Meanwhile, one mortgage executive told us that earlier in the year Impac approached his shop about a sale. This executive, who did not want his company identified, turned Impac down…
-The average credit score for purchase mortgages securitized by Fannie Mae, Freddie Mac and Ginnie Mae during the second quarter was 722.8, down a few points from the first quarter.
UI’s Laurie Goodman said borrowers who took out mortgages in the past five years are better at paying their mortgages than any other group of mortgage borrowers in history.
Industry observers are weighing in on the redesigned Uniform Residential Loan Application, an industry standard that has largely remained the same for the past 20 years, until now. The GSEs published the new form last week to give lenders ample time to get familiar with it. The updated form won’t officially be in use until Jan. 1, 2018. The URLA is for single-family loans submitted to Fannie Mae and Freddie Mae, as well as mortgages insured by the FHA, VA or U.S. Department of Agriculture’s Rural Housing Services. The redesigned form falls under the larger Federal Housing Finance Agency and GSE initiative to standardize single-family mortgage data in the U.S.
HUD has been criticized by consumer advocates who feel the agency's NPL auctions have unfairly benefitted private equity firms and hedge funds at the expense of troubled borrowers.
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