Florida, Texas, Virginia and Georgia were all relatively MI-rich, with insured loans accounting for more than 60.0% of total agency business in those states.
Mike Fontaine, CFO of Plaza Home Mortgage, said servicers can recognize significant benefits from advance financing. “When you have a Ginnie portfolio, servicing advances can be a rather large cash drain,” he said. “If you have the ability to finance that piece of it, it will provide more liquidity.”
In a new opinion piece, former Freddie CEO Don Layton argues against having multiple MBS guarantors, a position he’s taken in the past. Layton, who now bides his time at the Harvard Joint Center for Housing Studies, argues the barriers to entering the secondary guarantee business are high, “possibly even insurmountable.”
An exclusive new analysis found that 14.8% of loans securitized by Fannie Mae, Freddie Mac and Ginnie Mae during the second quarter were originated by mortgage brokers. That’s the highest broker share seen since all three agencies began reporting loan-level data that include, among other things, production channel.
Chris George, CEO of CMG Financial and the current chairman of the MBA, provided an update on the effort this week at the California Mortgage Bankers Association’s western secondary market conference in San Francisco.
Fannie and Freddie will report second quarter earnings later this month. It's a safe bet that lower rates will translate into some large hedging marks...
Keep in mind: A handful of senior officials who worked in the bureau’s supervision and enforcement division quit this year, including Assistant Director Christopher D’Angelo and Enforcement Director Kristen Donoghue...
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