Lenders whose fiscal years ended on Oct. 31 or Nov. 30, 2013, must complete their annual recertification by their respective deadlines, Jan. 31 and Feb. 28, 2014, or face dire consequences, the FHA warned. These lenders must complete their recertification through the current system, the Lender Assessment Sub-System (LASS), which will soon be retired and replaced with the Lender Electronic Assessment Portal (LEAP). The LASS enables lenders to submit their information, including net worth, liquidity and audited financial data, electronically. LEAP will go live in April and ...
Ginnie Mae, Japan Sign Joint MOU; Russia Gets Help In Launching First MI. Ginnie Mae is helping Japan and Russia transition from their current secondary mortgage market structures to the U.S. company’s model. On Jan. 9, Ginnie Mae and Japan Housing Finance Agency signed a joint memorandum of understanding to exchange information and help Japan create a securities program tailored after Ginnie Mae’s successful mortgage-backed securities program. Japanese Prime Minister Shinzo Abe has directed the JHFA to make the transition within three to five years. Under the MOU, the two countries will hold ...
It’s likely that little in the way of money is changing hands on the deal. By selling the MSRs to Fannie, Citi is also settling the payment of “compensatory” fee claims the GSE is owed by the bank.
According to figures compiled by Inside Mortgage Finance, Flagstar is the nation’s second largest wholesale/broker lender. It also has a fairly large presence in the warehouse market.
Ginnie Mae is telling sellers of mortgage servicing rights – and their advisors – that it wants upwards of 90 days to approve MSR transfers compared to just 30 currently. The agency gave seller/servicers a heads-up on the longer approval times in late November at an “education summit” in Washington attended by both new and existing issuers. A copy of Ginnie’s presentation was provided to Inside Mortgage Finance. Advisory sources said...[Includes one data chart]
The nation’s three largest funders of home mortgages – Wells Fargo, JPMorgan Chase and Bank of America – this week reported hefty declines in originations during the fourth quarter of 2013. Wells originated $50 billion in residential mortgages during the fourth quarter, a stunning 60 percent decline from the same period a year earlier. The last time this perennial market leader had fundings this low was in the fourth quarter of 2008 when financial markets were reeling worldwide and the U.S. housing market was in the throes of an historic collapse. But Wells’ closest competitors fared...[Includes one data chart]
It may be time for the mortgage industry to take a chill-pill: applications are on the rise again, rates have stabilized and some firms are actually hiring loan officers.
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