Purchase-mortgage business with primary mortgage insurance held up well in the second quarter while refi activity dropped, according to an analysis of agency MBS issuance. (Includes two data charts.)
A cash management plan submitted in bankruptcy court by FGMC would “circumvent” the rights of FGMC’s warehouse lenders, according to Customers Bank and Flagstar Bank.
Mortgage originations down at big banks in second quarter; Better does worse in first quarter; loanDepot downsizing; foreclosure activity ramping up; MISMO remains busy.
Spreads on various types of residential MBS are wider than they were during the early days of the pandemic, suggesting that the assets aren’t particularly attractive to investors. However, that isn’t necessarily true.
Litigation-finance ABS, backed by advances made to injured individuals in litigation, allow plaintiffs to press for larger settlement payouts from insurance companies.
Fannie Mae and Freddie Mac plan to resume bulk acquisitions of seasoned mortgages from lenders. However, the purchases will be focused on smaller lenders.
The American Association of Residential Mortgage Regulators’ best practices highlight issues state regulators should consider when approving a permanent work-from-home option for LOs employed by nonbanks.