Although the credit characteristics of Fannie/Freddie purchase mortgages have remained fairly consistent over the year, there were some signs of loosening.
However, according to figures compiled by Inside Mortgage Finance, the U.S. subsidiary of the Canadian-owned bank doesn’t even rank among the top 30 lenders, at least not yet.
For the nation’s three largest originators of home mortgages – Wells Fargo, JPMorgan Chase and Bank of America – the third quarter of 2013 turned out the way most observers expected, with slumping production, less revenue and tighter profit margins. The three major lenders, which accounted for almost 30 percent of loan originations in the first half of the year, saw big drops in refinance volume. Although they all unveiled plans to cut thousands of mortgage jobs, efforts to trim expenses did not come fast enough. Wells Fargo said...
Golf is for slackers. Inside Mortgage Finance knows of at least four veteran mortgage banking executives who, after “retiring,” are looking to reenter the business.
After years of claiming that regulatory uncertainty was holding back mortgage originations, lenders appeared to be on their way toward certainty as the Consumer Financial Protection Bureau established a definition for qualified mortgages at the beginning of this year. However, industry participants suggest that few originations of non-QMs are likely in the next few years due to uncertainty regarding litigation. “We don’t know how the courts are going to interpret the rule,” Jon Wishnia, a partner at the law firm of Lowenstein Sandler, said last week at the ABS East conference sponsored by Information Management Network in Miami. “That will really drive where the market goes.” CFPB officials have said...
Since the summer, the regulator has been pondering reducing the current $417,000 maximum loan limit and the “high cost” limit of $625,500. At the earliest, a change could come by January.
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