Correspondents are an especially good source of purchase mortgages. During the third quarter, purchase mortgages accounted for over half (50.5 percent) of correspondent-originated loans securitized by Fannie Mae and Freddie Mac.
KBRA pointed out that one jumbo MBS issuer said it will accept mortgages where lenders have implemented procedures to either close the loans with an exception or review IRS transcripts post-closing.
The Appraisal Foundation suggested this week that “alternative valuation products” likely will not comply with professional appraisal standards in most cases. If an AVP requires the same development and reporting requirements as an appraisal, the Appraisal Foundation said in a white paper, why would the industry create the AVP in the first place? The foundation noted that the Appraisal Standards Board does not deem any alternative valuation product or form as compliant with the industry’s ...
New prepayment data provide further evidence that rising mortgage interest rates are shriveling the refinance market, but firming home prices are fertilizing a potential surge in home-equity lending. “We have seen prepayments decline by more than 30 percent since May, when mortgage interest rates began climbing approximately 100 basis points to where we are today,” said Herb Blecher, senior vice president at Lender Processing Services. As a result, the percentage of borrowers currently in loans with ...
The mix of single-family mortgages securitized by Fannie Mae and Freddie Mac during the third quarter of 2013 continued to shift toward purchase mortgages, according to a new Inside Mortgage Trends analysis of the government-sponsored enterprise market. Purchase mortgages accounted for 36.7 percent of Fannie/Freddie business during the third quarter, up from 23.9 percent during the previous period. It was the highest purchase-mortgage share of GSE business since the market collapse ... [Includes two data charts]
The most important take away from this week’s loan limit reduction news: Congress warning DeMarco that he’d better defer to them on loan limits. His reply: radio silence. Meanwhile, Wells tosses Freddie overboard, sort of.
“Any future announcement will be made in conjunction with stakeholders to minimize volatility in the MBS market,” Ginnie Mae said, emphasizing that no decision has been made on the issue.
There is no mention in the SunTrust filing how much HUD/FHA might receive. A spokesman for the bank declined to provide a number to Inside Mortgage Finance.
“Linking of qualified residential mortgages (QRM) in the risk-retention rules to the definition of qualified mortgage (QM) in the CFPB’s ability-to-repay rules will further deepen the divide between QM and non-QM loans in terms of pricing and availability,” said attorney Stephen Kudenholdt of Dentons LLC.
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