Reverse mortgage lenders are seeking a policy change that would allow Fannie Mae and Freddie Mac to count reverse mortgages toward their proposed annual affordable housing goals. In another regulatory area, the industry has asked to delay a proposed mortgage disclosure rule until reverse lenders’ concerns have been resolved. Commenting on the proposed 2015-2017 affordable housing goals for the government-sponsored enterprises, the National Reverse Mortgage Lenders Association is urging the Federal Housing Finance Agency to allow the GSEs to reenter the reverse mortgage market through a proprietary reverse mortgage program. Specifically, such a change would enable Fannie Mae and Freddie Mac to purchase reverse mortgages or securities backed by the product. Currently, the FHA under its Home Equity Conversion Mortgage program insures most ...
Radian Reports Strong 3Q14 Results. Radian Guaranty’s new mortgage insurance written increased to $11.2 billion in the third quarter compared to $9.3 billion in the previous quarter, and down from $13.7 billion from the same period last year, according to company financial results for 3Q14. Overall, the private mortgage insurer reported net income of $153.6 million for the quarter, which executives attributed to strong credit performance, a growing MI book of business and solid performance from Clayton Holdings. Radian recently acquired the due-diligence firm for $305 million. Total primary MI in force was $169.2 billion as of Sept. 30, 2014, up from $165.0 billion the prior quarter, while persistency was 83.5 percent at the end of the third quarter. The total number of primary delinquent loans was down 4 percent from the second quarter and down by ...
The Department of Agriculture’s single-family guaranteed housing loan program ended fiscal 2014 with $19.1 billion in loan guarantees, down from the record $22.4 billion in loan guarantees reported in the prior year, according to agency estimates. Month-over-month, Section 502 loan guarantees were up to $2.1 billion in September over August, ending the quarter on a strong note. 2013 was a record year for loan guarantees under the USDA’s Section 502 loan program, the largest of the agency’s single-family housing program, thanks to robust refinancing activity. Many USDA homeowners took advantage of the lower rates offered under a joint refi pilot program by USDA and Chase Home Finance, the top USDA lender, last year. Chase fully funded the pilot. In 2014, Texas led all states in rural housing guarantees with $927 million, followed by North Carolina ($880 million), Michigan ($720 million) ... [1 chart]
PHH Mortgage may avoid taking a big hit in a legal dispute with a homeowner after the company mishandled his mortgage modification. Last week, in Linza v. PHH Mortgage Corp. et al., Yuba County (CA) Superior Court Judge Stephen Berrier threw out most of the jury’s original $16.2 million verdict against the company, including all punitive damages. Instead, the judge said that homeowner Phillip Linza is entitled to only $159,000 in damages. The case stems...
Production of rural housing loans with a Department of Agriculture guaranty is expected to end 2014 far below the record volume originated last year, according to agency estimates. USDA Section 502 guaranteed homeownership obligations in fiscal 2014 totaled $19.1 billion, down from last year’s $22.4 billion, according to data recently disclosed by the agency. Texas led...[Includes one data chart]
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