Weighed down by high premium costs and lender overlays, FHA lost more primary market share to private mortgage insurers and the Department of Veterans Affairs during the second quarter of 2014. Although June’s FHA endorsement numbers have not yet been released, the trend seen in April through May, along with Ginnie Mae securitization data, suggest that FHA business was up a modest 11.5 percent from the first quarter. But that increase provides no comfort to FHA, which saw its market share go down to 33.7 percent, a six-year low. From April to May, FHA forward endorsements rose by 2.4 percent to $10.61 billion. On a year-over-year basis, however, endorsements were down from $21.9 billion in May 2013, according to an Inside FHA Lending analysis of agency data. On the other hand, private MI companies reported a total of $44.19 billion of new insurance written (NIW) during the ... [2 charts]
Reverse mortgages would be included in Home Mortgage Disclosure Act reports under a proposed rule published recently by the Consumer Financial Protection Bureau. The proposed rule would expand the definition of a “covered loan” under HMDA to include reverse mortgages and home-equity lines of credit (HELOCs), which include reverse mortgages structured as open-end HELOCs. Currently, HMDA regulations do not require reporting of HELOCs, although lenders may do so if they choose. Currently, financial institutions only have to report information on a closed-end reverse mortgage if the transaction involves a home purchase, home improvement or refinancing. Among other things, the CFPB has proposed to require that all reverse mortgages and HELOCs be identified by loan type to distinguish them from other categories of ...
The Office of Inspector General for the CFPB, the Federal Deposit Insurance Corp., the National Credit Union Administration, and the Treasury Department are evaluating the coordination between the CFPB and other regulatory agencies in conducting supervisory activities, according to the CFPB OIG’s latest work plan. In June 2012, the CFPB and the prudential regulatory agencies issued a memorandum of understanding to clarify how the agencies will coordinate their supervisory activities. “The objective of the evaluation is to confirm that the required coordination is occurring and has been effective in avoiding conflicts or duplication of efforts,” the bureau’s OIG said. The evaluation is currently expected to be completed sometime during the third quarter of 2014. There are a handful of other ...
The VA home loan guaranty program also is building market share, with $25.52 billion of new business written during the second quarter, a 36 percent increase from early 2014.
One non-QM executive who competes with Impac said the company’s forecast likely will not come true. “Right now, this is a very limited market – and there are no securitizations,” he said.
Fannie Mae and Freddie Mac reported a combined $5.0 billion in net income during the second quarter of 2014, down 46.2 percent from the first three months of the year as the two government-sponsored enterprises reported a significant downshift in repurchase activity. Through the first six months of the year, GSE profits were down nearly 81.7 percent from the first half of 2013. But Fannie and Freddie reaped huge profits in 2013 through hefty legal settlements, the capture of deferred tax assets and seller buybacks. “When you look back on 2013, our goal was...
According to figures compiled by Inside Mortgage Finance, Freedom grew second quarter originations by almost 49 percent, the best sequential gain for any top 10 ranked lender.
A diverse group of 31 lenders tracked by Inside Mortgage Trends reported a combined $4.13 billion in mortgage banking income during the second quarter, up 32.7 percent from the first three months of 2014.
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