Home lenders funded $500 billion worth of new mortgages in the first quarter, a strong showing, but down 5 percent from the fourth quarter. Quicken Loans had the strongest growth rate among the top 10.
About 14.1 percent of the mortgages securitized by Fannie Mae and Freddie Mac during the first quarter of 2013 had private mortgage insurance coverage, but those loans were sold by some 1,631 different lenders, according to a new analysis by Inside Mortgage Finance. Although Wells Fargo ranked as the top seller of MI-insured loans to the government-sponsored enterprises, with $9.85 billion in volume, over half of those mortgages were originated by correspondent lenders that may have played a role in deciding which private MI to use. Looking only at retail originations, Quicken Loans was...[Includes one data chart]
Mortgage lending firms that want to do business directly with Fannie Mae and Freddie Mac as approved seller/servicers are encouraged to apply with one or both of the government-sponsored enterprises but only if they are prepared to go the distance to demonstrate they are a good, risk-free fit for the agencies, GSE executives and experts noted during an Inside Mortgage Finance webinar last week. Would-be applicants should not confuse the agencies’ “somewhat conservative” posture under conservatorship for disinterest in taking on new seller/servicers, explained National Union Mortgage President and CEO Bill Cosgrove. “They are open for new business,” he told...
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