More than $85 million in peer-to-peer mortgages were originated in 2013 via National Family Mortgage, according to the firm. The company facilitates real-estate lending between family members. NFM said it is on pace for $150 million in originations this year. The firm said its originations can be more affordable than mortgages from traditional lenders. In addition to using NFM to facilitate a home purchase, some borrowers have refinanced from a traditional mortgage into a family-funded loan ... [Includes one brief]
FHA endorsements fell 25.1 percent in the third quarter of 2013 from the previous quarter as interest rates roller-coastered and refinancing lost steam, according to Inside FHA Lending’s analysis of FHA data. After delayed reporting for two months, the FHA also released data showing a 27.9 percent decline in new endorsements in November from October, with lenders reporting $8.7 billion in total originations for the month. Purchase mortgages accounted for 77.1 percent of November’s FHA volume. Fixed-rate mortgages comprised 97.2 percent of total originations for the month. On a quarter-to-quarter basis, production fell to ... [2 charts]
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.
Inside Mortgage Finance recently revised its product mix estimates to reflect a larger volume of home-equity loans originated during the first nine months of 2013. We also made...[Includes one data chart]
Mortgage lenders large and small have indicated they plan to stay away from making mortgages that do not fit into either the “safe harbor” or the “rebuttable presumption” QM boxes.
The MBA suggested the CFPB increase the "rebuttable presumption" threshold from 150 basis points above the average prime offer rate to 250 basis points so more borrowers with less-than-perfect credit can benefit.
It is not a matter of “if” or even “when” but rather “how” the remaining defendants settle lawsuits filed by the Federal Housing Finance Agency over billions in non-agency MBS sold to Fannie Mae and Freddie Mac in the years leading up to the housing crisis. Last week, the FHFA announced it recovered $7.88 billion in civil settlements in 2013 from seven of the 18 defendants the agency took to court in 2011. Eleven firms have yet to settle, with Bank of America facing the largest exposure because of its ownership of Countrywide Financial Corp. and Merrill Lynch, two of the largest issuers in the now-defunct subprime MBS market. In its original claim, the conservator of Fannie and Freddie accused...[Includes one data chart]
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