While market share of small- and mid-sized nonbank lenders grew, there was some leakage at the large nonbank lenders. Large mortgage companies’ market share fell sequentially to 53.8% from 56.1%. (Includes two data tables.)
FHFA Director Bill Pulte says he plans to meet with the big builders individually to find ways for them to accelerate their production. Industry insiders say it will be hard for the GSEs to impact homebuilding.
Fannie Mae is allowing lenders more flexibility in how they reverify loan applications and appraisals. At the end of the day, Fannie just wants to make sure that the loan you make is the loan you thought you were making.
Although behind the scenes conversations between the Trump administration and mortgage industry players have made some observers more optimistic about GSE reform, plenty of critics remain unconvinced.
Under Director Pulte, FHFA has withdrawn proposed rules affecting enterprise liquidity requirements and the unsecured credit limits and boards of directors of the FHLBank System.
Industry analysts at a discussion hosted by the Bipartisan Policy Center detailed numerous complications involved in ending the conservatorships of Fannie Mae and Freddie Mac.
The GSEs will modify reporting forms in November to allow underwriting based on VantageScore 4.0. Meanwhile, the MBA is working on a proposal that calls for dropping the tri-merge scoring process for certain borrowers.
The GSEs continue the modernization of the datasets critical to the mortgage industry, including updates that will be key to the implementation of multiple credit scores for mortgage borrowers.
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