Apollo isn’t buying Select Portfolio Servicing from Credit Suisse; FHA seeking suggestions for changes to rehabilitation program; Hsieh’s fishing dream; mortgage fraudster sentenced to 10 years in prison.
The Federal Housing Finance Agency, the Department of Housing and Urban Development and the Consumer Financial Protection Bureau have a number of mortgage-related rulemakings in the works, according to their policy agendas.
In the lame duck session, Congress managed to pass a spending bill with funding for FHA IT modernization. A separate bill updating standards for VA appraisals also made it to President Biden’s desk.
Not a total surprise, but the central bank hiked short-term rates by 75 basis points this week. Mortgage rates hardly budged but residential finance professionals are worried about the quarters ahead. Meanwhile, more lenders are heading for the exits.
United Wholesale Mortgage ranked as the top seller of loans with private MI coverage for the first nine months of 2022. But PMI loans lost market share in the third-quarter agency purchase market.
The approaching midterm elections have once again sparked debate on when the FHA will announce a reduction in insurance premiums. Will the Biden administration use an MIP cut to stoke Democratic support?
Nonbanks have been concerned about Ginnie’s new capital standards, but perhaps the agency has seen the light? Or at the very least, a compromise? Meanwhile, MSR auctions are picking up a head of steam.
Fannie, Freddie and Ginnie saw a modest 4% increase in purchase-mortgage business during the third quarter, not nearly enough to offset the ongoing collapse in refinance activity. (Includes two data charts.)
In yet another cost-cutting move, loanDepot is halting 401(k) matches while some of its top brass will get raises. Meanwhile, is there relief on the way for low-balance mortgages? HUD is trying to lend a helping hand.
Agency seller/servicers have a new set of net worth requirements to adhere to. The good news: The final language is close to what was originally proposed.
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