Meanwhile, if you want to know where Clinton and Trump stand on the issue of homeownership in America, you can review their respective party platforms...
Impac Mortgage Holdings late last week came to market with a “follow-on” offering of 3 million shares of common stock, the first public equity sale by a pure-play mortgage company in almost three years. Unfortunately, investors were not happy. When the shares hit the New York Stock Exchange last Friday, not only did Impac’s stock price tumble almost 9.0 percent, but it has continued to drift downward, resting at just over $13.00 a share as Inside Mortgage Finance went to press this week. The share price of the nation’s 28th largest originator hit...
An increasing share of purchase mortgages have missed their scheduled closing dates in recent months, according to the latest Campbell/Inside Mortgage Finance HousingPulse Tracking Survey. Many of the delays are tied to a shortage of appraisers as home sale activity increased during the spring and summer. Just before the start of the spring home-buying season, the on-time share of closings was at high levels for mortgage-financed purchases. Some 76.6 percent of purchases in April with a low downpayment mortgage securitized by Fannie Mae and Freddie Mac closed on time, based on a three-month moving average. The on-time closing share has declined...
Some residential mortgage-backed securities loan originators are moving away from performing internal post-acquisition quality control loan reviews in lieu of obtaining feedback from their whole loan investors, according to a new report from Moody’s Investors Service. “Some aggregators are relying more on their investors for quality control feedback,” said Moody’s. The ratings service identified in particular Redwood Residential Acquisition Corp. and JPMorgan Mortgage Acquisition Corp., which it said “are relying more on feedback from whole loan investors to monitor the quality of due diligence firm loan reviews, as opposed to conducting their own internal reviews, since a large portion of their acquisitions are sold in whole-loan trades.” Moody’s noted...
Would-be homebuyers are hesitant to take the plunge thanks to downpayment misconceptions, according to the National Association of Realtors. In NAR’s third-quarter survey of more than 2,500 consumers, many reported that they were not aware of the low downpayment mortgage options in the market today. This was true across all income and education brackets. The downpayment confusion was...
One mortgage CEO who runs a California-based shop told IMF his firm recently was in a pinch and paid a $1,500 “rush fee” to an appraiser to get a deal done on time.
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