Buybacks and indemnifications by Fannie Mae and Freddie Mac sellers fell sharply during the third quarter of 2014, according to an analysis by Inside Mortgage Trends, an affiliated newsletter. The two government-sponsored enterprises reported a total of just $543.1 million of repurchases and indemnifications of securitized mortgages in disclosures filed with the Securities and Exchange Commission. That was down a whopping 68.7 percent from the second quarter and was, by far, the lowest quarterly buyback total since the GSEs started disclosing such activity in early 2012. In fact, Fannie and Freddie withdrew...
Marc Savitt, president of the National Association of Independent Housing Professionals, pointed to a flaw in the beta version of Rate Checker: it doesn't show the annual percentage rate.
Meanwhile, JPM marked down the asset value of its residential servicing portfolio to $7.436 billion at Dec. 31, 2014, a 10 percent reduction from 3Q14.
Since early September, at least 14 mortgage company acquisitions have been announced publicly, according to a database of deals compiled by Inside Mortgage Trends.
The Obama administration this week announced a half-percent reduction in the annual mortgage insurance premiums all borrowers will have to pay for an FHA-insured forward mortgage loan. In a press briefing, Department of Housing and Urban Development Secretary Julian Castro said the annual MIP willd be lowered from the current 1.35 percent to 0.85 percent – a difference of 50 basis points – to enable more creditworthy first-time homebuyers to purchase their homes. Approximately 250,000 new homeowners will benefit from reduced premiums over the next three years, saving them an average of $900 annually, Castro said. He further estimated that lowering the annual MIP will make homeownership more affordable for more than 2 million borrowers over the three-year period. The upfront fee of 1.75 percent and the current requirement that borrowers continue paying premiums for the life of the loan were ...
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