Mortgage banking income increased at a faster rate than did secondary market sales during the third quarter of 2012. Huge gain-on-sale margins pushed the industry to its most profitable quarter, according to an analysis of call report numbers by Inside Mortgage Trends.
GSE MBS business hit a post-crisis record in 2012. A new Inside Mortgage Finance analysis of Fannie Mae and Freddie Mac securitization activity reveals that the two GSEs issued a whopping $1.27 trillion of single-family MBS in 2012.
Forget (for now) the story about Bank of America scuttling the sale of $14 billion of high-touch mortgage servicing rights. Inside Mortgage Finance is hearing that over the past several weeks the megabank was looking to unload upwards of $300 billion in MSRs, or at least talking about it to select buyers. BofA, as we pointed out, doesn’t talk about its servicing sales, though it does acknowledge them (sometimes) in its earnings calls with analysts.…
Bank of America appears to have resolved a longstanding dispute with Fannie Mae over loan repurchases – but will not begin selling more loans to the GSE.
Depository institutions managed to trim the volume of mortgage loans they serviced for other investors during the third quarter of 2012, according to a new Inside Mortgage Trends analysis of call report data.
Fannie Mae is working on building an in-house unit to value mortgage servicing rights, according to industry officials who’ve been briefed on the GSE's plans.
Impac Mortgage, one of the fastest growing funders among the top 100, has hired Mike Casey and Matthew Dismore to bolster its correspondent lending division.
Before we get to the main event (the ‘Qualified Mortgage’ rule), it’s time to consider the improving fate of Fannie Mae, which is poised to have a few coming quarters of blow-out earnings – which will go directly into the coffers of the U.S. Treasury Department, much to the delight of the newly nominated secretary Jack Lew.
The Mortgage Bankers Association this week launched a new task force to study the future of the GSEs, naming 17 industry executives from residential finance-related firms both large and small. MBA president David Stevens told Inside Mortgage Finance that his goal to have the working group publish a final working paper on what to do with Fannie Mae and Freddie Mac by mid-year 2013. “This task force is very inclusive of the industry,” said Stevens.…
The Obama administration may want to think twice before moving ahead with reported plans to replace Edward DeMarco, the Federal Housing Finance Agency’s acting director, says a long time industry observer.
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