Fannie Mae and Freddie Mac securitization volume reached its highest level in nearly four years during the first three months of 2013, according to a new Inside Mortgage Finance market analysis and lender ranking.
Fannie Mae and Freddie Mac suffered lower losses on their nonprime mortgage holdings in 2012 compared with previous years as mortgage performance has stabilized and investor demand for vintage non-agency mortgage-backed securities has increased. However, the government-sponsored enterprises have not realized profits on their vintage non-agency MBS holdings as they have employed a buy-and-hold strategy since 2008. The GSEs held a combined $103.4 billion of nonprime MBS in portfolio and ... [Includes one data chart]
The FHA is seeking comment on a proposal to change the period for reviewing loans for direct endorsement from pre- to post-closing in order to increase the number of acceptable loans and, therefore, reduce any potential risk to the Mutual Mortgage Insurance Fund. Under the proposal, a lender applying for unconditional direct endorsement authority would be required to submit the necessary loan files only after closing. After determining that the mortgage is acceptable and meets all FHA requirements, the agency would notify the lender that the loan has been endorsed. Current regulations provide for ...
Borrowers rushing to get their purchase-mortgage applications submitted before FHA’s higher annual mortgage insurance premiums took hold April 1 helped boost total purchase applications last week, according to the latest data from the Mortgage Bankers Association. The MBA’s weekly mortgage applications survey for the week ending March 29 showed a surge in purchase applications for government loans. The surge, fueled mostly by FHA applicants, helped boost the total number of purchase applications received by lenders during the period. “Total purchase applications increased last week, due to an almost ...
With the deadline for filing individual income tax returns just around the corner, the FHA has reminded lenders of its rules regarding the eligibility of a borrower who has a delinquent federal tax debt or lien. According to the FHA, an individual with an overdue federal tax debt or tax lien is not eligible for an FHA-insured mortgage loan until the delinquent account is either brought current, fully paid or is resolved by a satisfactory repayment plan agreed to by the borrower and the federal agency owed. Tax liens may remain unpaid as long as the lien holders subordinate the tax lien to the ...
Ginnie Mae issuance fell in the first quarter of 2013 but was easily offset by significant gains from a year ago, according to Inside FHA Lending’s analysis of FHA data. Mortgage-backed securities production at the government facility dropped 5.1 percent to $104.1 billion in the first quarter but increased 28.6 percent year-over-year , which was more than enough for an offset. The securities were backed mostly by FHA and VA loans with a combined total of $99.33 billion. Federally guaranteed rural housing loans totaling $4.84 billion were also in the mix. Wells Fargo and Chase Home Finance led the Ginnie Mae market with a combined ... [1 chart]
Despite its efforts to enhance its hiring outreach to minority and women potential contractors and employees during 2012, the Federal Housing Finance Agency still faces challenges finding qualified and diverse candidates.
Home prices nationwide jumped in February by the largest margin in seven years, said CoreLogic while the SEC has decided to allow public companies to Twitter and Facebook.
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