Meanwhile, the tightening bug is loose again. The broker division of PennyMac Financial Services just told its outside loan officers, “Effective for all conventional loans with applications received on or after August 14, 2020, PennyMac is limiting self-employed borrowers to a maximum of 70% LTV/CLTV for all transactions”…

The credit facility will be used for general corporate purposes...

According to Dave Stevens, a former FHA commissioner, DPA provided by government entities, such as Chenoa, is one of the only scalable options to help those without the means to purchase a property.

At the very least, refi lenders see their profit margins suffering because of the new edict. But will the GSEs (and the FHFA) hear their pleas?

The one truism about mortgage banking that everyone knows: It’s a highly cyclical business that lives and dies on two central factors, interest rates and employment.

The CFPB brought just 11 enforcement actions in 2018...

But can MBA and other outraged trade groups do anything to stop this new LLPA? “We hope to rescind it,” said MBA's Bob Broeksmit...

Pulling the strings behind the non-QM curtain: A giant named PIMCO...

Ginnie also announced new requirements for users of its systems...

“Many banks and nonbanks have pulled back on the aggressive lending terms and conditions they offered in the prior 12 to 18 months,” said one financial services executive...