Housing reform legislation that would ease FHA restrictions on condominium financing and allow delegation of loan approval authority to qualified lenders under the U.S. Department of Agriculture’s rural housing programs this week passed the House by a vote of 427-0. Described as an FHA reform bill, H.R. 3700, the “Housing Opportunity Through Modernization Act,” would make several incremental changes across a number of federal housing programs. It would modify...
For lenders, the best scenario is that an arbitrator might rule in their favor, with a GSE reimbursing them for what Fannie and Freddie call “certain costs and expenses.”
The subservicer started charging the borrower various attorney fees after completing the modification and didn’t respond to the mortgagor’s questions about those fees in a timely matter...
In the announcement on dropping coverage, FBR quoted PHH management as saying “organic growth is hard to come by, strategic initiatives are taking longer to achieve, and prepayment speeds on the company’s MSR are still elevated…”
All three agencies posted big increases in multifamily MBS issuance last year, with Freddie (up 65.4 percent) and Fannie (up 36.4 percent) leading the way…
The surging multifamily housing market in the U.S. was a major factor in the huge increase in commercial MBS issuance last year, according to a new Inside MBS & ABS analysis. A total of $206.66 billion of income-property mortgages were securitized during 2015, a 22.6 percent increase from the previous year. It was the strongest annual output of commercial MBS since 2007, the year before the wheels fell off the non-agency CMBS market. New issuance rebounded...[Includes one data table]
For full-year 2015, the average daily trading volume for agency MBS improved by 9.2 percent from the year prior to $194.4 billion, according to figures compiled by the Securities Industry and Financial Markets Association. Although that might seem like something to crow about, there’s some bad news in the numbers: December marked the worst reading of the year with an average daily trading volume of just $149.2 billion. No other month comes close, not even November at $180.2 billion. Over the past 10 years, 2015 will go down...
Redwood Trust, which pioneered the revival of the jumbo MBS market a few years back, this month officially exited the Fannie Mae/Freddie Mac correspondent-purchase business, dismantling the effort and trimming the size of its Denver office. The real estate investment trust had entered the government-sponsored enterprise market two years ago, after obtaining agency approvals at the end of 2013. It quickly built a network of several dozen lenders that sold whole loans to Redwood, which pooled them in GSE MBS. But sources familiar with the effort told...
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