Ginnie Mae securitized a relatively higher volume of loans for African-American borrowers than did Fannie Mae or Freddie Mac, according to a new Inside FHA Lending analysis of recently released Home Mortgage Disclosure Act data covering 2013 mortgage originations. Nearly a quarter, 24.7 percent, of mortgages made to black borrowers last year had FHA, VA or rural housing loans financed through Ginnie Mae, loan-level HMDA data show. Fannie Mae (19.2 percent) and Freddie Mac (9.9 percent) also accounted for large shares of mortgages for black borrowers. However, blacks accounted for just 4.2 percent of mortgages with the race of the primary borrower identified in HMDA reports. Fannie actually had a bigger share of the Hispanic market (24.7 percent), but Ginnie accounted for a substantial 17.3 percent of mortgages made to Hispanic borrowers last year. All three agencies saw ... [1 chart]

The Mortgage Bankers Association wants the FHFA to push Fannie and Freddie to go easy on mortgage buybacks.

Smaller financial institutions told the CFPB they see some positive possibilities for facilitating the banking needs of certain economically vulnerable segments of society through the use of mobile technologies. However, there are certain limitations with current capabilities, as well as unique security and fraud concerns. “The increased availability and use of not only mobile phones but mobile devices across a wide spectrum of sizes, weights and portability, as well as the continuing expansion of the mobile banking functions and capabilities of those devices, offer opportunity to expand bank services to current banking customers as well as those who are termed unbanked or underbanked,” the American Bankers Association said. While mobile banking offers potential for financial inclusion, it is not a ...

One webinar panelist noted: "It reconfigures every disclosure that we had before."

Late last month, the Consumer Financial Protection Bureau announced the participants in its high-profile eClosing pilot project. The bureau chose a mix of technology vendors providing eClosing solutions and lenders that have contracted to close loans using those solutions. The vendor participants are Accenture Mortgage Cadence, DocMagic, eLynx, Pavaso, and PiersonPatterson LLP. The lenders are Blanco National Bank, Boeing Employees Credit Union, Franklin First Financial, Flagstar Bank ...

Revised HUD/VA Addendum to the Uniform Residential Loan Application. On July 30, the FHA has posted on its HUDCLIPS website a revised Addendum to the Uniform Residential Loan Application (Form HUD-92900-A/VA Form 26-1802). This form is used for both FHA and VA mortgage originations.The Department of Veterans Affairs has updated its form to clarify what constitutes a valid marriage for the purpose of obtaining VA benefits. Although the changes to the form do not apply to FHA-insured mortgages specifically, lenders should begin using the revised form for new FHA mortgage originations as soon as possible, the FHA recommended. Processing Request for Execution of VA Quitclaim Deeds. The Department of Veterans Affairs has issued guidance (Circular 26-14-19) for handling of requests for execution of quitclaim deeds. A quitclaim deed is a legal document that is used to transfer a person’s rights to real estate to ...

On Wednesday, shares of Altisource Asset Management Corp. were selling for $697 compared to a 52-week high of $1,209.

Indirectly, Bill Erbey controls about 5.9 million shares of Altisource through a limited liability company called Salt Pond Holdings.

A fair question to ask is this: If DOJ goes after Mozilo, why not go after the owners of Ameriquest/Argent which created so much of the faulty subprime product that Greenwich securitized?

“I’m wondering how many people buy homes outside of buying them with cash,” Ryan said during the webinar. “To me it’s that serious.”