The residential finance industry is hoping the Federal Reserve and/or the GSEs might come to the rescue by playing a role in driving down mortgage rates. How’s it looking, then? Not so good.
Extending rep-and-warrant relief to loans that successfully exit COVID-19 forbearance could further reduce the already small volume of buyback requests.
There is still no firm release date on FHFA’s once-in-a-hundred-year review of the Federal Home Loan Bank system. The report was supposed to come out by the end of September.
What are nonbanks getting for their servicing rights in the secondary market and how much of a right does Fannie Mae have to that information? Hard to say, but some factions of the industry are bristling at inquiries from the GSE.
The GSEs provided new disclosures on temporary buydowns. Borrowers most commonly take a buydown that lasts no more than two years and usage of the feature is declining amid elevated interest rates.
The Supreme Court will hear oral arguments next week in a case that could decide the fate of the CFPB; CFPB tracking lending trends from 2022 HMDA data; FHFA looks to expand activity involving mortgages with shared-equity features.
FHFA has delayed a switch to a bi-merge credit score process at the GSEs. Industry participants are still waiting for data that is needed to help with the transition to new scoring models.
A new study shows that the shift from the tri-merge to a bi-merge credit report will have a minimal effect on the average borrower’s credit score, at least using Classic FICO.
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