Angel Oak competitor Citadel Servicing Corp., Irvine, CA, is planning to come to market with its first deal, a rated security that could top $160 million…
Fannie Mae and Freddie Mac executed various forms of credit-risk transfers last year that covered $548.0 billion of mortgages, a 30.4 percent increase over the amount covered by CRT activity in the previous year, according to a new report from the Federal Housing Finance Agency. The performance met the “scorecard” targets issued by their regulator. In total, the two government-sponsored enterprises transferred $17.9 billion of risk in 2016, most of it through their debt note programs. Fannie’s Connecticut Avenue Securities and Freddie’s Structured Agency Credit Risk programs accounted for 72.1 percent of risk transferred last year, the FHFA said. Reinsurance, the next biggest category, accounted...[Includes one data table]
The mortgage market has paid close attention to a lawsuit brought by PHH Mortgage that challenges the constitutionality of the Consumer Financial Protection Bureau, and the Trump administration’s recent move to side with the mortgage lender. Now, the Treasury Department is making a similar argument that the structure of the Federal Housing Finance Agency is also unconstitutional. Both the CFPB and FHFA, the regulator of Fannie Mae and Freddie Mac, are independent agencies led by a single director whom the president can only fire for cause. In an advisory filed March 24, the Treasury backed...
FHA-insured jumbo lending fell slightly in the fourth quarter of 2016 although year-over-year results were a lot better. Production of conforming-jumbo purchase and refinance loans insured by the FHA slipped 0.9 percent in the fourth quarter, a slight bump on the way to an annual jumbo origination total of $26.9billion. Year-over-year, FHA jumbo production was up 5.6 percent from 2015. Conforming-jumbo loans represented 9.8 percent of FHA loans securitized last year, according to data compiled by affiliated newsletter Inside Mortgage Finance. Purchase mortgages comprised 64.9 percent of jumbo loans insured by FHA in 2016 and 98.7 percent were fixed-rate loans. Nonbanks comprised the top five FHA jumbo lenders. Wells Fargo, which closed the year with $423.8 million in FHA jumbo originations, was in sixth place. Quicken Loans led the field with $802.5 million of ... [ Charts ]
However, on Wednesday, five members of the Senate Banking Committee wrote to FHFA Director Mel Watt, warning him against taking any administrative action that might alter the dividend payment.
The GSEs have developed proposals to more closely align their mortgage insurance master policies with their reps-and-warranties policies, which will be reviewed by the FHFA this year.
But the issue is hardly settled. Ron Haynie, senior vice president of mortgage policy at the ICBA, told Inside Mortgage Finance that he expects a change in the dividend payment this year.
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