Officials from the Consumer Financial Protection Bureau, Wells Fargo and other industry players are set to provide an update on qualified mortgages and other CFPB initiatives...
Originations of jumbo mortgages rose sharply during the second quarter of 2015, including loans in high-cost housing markets that are eligible for agency mortgage-backed securities, according to a new Inside Mortgage Finance ranking and analysis. During the second quarter, the market produced a whopping $127.6 billion of home mortgages that exceeded the $417,000 benchmark conforming loan limit, a 33.1 percent increase from the first three months of the year. Jumbo mortgages accounted for 28.7 percent of second-quarter originations, the highest ratio since “emergency” high-cost limits were set back in 2008. Most of the jumbo production was...[Includes three data tables]
Now that interest rates have stopped falling – at least, for now – the servicing acquisition market has shifted into high gear with talk of a steady stream of both flow and bulk transactions through the remainder of 2015. “This could turn out to be one of the best quarters of the year for sales,” said Mark Garland, president of MountainView Servicing Group, Denver. “If it’s not the best, it could be close.” Tom Piercy, managing member of Interactive Mortgage Advisors, noted...
The Senate this week approved by unanimous consent a narrow bill to reverse hefty pay hikes for the chief executive officers of Fannie Mae and Freddie Mac. A similar bill cleared the House Financial Services Committee this summer with heavy bipartisan support, and the White House has signaled it has no objections to the measure. But the Senate steered clear of more controversial proposals regarding the two government-sponsored enterprises, including language sought by Sen. Bob Corker, R-TN, barring the Department of Treasury from selling its senior preferred stock in the GSEs without approval from Capitol Hill. According to reports, Sen. Sherrod Brown, D-OH, put...
Fannie Mae and Freddie Mac are expected to explore more front-end risk-sharing transactions while continuing to issue their popular debt offerings that pay investors based on the performance of reference pools of newly originated mortgages. Redwood Trust has done front-end risk-share deals with both Fannie and Freddie. The most recent was a transaction with Freddie in the third quarter, which covered a $1 billion pool and Redwood absorbing the first 1 percent of credit losses on the delivered loans. “Redwood expects...
A stable private mortgage insurance industry is expected to emerge as the residential real estate market continues its recovery but uncertainty related to new risk-based regulatory capital standards from the National Association of Insurance Commissioners could derail or hinder progress, according to a new analysis by Fitch Ratings. So far, the MI industry has returned to profitability with more stability in the market and the continued presence of Fannie Mae and Freddie Mac in the residential market. Stronger regulatory standards bode well for the industry’s stability as well, Fitch noted. The long-term viability of the MI industry does not appear...
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