Consumer complaints to the CFPB fell in most financial service product segments during the first quarter, not only from the previous quarter but also from one year ago, according to the latest analysis of bureau data by Inside the CFPB. Total gripes in the first quarter of 2015 declined 8.2 percent from the fourth quarter of 2014, and slid 17.0 percent compared to the first quarter of 2014. Once again, consumer criticisms about residential mortgages led the decline in both timeframes, dropping 20.3 percent quarter over quarter and plunging 33.5 percent year over year. The fall-off is likely due to the shrinkage in overall mortgage originations as well as the continued recovery in the overall housing and mortgage markets.The [with exclusive data chart] ...
Fannie Mae, Freddie Mac and Ginnie Mae securitized $151.1 billion of refi loans during the first quarter, a 34.8 percent increase from the end of 2014.
Some MBS investors and industry analysts were taken aback when the latest prepayment rates on the government-sponsored enterprises’ risk-transfer deals were reported last week. The spike in prepayments was due to low interest rates in January, with the risk-sharing deals more susceptible to prepayments than agency MBS overall due to the collateral included in them. Prepayment rates were particularly high on Freddie Mac Structured Agency Credit Risk transactions. Analysts at Barclays Capital said M1 tranches on STACR 2014-DN3 and STACR 2014-HQ1 experienced large pay-downs in March due to “seemingly high” prepayments. STACR 2014-DN3 M1 paid down by 18.0 percent in March and STACR 2014-HQ1 M1 paid down by 8.4 percent. “While the jump in prepayment speeds could be expected after the rates rally earlier this year, the magnitude of the jump may seem...
Fannie Mae Updates Reverse Mortgage Loan Servicing Manual. Fannie Mae has updated its reverse mortgage servicing manual with changes and clarifications to policies pertaining to Home Equity Conversion Mortgages. For HECMs, Fannie now requires servicers to place a real estate-owned hazard insurance policy upon completion of a foreclosure sale. It also outlined servicers’ responsibilities regarding the documentation and cancellation of REO hazard insurance claims; reimbursement of REO hazard insurance premiums; and remittance of insurance loss proceeds. The revised policy changes must be implemented no later than April 1, 2015. House Democrats Reintroduce Housing Finance Reform Bill. Democrats on the House Financial Services Committee have introduced legislation that would provide private and government risk-share coverage to all mortgages, create a ...
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