New York-based Basis Multifamily Finance becomes the first minority/women-owned business enterprise in Fannie Mae’s Delegated Underwriter and Servicer Program.
Sales of refinance loans plummeted to the lowest level in at least eight years. But purchase-mortgage sales had a bad month too. (Includes two data charts.)
By some estimates, the enterprises will have to increase guarantee fees by about 3 basis points to offset the lost revenue from FHFA's targeted elimination of LLPAs.
While the FHLBanks tout the utility of the system’s status quo, small independent mortgage bankers push a change that would give nonbanks access to FHLB credit without FHLB membership.