JPMorgan is the parent company of the nation’s second largest residential lender, Chase. Trump last decade started a small mortgage brokerage operation in Long Island and then killed it...
Rep. Jeb Hensarling, R-TX, released his much-anticipated proposal, the Bipartisan Housing Finance Reform Act of 2018, for housing-finance reform last week but industry observers say it has little or no chance of making any headway. In fact, Hensarling said if reform stalls in this Congress or the next, he would advocate for the administration to tackle reform when a new Federal Housing Finance Agency director is named in January. He released the “discussion draft” the day of a House Financial Services Committee hearing on Sept. 6, the 10-year anniversary of the conservatorship. The bill would transition to a system where qualified mortgages backed by government-approved guarantors with regulated capital can access the...
Fannie Mae and Freddie Mac should standardize their programs and policies that impact cash flows in preparation for the new Uniform Mortgage Backed Security, according to a proposed rule issued by the Federal Housing Finance Agency this week. The proposed rule incorporates recent input from the Securities Industry and Financial Markets Association. The regulator noted that standardizing policies that affect cash flows to investors in to-be-announced MBS will benefit market participants and homeowners. “By instituting regulations that further standardize those products, the proposed rule and the UMBS would reduce complexity and the cost of analytics set to be introduced in the second quarter of 2019,” said the FHFA, adding that it will also help encourage a broader investor base.
Silvergate Bank is actively providing warehouse lines of credit to non-QM lenders and we understand that Comerica is now sticking its toe in the water…
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