Even in the depths of the financial crisis, the mortgage industry was producing more new loans than it did during the first quarter of 2014, according to new Inside Mortgage Finance estimates. Mortgage lenders generated just $235 billion of new home loans during the first three months of this year. That was down 23.0 percent from the fourth quarter’s estimated $305 billion in originations and it was off 58.0 percent from the first quarter of 2013. It was...[Includes one data chart]
Nonbank mortgage lenders accounted for a hefty 43.2 percent of single-family mortgages securitized by Fannie Mae and Freddie Mac during the first quarter of 2014, according to a new analysis of loan-level data by Inside Mortgage Finance. Nonbanks delivered $55.8 billion of home loans to the government-sponsored enterprises during the first three months of 2014. That was down 17.7 percent from the previous quarter, but overall GSE business was down even more, by 29.1 percent. Both subsets of the nonbank segment – larger companies that ranked among the top 25 lenders overall and smaller mortgage companies – claimed...[Includes one data chart]
Two large acquisitions of mortgage servicing rights have been put on hold by regulators at the Federal Housing Finance Agency and Ginnie Mae, causing consternation in the secondary market. Moreover, according to trade group officials and advisors in the space, a deal needs to be struck between regulators and the industry that spells out the rules of the road when it comes to transferring MSRs from banks to their ultimate destination at nonbanks that are hungry for both product and market share. “We need an environment where servicing can be transferred...
In January, newly sworn-in FHFA Director Mel Watt officially delayed a GSE guaranty fee increase that had been scheduled by his predecessor Edward DeMarco.
The conditional prepayment rate for prime jumbo, Alt-A and subprime loans dropped to 14.7 percent, 10.3 percent and 8.8 percent, respectively, in the first quarter of 2014, according to the ratings service.
While Congress is halfway through its two-week Easter/Passover recess, political pressure continues to build against the Senate’s bipartisan housing finance reform legislation, leading to growing doubt whether the scheduled markup of the bill will occur as scheduled later this month.
A new report by Fannie Mae finds that second-home mortgage market activity is in the midst of a strong rebound, representing a small yet significant corner of the mortgage market.
ICYMI: Late last week, the Consumer Financial Protection Bureau released its guide to completing its integrated disclosure forms under the Real Estate Settlement Procedures Act and the Truth in Lending Act.
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