Two of the top nonbanks had remarkable starts to the year. Second-ranked Quicken Loans posted a 13.6% increase in production from the fourth quarter and third-ranked United Wholesale Mortgage upped its volume by a stunning 63.1%.
It stands to reason that as Fannie Mae and Freddie Mac continue to shrink, they’ll need fewer employees, right? But what about their regulator, the Federal Housing Finance Agency? If Fannie and Freddie are smaller, shouldn’t the FHFA be smaller?...
H.R. 299 eliminates the cap on VA home loans, which means that qualified homebuyers can now borrow above the agency’s standard loan limit of $484,350 for most counties in 2019 with no downpayment requirements.
Annaly and Barclays also like the idea of replacing Fannie and Freddie with several smaller MBS guarantors. At March 31, Annaly owned roughly $103 billion worth of agency mortgage-backed securities...
First Republic’s IO holdings had a weighted average loan-to-value ratio of roughly 56%, based on appraised value at the time of origination. The loans have credit scores averaging 762.
Of course, the whole point is moot though, isn’t it? Fannie and Freddie continue to be wards of the federal government. If they fail to meet a capital test, what’s the worst Uncle Sam can do? Put them in conservatorship? They’re already there...
Roughly three years ago, Rushmore – a privately held nondepository – entered the origination market as a direct-to-consumer lender. Prior to that, it had been known primarily as a subservicing specialist.
“The importance in having a well-functioning, transparent and liquid non-QM market is arguably growing by the day,” according to analysts at Keefe, Bruyette & Woods.
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