During the first nine months of 2013, there were 512 different companies that sold mortgages to the government-sponsored enterprises that had been originated by loan correspondents of mortgage brokers. Some 324 of these lenders were involved in the broker-wholesale channel.
Elsewhere, in the report FHFA claims significant progress has been made on the development and initial testing of the GSEs’ common securitization platform.
The civil action entails the alleged taking from WJB of some 5,000 loan files. It should be noted that these aren’t just any LOs – the group in question ranks among the top producers in the nation.
The IG's office of the Federal Housing Finance Agency is working with various U.S. Attorneys on reviews of lenders’ loan origination practices to determine their compliance with enterprise requirements.
As a group, banks and thrifts reported net earnings of $4.76 billion on their mortgage-banking activity during the third quarter, a 42 percent drop from the second quarter.
Many of the big brand names in the mortgage industry have backpedaled from the correspondent and broker market, but a new Inside Mortgage Trends analysis of loan-level Fannie Mae and Freddie Mac data reveals a very deep and diverse group of loan aggregators still remains in the market. During the first nine months of 2013, there were 512 different companies that sold mortgages to the government-sponsored enterprises that had been originated by loan correspondents of mortgage brokers. Some 324 of ... [Includes data chart]
So far this year, Fannie Mae and Freddie Mac have resolved some $30.99 billion of buyback demands through a combination of loan repurchases and indemnifications for the GSEs’ losses, nearly double the $15.66 billion in resolutions recorded during the first nine months of 2012, according to an analysis by Inside Mortgage Trends, an affiliated publication. The figures refer to the unpaid principal balance of loans subject to a repurchase demand, not the actual payment by the lender. Fannie and Freddie reported a combined $3.53 billion of mortgage repurchases and other buyback resolutions during the third quarter of 2013, the lowest quarterly amount in three years.
Combined net income for the 12 Federal Home Loan Banks dropped 26.4 percent to $537 million in the third quarter, according to the Federal Home Loan Bank Office of Finance. The FHLBanks’ net income for the nine months ended Sept. 30, 2013, was $1.847 billion, a 5.0 percent decrease compared to the same period in 2012. “These decreases were driven by lower net interest income, partially offset by improvements in non-interest income,” noted the Office of Finance.
A significant but continued decline in GSE refinance activity helped contribute to an overall dip in the volume of single-family mortgages securitized by Fannie Mae and Freddie Mac in October, according to a new Inside The GSEs analysis. Fannie and Freddie issued $67.7 billion in single-family mortgage-backed securities in October, a 13.8 percent decline from September but a 2.9 percent rise for the first 10 months of 2013. Deliveries of refinance loans to Fannie and Freddie have declined steadily since January.
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