Even though regulatory scrutiny is sure to intensify in the new mortgage lending ecosystem crafted by the Consumer Financial Protection Bureau, tightening margins and a declining originations market are expected to tempt more lenders to turn to outsourcing as a coping method. Would-be providers are stepping up to the opportunity. The latest to do so is Freedom Mortgage Corp., a privately-held mortgage lender based in Mt. Laurel, NJ. The company this week launched its ...
More homebuyers opted for adjustable-rate mortgages as interest rates increased during 2013, although most of these loans remain in portfolio. ARMs accounted for 11.7 percent of mortgage originations in the third quarter of 2013, according to Inside Mortgage Finance, up from a share of 9.8 percent in the third quarter of 2012. Quarterly originations of ARMs have stayed relatively steady in recent years and hit $54 billion in the third quarter of 2013. But ARMs remain relatively rare in [Includes two data charts]
Also, the CFPB is considering requiring more underwriting and pricing information, such as the interest rate, total origination charges, and discount points.
Among other issues, the GAO found that for three of the servicers, their denial rates were significantly higher for Hispanics than for the comparison population of non-Hispanic whites.
January 2014 marked the fourth month in a row where combined agency securitization included more purchase-money mortgages than refinances, according to Inside MBS & ABS.
Despite the findings of the Inspector General's office regarding appraisal reviews, the GSEs’ recent books of business are considered to be of pristine quality.
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