Even though Wells shut off its correspondent spigot for jumbos early in 2Q20, $1.88 billion of product came through the channel...

The “alternative methods for documenting income” for self-employed borrowers includes the use of unaudited income statements. But borrowers will now have to provide three months of bank statements instead of the traditional two.

VA lending, like much of the home origination market, has been on a tear this year, surpassing FHA production...

Under the new language, a loan meets the general QM definition if its annual percentage rate exceeds the average prime offer rate (APOR) for a comparable transaction by less than 2.25 percentage points.

As the year winds down, mortgage firms still need workers, especially in the back office...

Justice Stephen Breyer raised eyebrows by characterizing the net worth sweep as a nationalization of the enterprises. “That’s what they did,” he said. “If you look at their giving the net worth to Treasury, it’s nationalizing the company.”

The FHA/VA market was more subdued, with total conforming-jumbo loans pooled in Ginnie MBS rising 16.7%. The VA program accounted for 83.0% of government-insured jumbo volume, with quarterly securitization up 17.7%.

According to Moody’s, prior to the securitization, loanDepot had sponsored five warehouse deals totaling $1.8 billion...

The decline in first-time buyer share was due in part to a failure of the government-insured sector to keep pace with the conventional market.

The two FDIC researchers examined more than 11 million mortgages...