New master policies announced recently by the Federal Housing Finance Agency for private mortgage insurers may not provide the touted improvements or additional clarity, warned attorneys with Reed Smith’s Insurance Recovery Group. The revised MI master policy requirements are designed to ensure consistent and reliable MI coverage for greater operational efficiency and transparency in the mortgage market. They are supposed to improve and clarify the various rights and ...

Mortgage lenders repurchased $3.05 billion of home loans from Fannie Mae and Freddie Mac during the fourth quarter of 2013, a 91.0 percent increase from the previous quarter, according to a new Inside Mortgage Trends analysis of repurchase disclosures. As “securitizers,” the two government-sponsored enterprises are required to file repurchase activity reports with the Securities and Exchange Commission. Fannie and Freddie have ... [Includes one data chart]

Fannie Mae and Freddie Mac in 2013 wrapped up most of the massive amount of repurchase demands they made on legacy loans originated before 2008, but the GSEs are looking more closely at new production and, increasingly, servicer performance. Together, Fannie and Freddie reported a total of $37.87 billion in mortgage repurchases and other settlements of buyback claims, which typically means the lender indemnified the GSE for its losses.

Other firms had more of a jumbo focus. Second-ranked PHH Mortgage reported that 50.0 percent of its originations in 2013 were non-agency jumbos.

A number of lenders said they have put an increased emphasis on jumbo ARMs due to the rise in interest rates that started in May of 2013.

Not only is the spring home buying season beginning to show signs of life, so too is the M&A market for mortgage companies.

One source close to Wornow said he was especially displeased with Morgan’s lack of enthusiasm for non-agency products.

Some 73 lenders contributed to the security. Also, a portion of First Republic’s loans weren’t subject to due diligence reviews, a relative rarity in the new era of jumbo MBS.

W.J. Bradley Mortgage Capital announced a number of new jumbo mortgage products this week. Among the offerings is a loan with a 10 percent downpayment requirement for balances of up to $850,000.

Richmond's mayor said the new rehabilitation program can be completed in addition to eminent domain. However, significant opposition to ED from mortgage industry participants appears to have changed how the city plans to implement its latest plan.