Ginnie Mae Allows Rate-Change Dates in HMBS Annual ARM Pools. Ginnie Mae has decided to permit annual adjustable-rate Home Equity Conversion Mortgage pools to contain participations with different interest-rate adjustment dates. The participations in a pool must have the same adjustment date as the individual HECM loans to which they are related and an interest rate that adjusts on annual basis. In addition, participations must have a rate adjustment that will take place within 12 months following the month of pool issuance. This policy change is effective with Jan. 1, 2015, issuances and, thereafter, for both Constant Maturity Treasury and LIBOR index-based loan pools. Rescission Dates for Electronic Signatures/VA Guaranteed Home Loans, SCRA Requirements Extended. The Department of Veterans Affairs has extended the rescission date for ...
Trying to handicap a forthcoming ruling from the highest court in the land is notoriously fraught with difficulty and unpredictability, given that the justices of the U.S. Supreme Court have a penchant for playing devil’s advocate on both sides of a legal issue. But comments made this week by one of the conservative justices, Antonin Scalia, during the high court’s consideration of the latest disparate-impact case to reach it made it clear he believes the legal doctrine of disparate impact is a part of the contemporary legal landscape. And that could prove to be pivotal to the ultimate outcome. The central legal question in Texas Department of Housing and Community Affairs, et al., v. The Inclusive Communities Project Inc. (No. 13-1371) is whether disparate-impact claims are cognizable under the Fair Housing Act of 1968. The state of Texas is challenging...
Roughly 90 percent of the time, residential loan officers never see the end mortgage customer, according to several weeks’ worth of interviews conducted by Inside Mortgage Finance. However, few in the industry think it’s a problem. “We have the technology not to see our applicants,” said Jim Picard, vice president of home loans for Denali Alaskan Federal Credit Union. The technology that Picard and others refer to is...
Fannie Mae and Freddie Mac securitized $46.91 billion of home loans with private mortgage insurance during the fourth quarter of 2014, down 1.9 percent from the previous quarter, according to a new Inside Mortgage Finance analysis. The drop in private MI volume nearly mirrored the 2.1 percent decline in overall mortgage-backed securities production by the two government-sponsored enterprises over the same period. For all of 2014, the volume of private MI loans included in Fannie/Freddie MBS was down 22.5 percent, while total GSE securitization tumbled 45.4 percent from 2013. While MI-insured purchase mortgages declined by 7.0 percent from the third quarter, securitization of refinance loans with private MI jumped...[Includes two data charts]
Falling interest rates and a pending cut in FHA insurance premiums are prompting many lenders to prepare for a boost in refinance activity. “Recent-period lows should stimulate strong refinance activity,” said Bard Blackwell, an executive vice president and portfolio business manager at Wells Fargo Home Mortgage. He noted that low yields on 10-year Treasury notes have helped to decrease interest rates on mortgages in recent months. As of press time, the yield on 10-year Treasuries fell...
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