The purchase mortgage share of originations is expected to increase significantly, from 30 percent in 2012 to 79 percent in 2015, according to Freddie Mac.
Due-diligence firms, which had hoped to prosper with the return of non-agency jumbo lending, have shown little growth in the non-agency space during the second half of the year.
RFC is privately held. One of its top executives is Barry Habib, a well-known mortgage trainer who has worked at GMAC Mortgage and other shops during his career.
Mortgage professionals who work the M&A trade contend that interest in residential finance is not waning in the least, but potential buyers are being a bit more choosey these days.
It is unclear how much money is needed to recapitalize RMIC, which is currently in a run-off mode, but Old Republic plans to contribute up to $50 million and raise additional funds in the capital markets to resurrect its MI subsidiaries.
The FHA is working to create a quality-assurance framework with enhanced reporting built around QA results as well as a refined approach to identifying underwriting defects, according to a top agency official. There is much uncertainty in the mortgage market today and one way to address that is to create a clear framework for lenders explaining FHA’s view of underwriting defects, how they are defined as well as their consequences, said Charles Coulter, deputy assistant secretary for housing with the Department of Housing and Urban Development. Speaking at the recent Mortgage Bankers Association annual convention, Coulter said the ...
The FHA’s effort to reduce its presence in the mortgage market to make room for private capital would be derailed if Fannie Mae and Freddie Mac raised their guaranty fees, warned an agency official. Responding to a question during the Mortgage Bankers Association’s annual convention, Charles Coulter, deputy assistant secretary for single-family housing at the Department of Housing and Urban Development, said the FHA is currently “priced appropriately” and sees no need to further increase mortgage insurance premiums. The FHA has lost about 20 percent of its share of originations after five MIP increases in ...
Ginnie Mae issuers reported a 14.0 percent drop in mortgage-backed securities issuances in the third quarter from the previous quarter as refinance activity declined further and home-purchase lending slowed during the period, according to an Inside FHA Lending analysis of Ginnie Mae data. Despite the quarter-over-quarter drop, Ginnie production rose 11.2 percent in the first nine months of 2013. Volume over this period totaled $313.8 million, of which 60.3 percent were FHA loans, 33.9 percent were VA, and 5.2 percent were rural housing loans. Ginnie MBS issuance dropped gradually ... [2 charts]
Recapitalization of RMIC Will Pave the Way for a Return to MI Market. Old Republic International (ORI) is planning to recapitalize its mortgage guaranty subsidiary, RMIC Companies, Inc., which could resume underwriting in early 2014. Old Republic plans to contribute up to $50 million of new capital and raise additional funds, which would allow RMIC and its subsidiaries to fully support existing policies, pay off deferred claim obligations, exit state supervision, and resume underwriting new business early next year. The cash infusion would require ...
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