“These attacks are prevalent, continue to increase in frequency and sophistication, and are increasingly difficult to detect,” First American cautioned in a recent filing with the Securities and Exchange Commission.
Banks and thrifts sold $97.37 billion of mortgages during the quarter. Trends varied among the largest banks, with Chase increasing loan sales while U.S. Bank and Wells Fargo sharply reduced their activity. (Includes two data tables.)
The GSEs and FHA should publish daily rate sheets with disclosures on interest rates for mortgages locked the previous day, according to analysts at the Urban Institute. The analysts likened their proposal to the manufacturer’s suggested retail price seen for cars and books.
Lower interest rates have been particularly impactful in the market for new homes; MBA projects a mild recession in the first half of 2024; new MISMO working group initiated by the GSEs; technology for closing disclosure forms.
Securitization rates increased for GSE-eligible loans, government-insured mortgages and non-agency mortgages. While bank demand for jumbos is declining, the vast majority of the loans don’t go into MBS. (Includes data table.)