The latest wrinkles in repurchase policies at Fannie Mae and Freddie Mac are widely seen as incremental changes that at least point in the right direction. The two government-sponsored enterprises last week announced a narrow adjustment in how loans with minor payment problems can still qualify for buyback relief if they are current 36 months after origination. The new framework also provides buyback protection for mortgages that come clean in the GSEs’ quality control checks and an alternative to automatic repurchase of loans when private mortgage insurance is canceled. Only about 2 percent of loans go...
As reported by IMFnews, the FHFA has yet to appoint a permanent chief executive and chairman for the CSP, formally known as Common Securitization Solutions.
Seven lenders reported net losses during the first three months of 2014, but 12 of the firms showed stronger results than they had in the fourth quarter of 2013.
Taken as a barometer of industry activity, Wells Fargo's prediction is hardly good news for a business that is facing an ugly 40 percent decline in fundings this year.
The Nationstar spokesman noted that Rodgers’ production duties were assumed by Chad Patton, a senior executive for business development at the nonbank lender.
Loan modifications that reduce principal and interest payments by at least 10 percent perform significantly better than other mods, according to the Office of the Comptroller of the Currency.
New York regulator Benjamin Lawsky also questioned the efficiencies touted by nonbank mortgage servicers, countering that “technology alone does not keep a family in its home."
The Mortgage Bankers Association continues to trim its production forecast for 2014 as the year progresses. Still, some lenders are hopeful and most of them are nonbanks.
The new survey of more than 2,000 real estate agents found that respondents recommend specific mortgage providers for 59 percent of their homebuyer transactions.
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