This source continued: “If only Castro had put the MIP cut through right after the actuarial report came out, we probably wouldn’t be talking about this right now.”
Agency mortgage servicers last year transferred some $369.44 billion of mortgage-servicing rights tied to mortgage-backed securities issued by Fannie Mae, Freddie Mac and Ginnie Mae, according to an exclusive new Inside Mortgage Trends analysis. Thanks to an end-of-year surge, bulk MSR transactions accounted for most of the market. During the fourth quarter, some $76.69 billion of servicing changed hands in bulk transfers, a 76.5 percent jump from ... [Includes three data charts]
Late last week, when the Department of Housing and Urban Development pulled the plug on reducing FHA premiums by 25 basis points, it was originally thought that perhaps, in time, the new White House might change its mind. As one Washington insider noted, “There was a feeling that with a little education and time and with the right decision-makers in place, that maybe they would let the cut go through. Now I’m not so sure.” An industry lobbyist – with a deep resume on Capitol Hill ...
Mortgage originations defied expectations in the fourth quarter and held virtually even with the previous period, despite a measurable increase in mortgage interest rates. According to exclusive new Inside Mortgage Finance estimates, some $580.0 billion of first-lien mortgages were originated during the fourth quarter of 2016, a slight 0.9 percent drop from the third quarter. That lifted total production for the year to an estimated $2.065 trillion, up 19.0 percent from the 2015 total. Industry forecasters were...[Includes two data tables]
The new administration of President Trump wasted no time in trying to fulfill his campaign promise to roll back the tide of regulation, issuing on the day of his inauguration a freeze on new and pending regulations from executive agencies of the U.S. government. What effect this will have on mortgage lending regulation is unclear, at this point, but it’s likely to be temporary, industry insiders agree. According to a memo issued by White House Chief of Staff Reince Priebus, unspecified “executive departments and agencies” were...
Industry groups are calling for better ways to minimize the market disruption that may come in the wake of the Trump administration’s decision to suspend the recent 25-basis-point reduction of the FHA mortgage insurance premium. The suspension of the fee cut was announced Jan. 20 by Genger Charles, general deputy assistant secretary for housing at the Department of Housing and Urban Development, pending a review by the incoming administration. The pricing change was scheduled to take effect for loans with a closing or disbursement date of Jan. 27 or later. The moratorium has...
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