirements have been standardized, the FHFA said in an update on its single security initiative. Keeping them that way is seen as critical to the success of the program, in which Fannie and Freddie TBA MBS will be fully fungible – and can even be combined in so-called second-tier securitizations. Some industry interests have urged...
The Department of Housing and Urban Development last week announced stronger protections for homeowners and more favorable pricing for nonprofit participants in its Distressed Asset Stabilization Program but reactions from community and advocacy groups have been mixed. The program has been under fire because the bulk auctions of nonperforming mortgages have primarily benefited private equity firms and hedge funds, which bought the loans at a steep discount but did little to save homeowners from foreclosure or revitalize the communities where the properties backing the loans are located. HUD converted...
Mortgage lenders’ compliance personnel not only need to help their companies navigate all of the external regulations and laws imposed by federal and state policymakers, they also face challenges internally from representatives of various business lines in their own shops that inadvertently complicate their mission as professionals – particularly when it comes to loan originator compensation issues. “Dodging the land mines. That’s really how I think about this as a practitioner,” Loretta Salzano, founding partner at the Franzén and Salzano law firm in suburban Atlanta, said during a presentation at the American Bankers Association’s regulatory compliance conference, held last month in San Diego. She elaborated...
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