Southern California-based loan broker Michael Foote: “There’s some capacity issues at certain shops. We’ve seen a lot of last minute delays on files. History tells me that there’s a lack of warehouse capacity”…
Is the industry happy about today’s announcement? Some praised it but one veteran lobbyist quipped: “It’s better than nothing but it’s pretty thin gruel.”
At yearend, consumers owed $11.168 trillion on their first liens, according to Inside Mortgage Finance, which means the dollar volume of residential loans under forbearance now totals $664.5 billion.
FHA loans are known as low FICO score products, and that's a problem in this new coronavirus world we live in. Warehouse lenders are lowering the boom.
Thanks to a tweak in regulatory language, approved Ginnie Mae servicers can access financing for servicing advances. PennyMac was the first to sign up. Will other nonbanks follow?