The GSE figures suggest that private MIs saw a measurable drop in new insurance written in the final three months of 2016, but ended the year with a significant increase in volume compared to 2015.
Lenders delivered $68.26 billion of single-family loans with private mortgage insurance coverage, including modified loans, into Fannie Mae and Freddie Mac mortgage-backed securities during the fourth quarter of 2016, according to a new Inside Mortgage Finance analysis and ranking. Fourth-quarter private MI activity for the two government-sponsored enterprises was down 10.1 percent from the previous quarter. Overall, Fannie/Freddie single-family MBS production was up 5.7 percent in the fourth quarter. The drop in MI-insured business at the two GSEs tracked...[Includes two data tables]
The Federal Housing Finance Agency says it will finalize new plans for examining how well Fannie Mae and Freddie Mac manage the risks of mortgage servicing transfers this month. The agency has been under scrutiny by its Inspector General for failing to push the two government-sponsored enterprises to manage risks posed by nonbank servicers. In a new report, the IG said the FHFA has not fully made sure that both GSEs are following the three advisory bulletins it has issued that address nonbank servicer risks, among other things. The report is heavily redacted, making it difficult to determine where FHFA examiners have failed, but it appears that there have been shortcomings for one of the GSEs. The three advisory bulletins address...
Some industry executives have been predicting a correction in mortgage hiring in the coming months, with large layoffs anticipated at shops that have focused too strongly on refinancings.
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