Not only are Fannie Mae and Freddie Mac spending more money than they were a few years ago, but their proposed budgets are being submitted late, says the IG.
On the conventional product, the loans have an average age of 23 months and delinquencies in the 3.0 percent range. Almost 80 percent of the loans are in California.
Some have suggested that it’s no wonder that several mortgage company owners – including those who control specialty servicers – are contemplating selling their companies.
The IG was actually looking into possible down payment assistance violations at another lender and decided to audit loanDepot because of its high volume of loans with those features.
One source, angered by Cordray's comments, said, "No, Mr. Director. Those concerns have eliminated non-QM loans, which come with protection against frivolous lawsuits. That’s why no one except a perfect borrower can get a loan…”