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Inside Mortgage Trends

September 10, 2010

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Repurchase Activity Edged Higher in 2Q10, Focus May Shift to Non-Agency

Commercial banks and holding companies reported an increased volume of residential mortgages they repurchased during the second quarter of 2010, according to a new Inside Mortgage Trends analysis and ranking. Banks reported $10.80 billion in mortgage repurchases and indemnifications during the second quarter, up 12.2 percent from... [Includes one graph and two data charts] Read More

Congress Wants Scapegoats for GSE Losses

Sellers to Fannie Mae and Freddie Mac can expect to feel more pressure to repurchase poorly performing mortgages after a handful of Democratic members of Congress called upon President Obama recently to direct the government-sponsored enterprises’ regulator, the Federal Housing Finance Agency, to do everything it can to... Read More

Could GSE Receivership Disrupt MSR Market?

Mortgage lenders have a lot at stake in how the government ends up resolving the mess that Fannie Mae and Freddie Mac are in, especially since the two government-sponsored enterprises are the only working secondary market execution for conventional mortgages. Although many experts believe the final solution for the GSEs will be... Read More

FASB Urged to Pull Rigid Fair Value Proposal

The mortgage banking industry is urging U.S. and international accounting rulemakers to consider withdrawing a proposed “measurement uncertainty” analysis intended to provide users of financial statements with information regarding Level 3 fair value estimates. In comments to parallel exposure drafts from the Financial Accounting Standards Board and the International Accounting Standards Board, the Mortgage Bankers Association recommended... Read More

Horizon Launches ‘Back to Basics’ Initiative

Horizon Consulting, a Virginia-based company specializing in high volume workflow management and financial consulting services, recently announced its “Back to Basics” initiative to boost fraud protection and loan quality control in the mortgage industry. The new service is designed to... Read More

CoreLogic Issues Short-Sale Fraud Service

CoreLogic has come out with a new short-sale fraud prevention and pricing service, the Short Sale Monitoring Solution, that company officials say is the lending industry’s first such product in a market struggling with fraud. The Short Sale Monitoring Solution allows lenders to receive... Read More

Fannie Scrutinizes Foreclosure Servicing

Fannie Mae is stepping up its efforts to monitor delinquent loans in its business and how well mortgage servicers are handling these transactions. According to Announcement SVC 2010-12, issued Aug. 31, the government-sponsored enterprise has begun monitoring all delinquent loans in its portfolio and mortgage-backed security pools. In addition, the GSE will begin... Read More

Technology Briefs

Newport Beach, CA-based DRI Management Systems, Inc., a provider of default process management software, has come out with Rincon, a new web-based loan servicing application for the mortgage industry. Overburdened servicers have been struggling to keep pace with huge demands for... Read More