Based on what Freddie's Layton said, one might think that going forward, the GSEs might barely break even. Maybe that’s why the GSEs – and not necessarily Mel Watt – want to hike their guaranty fees…
Additional industry layoffs are likely in the months ahead. In the first quarter, all lenders originated just $235 billion in mortgages. It was the weakest production quarter in 14 years.
The first-quarter high-LTV refi market was down 37.1 percent from the fourth quarter and off a hefty 79 percent from the $51.4 billion of business the two GSEs did back in the first three months of last year.
Johnson-Crapo requires 12 percent mortgage insurance if the LTV exceeds 80 percent but is no more than 85 percent; 25 percent MI if the LTV exceeds 85 percent but no more than 90 percent; and 30 percent MI if the LTV exceeds 90 percent.
Did someone in the mortgage industry actually ask one of the GSEs recently to increase the 25 basis point servicing fee that it pays to residential servicers?
The architects of the ambitious bipartisan housing-finance reform bill in the Senate have put considerable emphasis on preserving access to the new secondary-mortgage market for smaller lenders. They may not have it right yet. According to Fannie Mae and Freddie Mac, the so-called small lender mutual envisioned by Sens. Tim Johnson, D-SD, and Mike Crapo, R-ID, would face significant challenges in a new mortgage-finance world where large institutions could vertically integrate ...
Technology vendor Ellie Mae will not compensate its mortgage customers for the recent shutdown of its loan origination software platform, which delayed closings nationwide, according to customers affected by the situation. But that doesn't mean the problem won’t cost Ellie Mae any money. During an earnings call this week, company executives said the firm will accelerate spending on technology upgrades, estimating that its total capital expenditures this year will range between ...
With mortgage originations, new home sales and mortgage applications all in decline, industry representatives are scrambling to find out why. Is it rising rates? Constricted supply? Tougher underwriting? Compliance overload? A new consumer survey by loanDepot, an independent mortgage lender, suggests another, more novel reason: the fear of rejection. Fear that they will not qualify for a mortgage has stopped nearly half (46 percent) of all potential homebuyers from ...
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