Buyback resolutions declined by 28 percent from the second quarter, even as the government-sponsored enterprises wrapped up large-scale settlements with a handful of their largest sellers.
The bipartisan Senate blueprint for secondary mortgage market reform includes several key provisions designed to facilitate small-lender access when Fannie Mae and Freddie Mac are no longer around.
The mortgage slowdown will separate the men from the boys, the girls from the ladies. It's time to fire all underperforming loan officers, says mortgage consultant David Lykken.
There was no surprise about why. Fannie Mae, Freddie Mac and Ginnie Mae securitized a total of $41.71 billion of refinance loans in October, down 22 percent from the previous month.
Glenn Costello, a senior managing director at KBRA, said the securitization of non-QM loans will require additional credit enhancement relative to QMs.
The risk-retention rule re-proposed by federal regulators in September needs significant adjustments, according to issuers of collateralized loan obligations and asset-backed commercial paper. Investors are largely happy with the re-proposed rule, and issuers concede that the re-proposed rule significantly improved on the rule initially proposed by federal regulators in 2011. The Dodd-Frank Act requires federal regulators to establish risk-retention requirements for certain securities that don’t meet qualifying standards. Issuers of such securities will generally be required to retain at least 5.0 percent of the risk from such issuance. “We remain concerned...
How many loans per month should a loan officer be closing when times are lean? According to Dave Lykken of Mortgage Banking Solutions, if an LO isn’t closing at least six loans per month, they might want to consider employment elsewhere.
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