The deduction for mortgage insurance premiums and a tax break on forgiven mortgage debt had expired at the end of 2017 while funding for the National Flood Insurance Program was set to elapse on Dec. 20.
What’s so interesting about the Sterling disclosure is that it comes from a bank. For the most part, depositories have shied away from non-QMs unless it’s jumbo product made to wealthy individuals…
Findings by HUD that mortgages with DPA perform worse than other loans fail to include important controls, according to research published by the St. Louis Fed. In other words, downpayment assistance loans aren't so risky after all.
The forms of documentation allowed through Sterling's Advantage Loan program are more vulnerable to manipulation and misrepresentation than traditional documentation programs, according to Fitch.
The Structured Finance Association issued new guidelines for testing loans in non-agency MBS for compliance with TRID. Requirements were reduced, with industry participants growing more comfortable with TRID liability.
The Financial Stability Oversight Council noted the risks posed by nonbank mortgage firms in its latest annual report. But are FSOC's concerns overblown? Trade groups weigh in, as does Treasury Secretary Mnuchin.
Fitch warned this week that other rating services are "overstating" the benefits of the structures on whole-business securitizations. The warning comes on the heels of a report from Moody's which carried a positive outlook for the sector.