360 mortgage plans to originate $1 billion of mortgages that don’t require verification of a borrower’s income or assets. The pilot program is limited to non-owner-occupied investment properties, which aren’t subject to ATR requirements.
At Dec. 31, MetLife held approximately $11.74 billion in whole loans. In the past, the life insurer had focused on seasoned mortgages, but two years ago started buying newly-originated prime and near-prime mortgages.
Natural disasters are increasing in frequency, posing risks to investors in non-agency MBS, according to Moody's. Deals have some protections built-in for investors and rating services also take steps to shield investors from taking losses.
"Now having been in the mortgage industry for over 30 years, HUD’s mortgagee letter is perhaps one of the most egregious and ill-advised actions that I have seen taken by a government agency in many years," said Anne Canfield, a partner at Michael Best Strategies.
Mortgage lenders and loan originators can increase production by using proximity marketing through cell phone beacon technology, according to industry participants.
The 2017 Tax Cuts and Jobs Act appears to have contributed to a slowing housing market last year, industry analysts say. However, tax reform could help boost the housing market going forward.
The Chapter 11 bankruptcy filing also reveals that Fannie Mae is a large subservicing client of Ditech’s, though not its largest. That distinction belongs to New Residential Mortgage, the REIT…