The servicing monitor then hired an independent accounting firm, McGladrey, to retest Ocwen’s performance on a number of metrics tied to the national servicing settlement.
More than half of Fannie’s MBS flow in November came from refinance loans, the first time since March that purchase mortgages accounted for less than half of its business.
Mortgage securitization rates continued to trend lower through the first nine months of 2014 as Fannie Mae and Freddie Mac captured a smaller share of the conventional conforming market. A new Inside MBS & ABS analysis reveals that 70.4 percent of home loans originated during the first nine months of the year were packaged into MBS. For all of 2013, the securitization rate was 78.5 percent, and it reached as high as 84.4 percent in 2009, the first year following the financial meltdown. A key factor is...[Includes one data chart]
The 3 percent downpayment mortgages announced this week by Fannie Mae and Freddie Mac should be a better deal than similar FHA financing for stronger-credit borrowers, according to analysts. Final details of the conventional 97 loan-to-value ratio products were released this week to mixed but mostly favorable reviews. Although aimed at first-time homebuyers in Fannie’s MyCommunityMortgage and Freddie’s Home Possible programs, the products are also available for refinances of existing GSE loans.Only 30-year, fixed-rate loans are eligible and the home must be the borrower’s primary residence. In Fannie’s case, borrowers who go through MCM would pay lower upfront loan-level price adjustments. Freddie requires that the loans go through Home Possible. Analysts with FBR Capital Markets said the government-sponsored enterprises’ ...
Mortgage production likely will be flat in 2015, a prognosis that usually doesn’t warm the hearts of vendors that make their living off of originators. But don’t tell that to Ellie Mae, the publicly traded mortgage software provider whose Encompass platform has been growing steadily in recent years. In an interview with Inside Mortgage Trends, company President and Chief Operating Officer Jonathan Corr predicted that Ellie Mae’s revenues will grow by 25 percent next year, the same growth rate as ...