The year 2020 is on the edge of greatness as third-quarter mortgage originations climbed to $1.14 trillion, just shy of the all-time record set 17 years ago. (Includes two data charts.)
A new rule proposed by the FHFA this week would ensure Fannie Mae and Freddie Mac “stay focused on their core mission and do not stray into business the market already serves well” after they exit conservatorship.
The qualified-mortgage patch will stay in place until the “mandatory compliance date” for the new general QM definition, which the bureau is still working to finalize.
Booming refi business is generating strong profits for nonbank lender/servicers, easing concerns about liquidity. Still, some nonbank servicers are calling on the Federal Home Loan Banks for financing lines.
Noting an increase in loans in the seriously delinquent category, HUD Secretary Ben Carson said the FHA has “focused on building up” reserves for “times like these.” According to one consultant, the MMIF has $72.4 billion in cash reserves.
A few weeks back there was some hope that, perhaps, the GSE adverse market fee might get scrapped. Not so. Meanwhile, Ocwen keeps trying to turn things around.
The rapid growth in Freddie servicing during the third quarter stood in marked contrast to an unusual decline in the Ginnie market. Loan performance continued to improve. (Includes three data charts.)
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