Examiners did not meet the requirements for making sure that one of the GSEs corrects serious deficiencies, according to the Federal Housing Finance Agency’s Office of Inspector General. In a recent report, the OIG said that there were certain instances where FHFA’s guidance “fell short.” The report noted that when the OIG reviewed whether examiners followed FHFA policy regarding an issue opened by a GSE in 2013, 30 months later the Matter Requiring Attention (MRA) remained unresolved. Among the shortcomings identified were the examiner’s acceptance of the GSE’s proposed remediation plan despite the fact it failed to address all of the issues in the division of enterprise regulation and not preparing an internal procedures plan to...

Fannie Mae and Freddie Mac mortgage-backed securities remained the preferred investment choice of the 11 Federal Home Loan Banks during the fourth quarter of 2015 and for the year, according to a new ranking by Inside The GSEs based on data from the Federal Housing Finance Agency. There was a slight 0.9 percent quarterly decline, but a generous 34.7 percent increase from a year earlier. GSE MBS accounted for 77.9 percent of combined MBS portfolios. The FHFA data does not separately break out Fannie and Freddie volume or share.Meanwhile, Ginnie Mae investments accounted for 11.7 percent and non-agency investments were 10.4 percent.

Servicers must round up eligible customers and present offers by October 15 of this year.

Meanwhile, BofA’s “legacy assets and servicing” unit lost $40 million in the first quarter of 2016.

Wells reported mortgage banking non-interest income of $1.6 billion for the first quarter, a $62 million decline from the prior period.

Private mortgage insurance firms adjusted their pricing in early 2016…

The flow of home loans covered by private mortgage insurance into new Fannie Mae and Freddie Mac mortgage-backed securities fell by 11.5 percent during the first quarter of 2016, according to a new Inside Mortgage Finance analysis and ranking. That decline mirrored the 11.6 percent drop in purchase-mortgage securitization from the fourth quarter by the two government-sponsored enterprises. A slight uptick in refinance activity partly offset the slide in purchase-mortgage business. Private MIs do...[Includes two data tables]

With steady growth over the past four years, nonbank mortgage servicers should have more regulatory oversight, according to a recently released study by the U.S. Government Accountability Office. Several agencies, including the Conference of State Bank Supervisors and the Federal Housing Finance Agency, agreed with that recommendation. The share of home mortgages serviced by nonbanks tripled from 2012 to midyear 2015, growing from approximately 6.8 percent to 24.2 percent, the GAO said. The GAO recommended...

If Jamie Dimon really cares about the pain suffered by his customers, he may want to keep his default management servicing inhouse…

Maybe one of these days JPM will exit mortgages entirely. But for now, Jamie Dimon is staying put...