Fannie Mae and Freddie Mac reported record lows in the volume of mortgages that sellers repurchased during the fourth quarter of 2016 because of manufacturing defects, an exclusive new Inside Mortgage Trends analysis reveals. Mortgage seller repurchases or other indemnification to the two government-sponsored enterprises totaled $207.31 million in the final three months of 2016. That was down 37.0 percent from the previous quarter and ... [Includes two data charts]
The U.S. Treasury doesn’t get to invest in the booming stock market, but its stake in two guarantors of mortgage-backed securities is making a killing. Fannie Mae and Freddie Mac posted $9.9 billion in combined profits for the fourth quarter of 2016, and $20.2 billion for the full year. It was up 16.1 percent from 2015 and the fourth best year ever for the two government-sponsored enterprises. Their all-time high was...
The U.S. Mortgage Insurers trade group is seeking to eliminate differences in standards for qualified mortgages. USMI detailed its policy priorities for 2017 late last week. While the priorities largely rehash previous points of emphasis that could increase business for private mortgage insurance companies, USMI said it has particular concerns about how some QM standards vary on mortgages delivered to the government-sponsored enterprises compared with FHA mortgages. As required by the Dodd-Frank Act, the Consumer Financial Protection Bureau established...
Nationstar said it expects to board $144 billion of additional contracts in 2017, $111 billion of which is subservicing for New Residential Investment Corp.
Consequently, top-tier banks that offered FHA-insured mortgages have opted to either restrict their government business or exit the program altogether…
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