All three major mortgage-production channels posted significant gains in volume from the first quarter of 2016 to the second, but retail posted the biggest increase. According to a new Inside Mortgage Finance ranking and analysis, an estimated $300 billion in first-lien mortgages were originated through retail platforms during the second quarter, including traditional brick-and-mortar offices and consumer-direct efforts. That was up 36.4 percent from the first three months of the year, and a scant 1.4 percent higher on a year-to-date basis. The retail share edged up to 58.8 percent, the highest it’s been in two years. Wells Fargo remained...[Includes four data tables]
Fannie Mae and Freddie Mac introduced a new impasse and management escalation process this week as a middleman between the normal loan dispute appeal process and the final independent dispute resolution (IDR) process for seller/servicers. The government-sponsored enterprises said they hope to resolve as many disputes as possible before any IDR process begins. The GSEs introduced...
Rising costs for mortgage servicing and more frequent transfers have become key issues for the industry, according to panelists at a seminar hosted by the Urban Institute and CoreLogic last week. Ed DeMarco, former acting director of the Federal Housing Finance Agency and now a senior fellow at the Milken Institute, said that mortgage servicing compensation has not changed in decades as the servicing industry itself has undergone what he called “profound changes.” He noted...
New disclosures on risk-sharing transactions from Freddie Mac provide some details on the automated valuation model used by the government-sponsored enterprise to determine home prices and loan-to-value ratios. Freddie’s AVM – Home Value Explorer – provides home price valuations that are a little higher than the S&P CoreLogic Case-Shiller Home Price Indices, according to analysts at Bank of America Merrill Lynch. The analysts based their findings on estimates of current LTV ratios that Freddie recently added to monthly loan-level disclosures on Structured Agency Credit Risk transactions. LTV ratios based on Freddie’s AVM were...
Regarding the omission of cell phone numbers and email addresses, one Florida-based mortgage executive said, “It drove us crazy – of all things not to have in this day and age.”
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