The complaints that consumers filed with the CFPB about various aspects of their mortgages generally rose in the second quarter, as the mortgage market churned out new originations at elevated levels, a new analysis by Inside the CFPB found. Total consumer gripes rose 7.5 percent from the first quarter of 2015 to the second, the latest data from the bureau’s consumer complaint database show. The increase was largely driven by a surge of criticisms about the mortgage loan application and origination process, which climbed 11.8 percent during the period. Grumbling about loan modifications also increased during the period ending June 30, up 5.7 percent, a much higher rate of increase than the recent upward tick seen in default rates. Grievances ...
Fannie Mae and Freddie Mac risk-sharing transactions have gained steam in the first half of 2015 with the GSEs issuing $7.04 billion through the end of June, a 62.9 percent increase over the first half of last year. Since the credit-risk transfer program launched in July 2013, the two government-sponsored enterprises have sold $19.61 billion of CRT bonds to a growing universe of investors. The CRT bonds transferred a portion of the credit risk on some $704.45 billion of single-family MBS. In addition, Fannie and Freddie have purchased...
Some industry officials, including Marc Savitt, president of the National Association of Independent Housing Professionals, are worried about the methodology of the project...
Banks with significant portfolio capacity continue to stock up on mortgages because they offer strong returns and can help efforts to cross-sell other products. While most of the mortgages being added to portfolios are jumbos, in some instances banks are retaining conventional mortgages. JPMorgan Chase reported that it added mortgages with a balance of $19.0 billion to its portfolio holdings during the second quarter of 2015. Marianne Lake, chief financial officer at the bank ...
Industry participants largely support a plan from the Federal Housing Finance Agency for adjustments to the conforming loan limit. The $417,000 loan limit applicable to the government-sponsored enterprises could be increased as soon as January, depending on house-price appreciation trends over the next few months. The FHFA’s proposal said the regulator planned to use the “expanded data” house price index that the agency has published since 2011 to ...
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