Despite the huge losses posted by PHH, James Egan, chairman of the board, said Messina “has led PHH with vision, decisiveness and integrity through one of the most turbulent periods in the mortgage industry in decades...”
The GSEs have developed proposals to more closely align their mortgage insurance master policies with their reps-and-warranties policies, which will be reviewed by the FHFA this year.
Joe Farr, director of marketing for MBS Quoteline, said MBS prices have actually improved since the Federal Reserve’s decision to hike rates one week ago.
The top tier of mortgage producers gained some market share in 2016, but call-report data show that community banks continued to play a huge role in the primary market, according to a new analysis and ranking by Inside Mortgage Finance. The top 100 lenders produced a hefty $1.622 trillion in first-lien mortgages last year, including their correspondent and wholesale-broker programs. Although their production faltered by 2.5 percent in the fourth quarter, full-year volume was up 18.2 percent from 2015. Banks, thrifts and credit unions ended...[Includes two data tables]
Mortgage lenders continue to gain share in the home-purchase market as investors and other cash buyers have become less prevalent and the supply of distressed properties declines. Some 562,000 new homes were sold in 2016, according to the Census Bureau and the Department of Housing and Urban Development. Mortgage financing was used for 95.0 percent of the sales, up from a 92.0 percent share the previous year. The cash share of new home sales hit...
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