The strength of the non-agency jumbo market, at a time when securitization of these loans has slowed, suggests there is plenty of investor appetite for non-agency jumbos.
Just how big is Wells Fargo's Ginnie Mae market share? At Sept. 30, the bank controlled 31.53 percent of the market. Its closest competitor was JPMorgan Chase with a mere 11.75 percent.
Late last week, the CFPB released updates to its exam procedures in connection with the new mortgage regulations issued in January 2013 and amended through Oct. 15, 2013. The updates offer financial institutions and other industry participants valuable guidance on how the bureau will conduct examinations for compliance with the Truth in Lending Act and the Real Estate Settlement Procedures Act, the agency said. The bureau updated the supervision manual to reflect the renumbering of the consumer financial protection regulations for...
The GSEs are beginning to take in a significant amount of money from R&W settlements, but both stand to reap an even larger windfall from a pending civil lawsuit filed by the FHFA against 17 issuers of private label MBS.
Meanwhile, the regulator Monday morning unveiled new “master policy” requirements for the MI industry, which will make it harder for insurance firms to get out paying claims on defaulted mortgages.
The Alt A origination estimate is based on the volume of first-lien conventional mortgages with interest rates ranging from 150 basis points over the prime mortgage rate to 300 bps over.
Although the Federal Housing Finance Agency has said it wants more “parity” in the MBS guaranty fees paid by large and small lenders, observers say the playing field remains uneven. One trade group official, who spoke on the condition his name not be used, said as far as he can see there are still “meaningful differences” in what smaller lenders pay in g-fees compared to their larger competitors. He added...
Mortgages originated by brokers and correspondents, once a concern for MBS investors, have actually performed better in recent years than retail-originated loans, according to Moody’s Investors Service. The rating service said risks from third-party originations will remain low if lenders continue to put an emphasis on retail-originated mortgages. Default rates on securitized mortgages have decreased significantly in recent years regardless of origination channel. However, Moody’s noted that beginning in 2010, production from third-party originators started performing better than retail mortgages. From 2003 through 2009, third-party originations defaulted...
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