Stearns Lending founder Glenn Stearns will star in a reality TV series called “Undercover Billionaire,” premiering August 6. Stearns will be dropped off in a U.S. city (Erie, PA) with $100 in his pocket. The goal: to create a million-dollar enterprise from scratch in 90 days…
Approximately $600 million of refinance loans with a VA guarantee were left stranded on lenders’ balance sheets due to a conflict in Ginnie seasoning requirements that were ushered in with passage of the Dodd-Frank reform act...
According to calculations made by Inside Mortgage Finance, the patch currently accounts for as much as 30% of single-family mortgages purchased by Fannie Mae and Freddie Mac.
MBA worries that if the GSE patch expires without any corresponding reforms to "preserve access to credit," the residential mortgage market will be disrupted...
Harvard's Don Layton on creating more competition for Fannie and Freddie: “I have not encountered any knowledgeable people who think it could happen quickly."
Across the board, lenders are reporting stellar origination growth from the first to second quarters of the year, but the last two application surveys from the Mortgage Bankers Association showed weekly declines of 1.9% and 1.1%, respectively…
Jody Shenn, a senior analyst at Moody’s Investors Service, said, “ARRC’s recommendations and Fannie Mae’s and Freddie Mac’s ability to guide standards are signs that mostly uniform approaches will be used in mortgage originations.”
On Fannie Mae and Freddie Mac loans, originators are permitted to use ADU to underwrite loans based on employment-related retirement assets or “certain other assets of applicants who are near retirement,” the OCC noted.
Acting Ginnie Mae President Maren Kasper: “The RFI enables the agency to incorporate the views of a wide variety of stakeholders as we continue to refine the model, implement policy and evaluate potential risk to the U.S. housing finance system.”
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