A significant percentage of mortgage industry professionals think President Obama’s estimate that 250,000 borrowers will benefit from the FHA annual premium reduction is “too high” and that the impact will be minimal, according a new survey by the Collingwood Group. The monthly survey said 47 percent thought the estimate is too high and the price cut is not enough to generate a substantial number of new homeowners given that credit standards remain tight. They also said that the 50 basis point reduction in the annual premium is insufficient to make financing affordable. Meanwhile, 34 percent thought...
The DBO request for proposal asks that applicants for the Ocwen contract state whether they – or any affiliates – have done any consulting work for the servicer.
The top five lenders in the industry accounted for 33.8 percent of total production last year, down from a combined 40.8 percent market share back in 2013.
Two other servicing packages hit the market the past few days, including a seasoned $276 million Ginnie Mae portfolio from Interactive Mortgage Advisors.
Mortgage industry participants are anticipating brisk refinancing activity during the first half of 2015 as a result of a 50 basis point cut in FHA’s annual mortgage insurance premium and expectations that mortgage rates will remain low. Lenders believe that with mortgage rates lingering around 3.75 percent, coupled with the annual MIP rate cut, an estimated one million mortgage loans could be ripe for FHA refinancing. “There’s real business out there,” said Brian Chappelle, a mortgage industry consultant. “Some economists also anticipate another 100,000 in purchase originations this year as a result.” The premium cut makes...
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