Credit Suisse, the top jumbo MBS issuer through the first half of 2015, placed $629.6 million of jumbo MBS in 2Q, down 44.7 percent on a sequential basis.
The recent departures at Nationstar began in May when the company revealed that Executive Vice President and Chief Strategy Officer David Hisey would leave the lender/servicer in mid-June.
Servicers involved in national settlements are largely in compliance and making progress toward completing their loss-mitigation requirements, according to reports released in the past two weeks. Joseph Smith, the monitor of a settlement involving non-agency mortgage-backed securities that requires JPMorgan Chase to complete $4.0 billion in credited loss mitigation, said that as of the end of 2014, Chase was credited with $3.32 billion in relief ...
The Treasury Department didn’t meet key elements of federal guidelines for cost-benefit analysis when considering changes to the non-agency Home Affordable Modification Program that were implemented in November, according to the Government Accountability Office. In a report released last week, the GAO conceded that the Treasury isn’t required to follow cost-benefit guidance from the Office of Management and Budget when making changes to HAMP ...
Underwriting standards for jumbo mortgages tightened for the second consecutive month in June, according to the Mortgage Bankers Association. The MBA’s credit availability index for jumbos was slightly below the post-crisis peak set in April. The government-sponsored enterprises and Common Securitization Solutions announced this week that eight organizations will be included in an advisory group regarding the common securitization platform ... [Includes three briefs]
Rising home values could present a new opportunity for FHA borrowers to refinance into a conventional loan and enable those borrowers who choose to stay with FHA financing to take advantage of FHA’s reduced annual mortgage insurance premium, according to lenders. With house prices on the rise, FHA borrowers are seeing a build-up in equity. This might be a good time for them to remove that monthly payment and get out of their FHA loan, said Faramaz Moeen-Ziai, vice president of national sales and production at Commerce Home Mortgage in Huntington, CA. With an FHA-insured loan, coverage is for the life of the loan while private mortgage insurance on a conventional is cancellable when paid down to 79 percent of the loan amount. This might be especially beneficial to homeowners living in homes valued far less than what they owe on the property, or to holders of ...
Mortgage industry participants are finding a recently proposed FHA rule that would cancel coverage for late claim filings too harsh. “The penalty far exceeds the crime,” said a mortgage industry consultant, echoing sentiments of lender clients. Out for comment until Sept. 4, 2015, the proposed rule would require lenders to file a claim for a real estate-owned property within three months from the date they obtain title to the property or successfully sell the property to a third party. The requirement would apply to both pre-foreclosure sale and deed-in-lieu of foreclosure. The Department of Housing and Urban Development said the proposed rule would remedy the problem of delayed claim filings – lenders hoarding claim requests and filing them in batches at the same time. HUD’s goal is to process claims sooner and get more accurate data that are accurate for the next ...
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