Borrowers with existing FHA-insured mortgages may continue to utilize the agency’s streamline refinance program regardless of their loan balance. The current cap of $271,050 for “low cost” areas will remain unchanged.
The agencies securitized just $35.46 billion of refinance loans during November, down 15 percent from the previous month, and refinances accounted for 44 percent of total issuance.
Kroll Bond Rating Agency late this week released proposed criteria for rating non-QMs, making it the second rating service to formally seek comments on such criteria.
Brokers and the trade groups that represent them believe new regulations from the Consumer Financial Protection Bureau put them at a competitive advantage to lenders that actually fund mortgages.
“Our estimate of legal and rep and warrant reserves for the largest banks is a total of roughly $60 billion,” S&P writes in a new report. “We estimate that the largest banks may need to pay out an additional $55 billion to $105 billion to settle mortgage-related issues, some of which is already accounted for in these reserves.”
Ed DeMarco might possibly name a chairman for the CSP platform and let Mel Watt have the final say on the CEO slot. Two mortgage executives interviewed for the CEO job include Peter Carroll and Luke Hayden.
Lender-paid mortgage insurance has garnered renewed interest lately from mortgage lenders as an alternative to FHA-insured loans, whose increased costs have shut out many cash-strapped borrowers. David Williams, vice president of RightStart Mortgage in Pasadena, CA, said his firm has been getting a lot of requests from wholesale brokers for conventional conforming loans with LPMI because the FHA product has lost its competitive edge. With borrower-paid private MI, the homeowner pays a monthly ...
A civil complaint filed by W.J. Bradley Mortgage in California state court against a former top loan officer and her new employer could decide what type of contact and other information an LO can take with them when they leave a firm. Since the fall, the WJB suit filed against former company LO Shelly Logemann, her new employer RPM Mortgage, its owners and others has been the talk of mortgage-banking circles in California and elsewhere. The case is being closely watched...
The strength of the non-agency jumbo market, at a time when securitization of these loans has slowed, suggests there is plenty of investor appetite for non-agency jumbos.
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