Loan officers, it seems, are more willing to work on agency-eligible mortgages because they know the transactions have a good chance of closing, but non-QMs are a different matter.
Concerned with worsening late-claim filing, the FHA proposed to establish a timeframe for filing insurance claims and to penalize lenders with complete termination of insurance...
Meanwhile, there’s a school of thought that believes if and when the Fed hikes, mortgage rates will fall because it will show investors that the central bank is acting to curb inflation.
PHH Mortgage – which handles originations for a number of financial firms on a private-label basis – was the largest IO lender in the nation with $7.19 billion funded during the first half.
“It’s amazing that we’re talking about this seven years after the financial crisis,” said Bob Behal, a principal and co-head of ABS/commercial MBS Investments at Vanguard Group, during this week’s ABS East conference in Miami. He was referring to the practice of rating shopping, which is a current practice, particularly in the commercial MBS market, according to a number of industry participants. A panel regarding reforms for the rating services and due diligence providers attracted a standing-room audience at the conference produced by Information Management Network. The conference was...
Despite strong earnings from the MI sector the past year, regulatory scrutiny remains, particularly in efforts by an NAIC working group to develop risk-based capital standards...
David Applegate, CEO of Common Securitization Solutions, revealed this week that the joint venture owned by Fannie Mae and Freddie Mac has finished much of the work for a major milestone in the common securitization platform. Although officials promised more information about the timeline next year, the government-sponsored enterprises’ use of the CSP – let alone the GSE single security – looks to be a ways off. At the ABS East conference produced by Information Management Network this week in Miami, Applegate said CSS has completed about 90 percent of the work required for single-class security issuance by Freddie on the CSP. Officials at CSS, the GSEs and the Federal Housing Finance Agency revealed this week that Freddie would be the first to test the system, and that Fannie would go on board at a later date, when issuance of the interchangeable single security will begin. The officials also noted...
Despite the 90 percent estimate offered by Applegate, the government-sponsored enterprises’ use of the CSP – let alone the GSE single security – looks to be a ways off.
Lender compensation of loan originators has become a whole new world now that the Consumer Financial Protection Bureau has taken over enforcement for many lenders. During an Inside Mortgage Finance webinar this week, three top legal experts spelled out multiple lessons lenders should learn if they wish to avoid the fate that has befallen some of their peers at the hands of the CFPB. Kristie Kully, a partner with the K&L Gates law firm, drew a number of key take-aways from the first such enforcement action brought by the bureau, which occurred in November 2013, when the CFPB accused Castle & Cook and two of its executives of paying illegal bonuses for steering consumers into costlier mortgages. More specifically, the bureau alleged...
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