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Short Takes: NAR Warns House Speaker Ryan Not to Mess with Housing / The Ramifications of Making Changes to the Tax Code / Miami Under Water and Not in Terms of Home Equity / RPM in the Hunt? / Seniors and Home Equity

December 21, 2016
Paul Muolo
A new report from ATOM Data Solutions says concerns about rising sea levels “remain a rarity among most South Florida homeowners and investors"...
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Ginnie Mae President Ted Tozer Set to Leave Jan. 20, but Would Like to Remain as a Consultant (For a While)

December 20, 2016
Paul Muolo
Since the election, Tozer has met with the Trump Department of Housing and Urban Development “landing team” once, for a 90 minute meeting that included Shawn Krause…
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The NYCB-Astoria Financial Merger is Kaput

December 20, 2016
Brandon Ivey
Consumer advocates were among the groups that opposed NYCB’s acquisition of Astoria…
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Fear and Loathing for FHA, VA Stakeholders?

December 19, 2016
George Brooks
The big question is whether FHA, given the much-improved health of the Mutual Mortgage Insurance Fund, will move to lower premiums again…
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A Bullish Sign for Fannie and Freddie? Rep. Mulvaney as Trump’s OMB Director?

December 19, 2016
Paul Muolo
Treasury controls the senior preferred stock of the GSEs. The junior preferred and common continues to trade in the over-the-counter market and through private transactions. The latter two classes of stock are considered speculative in nature.
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Proposals Not Enough to Revive Non-Agency MBS Market

December 19, 2016
Brandon Ivey
A little less than $10.0 billion in prime non-agency MBS will be issued in 2016, according to estimates by Inside Nonconforming Markets.
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Short Takes: PHH Files Layoff Notice with NYS / Jobs Will be Offered to Certain Employees / Altisource Wanted to Buy LPS / Mortgage Network Names New President

December 19, 2016
Paul Muolo and Brandon Ivey
PHH had been subservicing the loans for HSBC and the new owner of the MSRs had opted to bring the loans inhouse instead of using PHH…
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CBO Suggests Higher GSE G-Fees and Lower Loan Limits to Help Reduce Deficit Over Next 10 Years

December 16, 2016
The Congressional Budget Office is looking for ways to reduce the budget impact of government-backed mortgage programs and recommends that Fannie Mae and Freddie Mac increase their guarantee fees and/or significantly lower their loan limits. But the CBO admits those changes would result in raising the cost to borrowers and could potentially restrain the housing market. Under CBO scorekeeping, MBS guarantees provided by the two government-sponsored enterprises from 2017 to 2026 will cost the government $12 billion. Reducing subsidies also would help renew private sector participation in the secondary market, the CBO said. It proposes...
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FHA Shifts Direct Endorsement Review from Pre-Closing to Post-Closing

December 16, 2016
George Brooks
A lender applying for direct endorsement authority will be required to submit loan files for FHA’s pre-endorsement review only after closing.
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What We’re Hearing: As Rates Move Higher, Disaster Looms for the Mortgage Industry (Not Really) / The Stock Market Will ‘Correct’ on This Date… / New Fannie Survey Finds Lenders Glum / He’s Back: Nonprime Veteran Jon Daurio

December 16, 2016
Paul Muolo
If rates don’t improve in the next few months, one area where lenders will try to save money is on loan officer compensation...
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