Officials at HomeStreet Bank defended the bank’s mortgage business activities this week after facing criticism from one of the largest shareholders in the company.
Mortgage bankers saw modest gains on both sides of their business during the third quarter of 2017, according to an Inside Mortgage Trends analysis of earnings reports from a dozen publicly held companies.
Fannie Mae and Freddie Mac say they have made significant strides over the past year to address obstacles to the transition to a fully digital mortgage process that have been identified by mortgage lenders and other industry participants.
A tiny portion of loans sold into Fannie Mae and Freddie Mac mortgage-backed securities trigger a buyback demand from either of the GSEs, and in most cases lenders are able to avoid an actual repurchase or indemnification. Lenders repurchased or provided other indemnification for $260.12 million of home loans during the third quarter of 2017, a 6.4 percent increase from the prior period, according to an Inside The GSEs analysis of quarterly disclosures made to the Securities and Exchange Commission. During the same period, Fannie and Freddie issued $223.6 billion of new single-family MBS. The third-quarter spike in buyback activity came all on the Freddie side of the market.
Commercial banks and savings institutions are not major investors in the non-mortgage ABS market, and their holdings slipped again during the third quarter of 2017, according to a newInside MBS & ABS ranking and analysis.
Mick Mulvaney has been in charge of the CFPB all week and we’ve yet to hear one prediction that subprime mortgage lending will revive with a vengeance…
The vast majority of commercial banks and savings institutions that do mortgage banking – either directly or through a subsidiary – generated a profit from the business during the third quarter, according to a new analysis by Inside Mortgage Trends of bank call reports.
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