FHA streamline refinancing fell significantly in 2017 from the previous year, according to an Inside FHA/VA Lending analysis of agency data. Lenders closed 2017 with $37.4 billion of FHA streamline refi loans, buoyed by a 12.2 percent increase in origination in the fourth quarter. However, business was down a whopping 34.5 percent year-over-year. The segment ended the first quarter strongly with, $13.05 billion, but faltered over the next nine months. Streamline refinancing accounted for 15.8 percent of total FHA originations in 2017. Twelve states, led by California, each reported FHA streamline refi originations in excess of $1 billion last year. The Golden State closed the year with $8.05 billion of FHA-to-FHA refis, which accounted for 21 percent of all FHA loans in the state last year. The highest FHA streamline refi-producers after California were, in sequential order, ... [Charts]
A Department of Housing and Urban Development requirement for a face-to-face meeting has become quite a compliance challenge for lenders seeking mortgage foreclosure, according to legal experts. In Dan-Harry v. PNC Bank, a federal court in Rhode Island concluded that a borrower may bring a claim for damages and other remedies against a lender for failure to conduct a pre-foreclosure face-to-face meeting with the borrower – a requirement for breach of an FHA-insured mortgage. In an analysis of the court’s ruling, attorneys at the Chicago law firm Hinshaw & Culbertson said the decision is significant because the HUD regulation provides no private right of action. In addition, Rhode Island law does not recognize a cause of action for breach of good faith and reasonable diligence in foreclosure, they noted. Nevertheless, the legal experts pointed out that Rhode Island federal courts effectively ...
As rates continued to rise early this year, the average daily trading volume in agency MBS topped $239.2 billion in February, the best showing in at least 14 months, according to figures compiled by the Securities Industry and Financial Markets Association.
Fannie Mae’s Servicing Marketplace has been up and running since December and the government-sponsored enterprise plans to add additional features later this year.
Owners of mortgage servicing rights are in a sweet spot right now – thanks to rising interest rates, which have caused the asset value of their portfolios to rise by as much as 15 percent this year.
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