Ginnie Mae is seeking feedback from dealers, issuers and investors about whether to continue to maintain two separate mortgage-backed securities programs or to consolidate them under a single security. Comments are also being sought on other possible options. Bloomberg.com recently reported that Ginnie Mae sent out questionnaires to Wall Street broker-dealers for their input on the future of both the Ginnie Mae I and Ginnie Mae II MBS programs. The agency has been considering whether it should merge the programs for some time. The Ginnie Mae I single-issuer pool program with stringent pooling requirements began in ...
The overall delinquency rate among FHA-insured portfolios dropped during the first three months of 2013 while little change was seen in the foreclosure rate quarter over quarter, according to an Inside FHA Lending analysis of FHA data. Top FHA servicer data showed that 15.3 percent of the more than 7.68 million active FHA-insured loans were delinquent as of the end of the first quarter. Although elevated, that percentage was down from the 16.9 percent overall delinquency rate reported by FHA servicers at the end of the fourth quarter last year. The share of FHA-insured mortgages in foreclosure remained flat from quarter to quarter, a sign that the housing crisis may have ... [1 chart]
Although the HARP program had record volume in the first quarter, the program is showing almost no growth, according to exclusive survey figures compiled by Inside Mortgage Finance.
Democrats in Congress are putting pressure on federal regulators to increase oversight of servicers due to problems with independent foreclosure reviews and the $25.0 billion national servicing settlement. The regulators have pushed back to some extent while indicating that servicers will be subject to tighter oversight going forward. In 2011, consent orders from the Federal Reserve and the Office of the Comptroller of the Currency required independent foreclosure reviews to be completed by 14 servicers with the help of consultants. In January, most of the servicers agreed to stop the reviews and alternatively provide $8.5 billion in relief to borrowers. The regulators acknowledged...
No one is suggesting that Wells Fargo will begin lopping off large chunks of its $1.9 trillion residential servicing portfolio in a fashion similar to what Bank of America has done the past two years, but clearly selling mortgage servicing rights is on its to-do list. The big question is how much Wells Fargo is willing to part with. The bank declined to discuss the matter with Inside Mortgage Finance, but confirmed that it seeks to hire what it calls a “project manager” to oversee the effort. A spokeswoman for Wells downplayed the significance of the hire, saying the person who eventually joins the staff will be a “non-executive.” At least four servicing professionals said...
Although all of Bank of America earned $2.6 billion in the first quarter, its mortgage business lost money thanks to legacy problems. Also, it appears the bank is addicted to refis.
Democrats in Congress have raised concerns about how five banks have responded to new servicing standards included in the $25 billion national servicing settlement.
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