Meanwhile, Wells Fargo was the top-ranked ARM lender through three quarters in 2015 with $18.83 billion funded. PHH Mortgage was a somewhat close second...
In the past, the duty to serve rule has received a great deal of attention from manufactured housing executives who argue the GSEs are not purchasing enough of their loans.
The Golden State accounted for $19.4 billion of VA loans in Ginnie pools at the end of the nine-month period. The Old Dominion State accounted for $10.1 billion in VA loans in Ginnie MBS.
There is limited good news to report for lenders in terms of industry efforts to secure regulatory relief from a variety of rules from the CFPB. Among the good news is that the transportation funding legislation that President Obama is expected to sign shortly includes language that will grant the CFPB greater flexibility to treat a balloon loan as a “qualified mortgage” if it was extended by a community bank or creditor operating in rural or underserved areas. Other language will institute a process for banks and other stakeholders to petition the bureau to designate an area as “rural” or “underserved” for the purposes of the CFPB’s ability-to-repay rule. Another provision will expand the bureau’s ability to exempt creditors serving ...
The Federal Housing Finance Agency “should require the GSEs to be much more transparent in their risk-sharing transactions,” said the Urban Institute in a new report.
Some 66.5 percent of the loans to be included in the MBS are purchase mortgages. The mortgages have seasoned for four months, on average and none were delinquent at the time the deal was priced.
Fannie Mae and Freddie Mac sold $12.58 billion of credit risk through their popular back-end risk-transfer deals during 2015, according to a new Inside MBS & ABS tally of new issuance in the Connecticut Avenue Securities and Structured Agency Credit Risk platforms. While that was up 16.8 percent from the total for 2014, observers continue to call for more diversification in the government-sponsored enterprises’ risk-transfer activities, and greater transparency. The Federal Housing Finance Agency “should require...[Includes one data table]
The Department of Justice plans to use the tactics that it employed in cases involving the financial crisis and MBS in efforts going forward to combat financial fraud, according to agency officials. “It is hard to overstate the creativity of this effort,” Michael Blume, director of the consumer protection branch at the DOJ, said during a speech late last week. He called it “a loosely centralized effort, employing civil penalty statutory provisions, involving close cooperation with regulatory experts and leveraging resources from the entire country.” He noted...
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