Secondary market investors interested in branching out beyond plain vanilla mortgage products are not going to have much to get excited about once the Consumer Financial Protection Bureaus new ability-to-repay rule kicks in next year, top legal experts suggested this week. Will lenders make rebuttable presumption qualified mortgages? Remember, [lenders] are free to make loans that generally satisfy the ATR standard. We dont think those are going to be very common. We dont think they are going to be saleable in the secondary market at this point in time from what we know today, Donald Lampe, leader of the financial services regulatory and compliance practice with the Dykema law firm, told participants in a webinar hosted by Inside Mortgage Finance, an affiliated newsletter. As he sees it, the real issue boils down...
An Obama administration official stressed that the White House is working to craft a comprehensive plan for housing finance reform but wants input from industry participants.tasked with crafting a plan to reform the government-sponsored enterprises provided a strong response yesterday to criticism of the White Houses lack of progress on GSE reform.
Although Fannie Mae has set purchase limits on how much production newly approved seller/servicers can sell to the GSE, Freddie Mac has shied away from such caps.
At least one top-five ranked residential servicer is planning to offer for sale a decent-sized package of mostly nonperforming servicing rights over the next month.
Mortgage lenders seeking new agency approvals from Fannie Mae, Freddie Mac and Ginnie Mae have to take a number and wait. And sometimes that wait can last for a year or more, even longer depending on which agency a company is dealing with. But all that appears to be changing, according to interviews conducted by Inside Mortgage Finance over the past two weeks. Unfortunately, theres little in the way of hard numbers to back that up, except for Ginnie Mae. According to an agency spokesman, Ginnie approved...