The latest wrinkles in repurchase policies at Fannie Mae and Freddie Mac are widely seen as incremental changes that at least point in the right direction. The two government-sponsored enterprises last week announced a narrow adjustment in how loans with minor payment problems can still qualify for buyback relief if they are current 36 months after origination. The new framework also provides buyback protection for mortgages that come clean in the GSEs’ quality control checks and an alternative to automatic repurchase of loans when private mortgage insurance is canceled. Only about 2 percent of loans go...
But legislators denied federal funding for a new pilot program – Homeowners Armed with Knowledge – that would broaden use of housing counseling tied to FHA originations and servicing.
As reported by IMFnews, the FHFA has yet to appoint a permanent chief executive and chairman for the CSP, formally known as Common Securitization Solutions.
New York regulator Benjamin Lawsky also questioned the efficiencies touted by nonbank mortgage servicers, countering that “technology alone does not keep a family in its home."
So, what’s the biggest impediment to mortgage volumes taking off this spring? According to a new poll from Inside Mortgage Finance, it’s a lack of housing inventory.
The Consumer Financial Protection Bureau is on the lookout for lenders that facilitate occupancy fraud as a way to avoid the agency's ability-to-repay rule.
There is a tradeoff between taking on more higher-risk loans and raising g-fee prices, FHFA official Bob Ryan noted, and the calculation has to take into account other players in the market, such as the FHA.
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