A majority of mortgage companies plan to increase their spending on technology as part of their efforts to boost profit margins, according to the latest results from Fannie Mae’s quarterly survey of lenders. Some 56 percent of the 169 lenders surveyed by Fannie in the second quarter of 2016 listed technology investment as one of their top two strategies to increase profit margins, marking the first time a majority of respondents plan to increase tech spending to help profits since ...
Intercontinental Exchange will acquire a majority equity position in the owner of Mortgage Electronic Registration Systems and “modernize” MERS, according to the companies. Terms of the investment weren’t disclosed, though ICE said the price and terms of the transaction are “immaterial” to the company. The transaction is expected to be completed at the end of this month. MERS is owned by MERSCorp Holdings, a private corporation and member-based organization ...
The chance of Fannie Mae/Freddie Mac reform legislation passing Congress this year is virtually nil. But that hasn’t stopped industry trade groups from talking about the topic, or dispensing a barrage of advice for the Federal Housing Finance Agency about the withering capital cushions at Fannie and Freddie. The way things stand today, the largest industry trade organizations – and arguably the most powerful politically – are taking the position of “all or nothing” mortgage-finance ...
A top mortgage-industry executive called for the establishment of criteria for adjusting FHA mortgage-insurance premiums to limit taxpayer exposure and allow private capital to play a larger role in the mortgage market. In a recent blog, Patrick Sinks, president/CEO of Mortgage Guaranty Insurance Corp., noted growing talk in the mortgage industry of another possible FHA premium reduction following last year’s 50 basis point cut. However, before that happens ...
In a finding with ominous implications for the mortgage lending industry, a significant majority, 81 percent, of respondents in a recent opinion survey continues to believe that housing affordability is a problem in the U.S. The concern for lenders is that the more Americans believe the cost of buying a home is out of their reach, the greater the odds are they won’t even bother to shop for a house or a mortgage or save for a downpayment. “Stable, affordable housing is viewed as ...
CFPB examiners found problems with loan modification acknowledgement notices, including sending them too late and having incorrect information or deceptive statements…
Subservicing vendors continued to increase their contract totals in the first quarter as owners of mortgage servicing rights moved more of their business to these specialists to counter regulatory burdens that show few signs of abating. According to exclusive survey figures compiled by Inside Mortgage Finance, $1.625 trillion of home mortgages were being handled by subservicers at March 31, a 5.5 percent sequential increase and a 19.5 percent gain year-over-year. Subservicing firms – a business mostly dominated by nonbanks with one key exception – now process...[Includes one data table]
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