Freddie Mac has begun reviewing servicing-related violations of its program rules, issuing notices of defect for certain violations, mostly related to the conveyance of properties to the GSE with title problems.
One warehouse executive, requesting anonymity, said usage rates for the fourth quarter and the first two months of 2014 “have been very low.” He gave a range of 20 percent to 50 percent.
“Cheap is the goal now,” said Chuck Klein, a managing partner at Mortgage Banking Solutions, Austin, TX. “I’m seeing many mortgage-banking firms that want to buy, and they’re looking at either smaller firms or branches.”
Even though the Johnson-Crapo bill has no future outside of the Senate, one thing is certain regarding Fannie and Freddie: the two will continue to earn a ton of money going forward.
According to exclusive figures compiled by Inside Mortgage Finance, once Fifth Third departs, there will be just two depositories in the top 10: Flagstar and U.S. Bank.
Mortgage repurchases peaked in 2009 at $34.276 billion, fell to $31.811 billion in 2010 and $20.943 billion in 2011, and then dropped to just $12.966 billion in 2012.
According to exclusive survey figures compiled by Inside Mortgage Finance, loan brokers accounted for 9.8 percent of all originations in the fourth quarter, a slight improvement from the 9.6 percent market share reading in the third quarter.
The new version incorporates lessons learned from the financial crisis of 2008 along with contemporary concerns about mortgage originations and servicing.
Another bank bites the dust in wholesale: Fifth Third Bank, which ranks second among depositories in the channel, according to Inside Mortgage Finance.
RSS