This same official also predicted that if TRID errors ever become an issue on Fannie Mae/Freddie Mac loans, the entire mortgage market would come to a halt...
Although the GSEs have not started conducting routine quality control file reviews for technical compliance with the TRID rule, they are checking to make sure the new forms are being used.
The new refinance program being developed for Fannie Mae and Freddie Mac borrowers with high loan-to-value ratios will not be available for homeowners who have already used the Home Affordable Refinance Program, according to the regulator of the two government-sponsored enterprises. The Federal Housing Finance Agency this year directed Fannie and Freddie to develop a replacement program for HARP, which will sunset at the end of 2016. MBS investors have been concerned...[Includes one data table]
Mortgage securitization made a small comeback in 2015, but softness in the non-agency MBS sector and higher guaranty fees required by Fannie Mae and Freddie Mac still played a huge influence in the market, according to a new Inside MBS & ABS analysis. An estimated $1.210 trillion of newly-originated home loans were pooled in mortgage securities last year, representing 69.7 percent of the $1.735 trillion in new first-lien originations. That was up slightly from the 67.8 percent back in 2014, which ranked as the lowest securitization rate since 2004, when just 62.6 percent of new originations were securitized. One issue is...[Includes one data table]
The average daily trading volume in agency MBS climbed to $201.4 billion in February, the best reading in nine months and a sign that investors will still flock to government-backed products in times of uncertainty, especially extreme uncertainty. Late this week, market watchers expressed their concerns about the terrorist bombings in Belgium as well as continued worries about China’s slowing economy and sagging oil prices. In short order, they piled into MBS issued by Fannie Mae, Freddie Mac and Ginnie Mae. Barry Habib, who runs MBS Highway, a rate-lock service, told...
Five mortgage industry veterans – including two who worked in the Obama White House – this week floated a new plan aimed at preserving the government guaranty on conventional MBS and ending, once and for all, the uncertainly plaguing the secondary market. In a new white paper entitled “A More Promising Road to GSE Reform,” the authors aim to preserve the government-backed MBS market while merging Fannie Mae and Freddie Mac into a new institution called the National Mortgage Reinsurance Corp. But the proposal might be...
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