A new trade group is showing true love for Fannie Mae and Freddie Mac. Also, the Consumer Financial Protection Bureau is giving lenders some breathing room on the Qualified Mortgage/Ability-to-Repay rule.
One of the boldest underwriting moves was taken by TD Bank, which recently announced a portfolio loan that has a downpayment requirement as low as 3 percent.
The current average interest rate on the mortgages is 3.7 percent. Some 64.3 percent of the loans are structured with graduated payments while the rest are fixed-rate mortgages.
Jumbo MBS issuers typically acquire their loans from a variety of sources. However, only three lenders contributed mortgages to each of the four jumbo MBS issued during the first quarter: Guaranteed Rate, PrimeLending and RPM Mortgage.
However, he suggested that Altisource is reevaluating some of the pricing on its services. Some 6,705 properties were sold via Hubzu in the first quarter of 2014.
As for details, a spokesman for the company said Ellie isn’t talking about the topic at this time. In an email exchange with IMFnews, mortgage technology consultant Tony Garritano of Progress in Lending called the whole episode “very bizarre”…
Some stakeholders said they called the firm’s investor relations department about the latest probe and were told the firm would be saying more about the matter when it reports first quarter earnings.
The FHFA shortly will begin to collect additional, more specific and personal information on borrowers and loans as part of the National Mortgage Database project the agency launched with the Consumer Financial Protection Bureau.
Mortgage-banking income at nine major banks declined by 27.7 percent in the first quarter of 2014 compared with the previous quarter, according to an analysis by Inside Mortgage Trends.