The expanded credit sector (which includes non-QM lending) shows promise but accounted for just 2.8% of total residential MBS issued in the first quarter, according to Inside MBS & ABS.

Although similar to Fannie’s HomeStyle loans, CHOICERenovation is novel in that it can also be used to renovate and repair properties damaged in a natural disaster, or to fund renovations, such as flood barriers or retaining walls, that might help prevent damage from a natural disaster.

Within the White House, the administration’s point person on GSE issues is Andrew Olmem, who serves on the National Economic Council. Prior to joining the NEC in 2017, Olmem was a partner at Venable, LLP. He also served as the Republican chief counsel and deputy staff director of the Senate Banking Committee.

According to court filings, Wachovia Capital Markets, which served as one of the underwriters and book-runners for the NovaStar deals, provided investors with misleading statements in its SEC registrations and offering documents.

The $29.42 billion of refinance mortgages sold to Fannie Mae and Freddie Mac was up 30.2% from April and marked the biggest monthly volume since December 2017.

But Moody’s sees it differently, stating “more competitors could lead to weaker underwriting standards or price competition, both credit negatives for the GSEs’ creditors. How negative this would be depends on how quickly, and predictably, their market share declined.”

Quicken Loans signed a $32.5 million agreement with the federal government to settle FHA underwriting allegations that accused the nation’s largest direct lender with fraud. As part of the deal, the privately held nonbank – the creation of Midwestern businessman Dan Gilbert – did not admit any wrongdoing and will continue to originate and service FHA loans…

The collateral consists of 1,732 seasoned performing HELOCs totaling $277.7 million of outstanding draws. The lines have seasoned for an average of 5.5 years...

Commercial banks held a combined $1.673 trillion of MBS at the end of the first quarter, maintaining their position as the largest investor class in the market...

Among the top three Ginnie Mae servicers at March 31, just three were banks: Wells Fargo, U.S. Bank and JPMorgan Chase. Among those ranked 11 to 20 four are depositories, including one credit union...