Four of the top five ABS issuers in 2015 were closely linked to the auto industry, including the most productive issuer in the market, Ford Motor Credit.
An ugly reality for land owners, mortgage lenders and others: the National Flood Insurance Program is currently $23 billion in debt and in dire need of reform.
The portion of the homeowner population that is capable of benefitting from refinancing their mortgages is shrinking, and could continue to shrivel if mortgage rates rise along with interest rate increases from the Federal Reserve. But the good news is that rates have actually been falling of late as investors around the world seek the stability of U.S. dollar-dominated assets, so that slice of the refi pie could actually grow if the present market turmoil continues. “Looking at current interest rates ...
In the aftermath of the financial crisis, mortgage originations recovered more slowly in areas where market share was concentrated among fewer lenders, according to a new study by Adonis Antoniades. The author is an economist in the monetary and economic department of the Bank for International Settlements. Antoniades used data from the Home Mortgage Disclosure Act to study loan applications, originations and lenders’ market share on a county-by-county level from 2006 through 2011 ...
Social Finance Inc.’s recent decision to stop using FICO scores when evaluating an applicant’s ability to repay a mortgage suggests that alternatives to the traditional credit-scoring model are catching hold. On Jan. 12, 2016, SoFi, a San Francisco-based online nonbank lender, announced it is no longer going to use FICO scores, which for years have been the basis for the origination of trillions of dollars in mortgage and consumer loans in the U.S. SoFi will still take into account ...
Correspondent originators and mortgage brokers continued to churn out relatively more purchase mortgages than retail lenders during the fourth quarter of 2015, according to a new Inside Mortgage Trends analysis of agency loan-level data. Some 34.6 percent of single-family loans securitized by Fannie Mae, Freddie Mac and Ginnie Mae during the final three months of last year were originated by correspondent lenders. And 69.1 percent of those loans ... [Includes one data chart]
With residential production falling by as much as 20 percent in the fourth quarter, a handful of lenders recently have either pulled out of the retail market entirely or pared back their traditional branch networks. Included in the club of retail quitters are such firms as Ditech Financial – ranked 13th overall in fundings – and Stonegate Mortgage, which began its pullback in November. Also heading for the retail exit is BankUnited, Miami Lakes, FL. All three are...
In JPM’s case, the extended cycle times caused by TRID did not affect the company’s financial results due to how the bank recognizes revenue. Most mortgage firms recognize revenue upon rate lock...
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