Fannie Mae and Freddie Mac securitized $135.69 billion of single-family purchase mortgages during the third quarter, according to a new Inside Mortgage Finance analysis of mortgage-backed securities disclosures by the two government-sponsored enterprises. That was up a hefty 26.2 percent from the previous quarter, and it represented the biggest quarterly flow of purchase mortgages to the GSEs since the housing market collapse. Although the loans were pooled in MBS issued during the third quarter, a significant number of them were actually originated during the April-June cycle. The third quarter typically has...[Includes three data tables]
Wells Fargo – no doubt – is taking it on the chin for its “account fabrication” scandal tied to credit cards and deposits, but so far the damage has yet to seep into its mortgage business in a major way, but reports suggest certain correspondents are balking at doing business with the megabank. Dave Akre, managing director of Five Oaks Investment Corp., said he knows some loan officers working for Wells correspondents who are no longer offering the megabank’s jumbo products “due to recent issues.” Those “issues,” he pointed out in an interview with Inside Mortgage Finance, involve...
A group of New York Baptist clergy, mostly in Harlem and the Bronx, has joined the chorus of those raising concerns about potential Fannie Mae and Freddie Mac reform efforts that would compromise affordable housing goals. In a letter to Sen. Charles Schumer, D-NY, the 38 religious leaders echoed fears raised by other groups that Congress might hand the government-sponsored enterprises’ business over to big banks. They contend that the biggest banks have “consistently displayed a disinterest” in lending to minority-based communities and lack a “duty to serve” commitment comparable to the one the GSEs have. “Efforts to transfer the mortgage securitization platforms of Fannie Mae and Freddie Mac into the hands of the big banks create...
The CFPB, under its authority to administer the Equal Credit Opportunity Act and Regulation B, has bestowed its official approval upon the revised and redesigned Uniform Residential Loan Application, the standardized form used by borrowers to apply for a mortgage loan, issued earlier this year by Fannie Mae and Freddie Mac. The issuance of the 2016 URLA was part of the effort by the two government-sponsored enterprises to update the corresponding Uniform Loan Application Dataset (ULAD). Staff of the CFPB has reviewed the 2016 URLA as per a request by the two GSEs and the Federal Housing Finance Agency, their regulator and conservator, for official approval under ECOA and Regulation B. Regulation B Section 1002.5(b) provides rules concerning requests for ...
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