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Volume 2017 - Number 44

November 16, 2017

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Conventional-Conforming Market Tapped into Surging Refi Business in 3Q17, Other Sectors Up

Conventional mortgages that meet Fannie Mae and Freddie Mac purchase guidelines remained the biggest source of new home lending during the third quarter, although other product types saw sol-id increases in origination volume as well.

MMIF Value, Capital Ratio Decline in FY 2017 Due to Rising HECM Claims; Calls to Remove Program from Fund Increase

The Mutual Mortgage Insurance Fund’s economic net worth and capital reserve ratio declined in fiscal year 2017 due to losses in the FHA Home Equity Conversion Mortgage portfolio caused by rising claims, according to the agency’s annual report to Congress released this week. While the fund remains above its minimum capital level, both the economic net worth and the capital ratio fell from levels at the end of fiscal 2016, the report said. Specifically, the fund’s…

Publicly Traded Mortgage Firms Not Exactly Setting The World on Fire. Is a Major Shake Up Coming?

Most of the nation’s six publicly traded mortgage firms have seen their share prices get smacked around this year. The exception is PennyMac Financial Services, a stand-out in a group that’s struggling to keep its head above water.

Senate Tax Reform Plan Wouldn’t Touch Mortgage Interest Deduction but Industry Cites Other Faults

Republican leaders in the Senate detailed their tax reform legislation late last week, with some differences compared with the bill making its way through the House. While the Senate bill would leave the existing mortgage interest deduction largely untouched, participants in the housing industry raised a number of other concerns.

FHFA Director Watt Not Expected to Act on Capital Buffer; A GSE Bill for 2018 that Might Actually Pass?

Industry stakeholders are increasingly dour on the prospect of Federal Housing Finance Agency Director Mel Watt acting to rectify the government-sponsored enterprises’ capital buffer issue before yearend, but there’s growing hope that bipartisan reform legislation might be enacted next year.

Senate Panel Agrees on Multiple Mortgage Reforms As House Committee Passes Own Set of Provisions

Regulatory relief got a sudden and surprising boost on Capitol Hill early this week when the Senate Banking, Housing and Urban Affairs Committee unexpectedly passed a bipartisan package of provisions making it easier for lenders to extend mortgage credit to borrowers.

Texas Gets Ready to Loosen Home-Equity Regulations After Voters Approve Changes

Texas sticks out like a sore thumb in its regulation of home-equity lending, but the swelling will be reduced somewhat after Lone Star voters approved an amendment to the state’s constitution that will loosen some of the rules.

After Months of Rumors, Cordray to Resign; For Mortgage Lenders, Enforcement is Now Key Issue

Big changes aren’t likely to take place at the Consumer Financial Protection Bureau in the after-math of Director Richard Cordray’s surprise departure at the end of this month, but industry observers expect a significant shift in enforcement and supervision when a new leader is in place.

Housing Inventory Expected to Improve As Builders Focus on Smaller Homes

The shortage of affordable homes is prompting builders to ramp up new construction, including building smaller homes, according to the National Association of Realtors.

Mortgage Market at a Glance, November 17, 2017

Weekly mortgage rates and application survey data as well as indexes for ARMs.


With originations expected to drop in 2018, will your shop turn to non-QM/non-prime mortgage products as a way to bolster volumes?

Yes, definitely. We’re planning a launch.
No. It’s still difficult compliance/regulatory-wise.
Maybe. It’s under consideration.
Not now. But things could change as 2018 progresses.

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