Late this week, Nationstar’s common was selling for $19.17 a share, just pennies below its yearly high. PennyMac Financial topped its high for the year.
Mortgage buybacks by companies that sell loans into Fannie Mae and Freddie Mac mortgage-backed securities took an unlikely turn higher in the third quarter of 2016, according to a new Inside Mortgage Trends analysis of repurchase disclosures by the two government-sponsored enterprises. But the sudden 31.5 percent jump in industry-wide buybacks was largely due to one company – Bank of America – paying off the liabilities it inherited from Countrywide ... [Includes two data charts]
Defects in mortgage loans produced under the Consumer Financial Protection Bureau’s integrated disclosure rule fell modestly in the second quarter of 2016, after peaking in the first three months of the year. This is the first such drop since the TRID rule took effect in October 2015, according to a new quality control analysis from ARMCO, a risk management technology vendor. “TRID-related defects continue to be the leading area of concern in post-closing reviews; however ...
Back in late August, Ginnie Mae promised the mortgage industry that it would release a new and improved “acknowledgement agreement,” a document that defines collateral rights tied to agency servicing. But now it’s December, and no such document has surfaced. “It’s in legal,” an agency spokeswoman said, apologizing for the repeated delays. Meanwhile, there is new industry chatter that the revised acknowledgement agreement may not see the light of day for ...
FHA and VA lenders don’t expect to see a major increase in business as a result of higher loan limits in 2017. The national “floor” loan limit for FHA is climbing $4,615 to $275,665. The maximum for high-cost markets will increase to $636,150, the same as for Fannie Mae and Freddie Mac, up $10,650 from this year. At best, lenders say the impact will be marginal to moderate, given the tight housing market and interest-rate fluctuations. Some lenders expect to see a flurry of ...
“Mortgage originations get crushed,” according to the latest forecast from Freddie Mac’s economic and housing research group. A number of industry analysts have adjusted their originations forecasts as interest rates on mortgages have increased recently and could climb higher next year. “Mortgage market activity will be significantly reduced by higher mortgage rates, especially refinance originations, which are likely to be cut in half,” said Sean Becketti, Freddie’s chief economist ...
If lenders evaluated borrowers more “holistically” and put less emphasis on credit scores, the share of minorities receiving purchase mortgages could increase significantly, according to analysts at the Urban Institute’s Housing Finance Policy Center. Laurie Goodman, director of the HFPC, and Alanna McCargo, the co-director, noted that some 70.0 percent of purchase mortgages originated in 2015 went to white borrowers. They suggested that the disparate impact of tight credit is ...
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