Bob Broeksmit, president and CEO of the Mortgage Bankers Association, believes the Basel III re-proposal would allow banks engaged in the mortgage business to further expand their operations.
According to the order, Chicago-based Federal Savings Bank sent millions of advertisements, telling consumers that they had “available funds” and should contact the bank; the ads were actually for a VA cash-out refi.
Daniel Hyman, a portfolio manager at PIMCO, said in a recent report that the buydowns lead to new-build homes selling at an inflated value that a homeowner is unlikely to match when they try to sell later.
Some of the largest servicers of loans in Ginnie Mae mortgage-backed securities saw portfolios shrink in the first quarter, according to a new ranking and analysis by Inside FHA/VA Lending. (Includes four data tables.)
The U.S. Department of Agriculture’s Rural Housing Service proposed excluding real estate commission fees from interested party contributions as part of an effort to lower closing costs for buyers.
The Mortgage Bankers Association’s chief economist warned of some deterioration in FHA loan pools, even as the industry and Ginnie Mae write off the recent increase in delinquencies as an immaterial consequence of altered modification timelines.