Some in the mortgage broker community have suggested that operating as a mini-correspondent could help brokers bypass points-and-fees complications with the qualified mortgage definition under the ATR rule.
The government accused the San Diego-based Plaza Home of charging black and Hispanic borrowers higher fees than white borrowers on mortgages sourced through the wholesale channel.
FHA will continue to insure mortgages if the government closes but cautions that its commitment authority eventually will run dry. Potential homeowners "will be impacted," it warns.
The Federal Reserves relentless acquisition of agency MBS has been the biggest factor in the changing complexion of the MBS investor picture, far outstripping the tortoise-like pace at which the market has expanded this year. The Fed increased its agency MBS holdings by 12.8 percent during the second quarter of 2013, according to a new Inside MBS & ABS profile of investor classes in the mortgage securities market. The central bank added $137.2 billion to its agency MBS holdings during the quarter, and its gross acquisitions totaled $466.6 billion since the beginning of the year. That represented...[Includes two data charts]