Fannie Mae is starting to market a risk-sharing transaction to investors. A Fannie spokesman said the government-sponsored enterprise is working with the Federal Housing Finance Agency to meet the goals set by the conservator of the GSEs. Mark Lefanowicz will be the CEO of Fenway Summer’s mortgage venture, according to an announcement this week by Raj Date, the founder of the firm. Fenway Summer plans to originate non-qualified mortgages and Lefanowicz has previously worked at ... [Includes five briefs]
Fewer borrowers are using FHA financing, which has enabled private mortgage insurers to take back more market share from the FHA, according to Inside FHA Lending’s analysis of industry data. Borrowers are shying away from FHA due to higher mortgage insurance premiums (MIPs) that took effect early this year and to the new policy eliminating MI cancellation. Private MIs accounted for 36.6 percent of primary mortgage insurance written in the second quarter, their highest level since 2008. This was up from 32.7 percent in the first quarter and from 30.5 percent a year ago. Private MIs also provided coverage on ...
Purchase-money lending increased by a hefty 37 percent, climbing to an estimated $163 billion in the second quarter, according to figures compiled by Inside Mortgage Finance.
Some trade groups, including the California Mortgage Bankers Association and National Association of Realtors are not happy with the idea of lower loan limits.
Look for an update late Thursday on the sale of Cole Taylor Mortgage. Meanwhile, does anyone care that credit unions are holding 30-year jumbo mortgages in portfolio?
The Federal Housing Finance Agency is expected to announce lower loan limits for Fannie Mae and Freddie Mac sometime this fall, a move that warms the hearts of non-agency jumbo originators everywhere, but is causing consternation among certain factions of the market, in particular, Realtors and the California Mortgage Bankers Association. “Any reduction in the loan limit will have a huge impact on the California market,” said Susan Milazzo, executive director of the CMBA. “We’re a high-cost state.” The trade group executive told...
Purchase mortgages accounted for 39 percent of the loans included in the new Credit Suisse jumbo MBS deal. The weighted-average combined LTV was 71 percent.
The government is seeking due diligence reviews performed by Clayton, as well as all communication between the clients for whom the company performed such work.
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