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Inside Mortgage Finance

March 10, 2006

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Nonprime Lenders Power the Mortgage Market With Strong Volume in 2005

Nonprime lenders flexed their muscle last year, accounting for nearly one out of every three new loans, a new Inside Mortgage Finance analysis and ranking reveals. How red-hot was the nonprime market in 2005? Subprime lending volume set a new record, with lenders churning out an estimated $625 billion in new loans. Meanwhile, the Alt A market saw volume rise by more than 90 percent, on a year-to-year basis, with a record $390 billion… [One data table included] Read More

As Mortgage Insurance Market Evolves, Fitch Revamps its MI Capital Model

Private mortgage insurance issuance has declined 3 percent since the end of 2002, forcing private MIs to expand their coverage into nontraditional products such as subprime, Alt A and second mortgages, according to a new report from Fitch Ratings. “Fitch believes that possibly no other sector of the mortgage origination process has been more adversely affected by the changes taking place in that industry than the private U.S. mortgage insurers, particularly with respect to their… Read More

MBA Leads Inter-Industry Call to Eliminate Ginnie Mae, FHA and RHS Fee-Hike Proposals

A coalition of industry trade groups is lobbying intensely to kill proposals in the FY 2007 federal budget that would significantly increase certain fees on new businesses under the Ginnie Mae, FHA multifamily, and federal rural housing programs. Spearheaded by the Mortgage Bankers Association, the coalition bombarded Congress and the Bush administration with letters warning that the proposed fee hikes represented new taxes on homeowners and renters. The Bond Market Association, Consumer Mortgage Coalition, Financial… [One data table included] Read More

Wheels Turn Slowly on GSE Reform, But Senate Leaders Confirm Commitment to Finish Task

The years-long legislative effort to overhaul the government’s oversight of Fannie Mae, Freddie Mac and the Federal Home Loan Banks continues to inch along, as lawmakers recently showed some signs of pushing ahead on legislation that’s been stalled on two key issues. One of those is a proposed new affordable housing grant program that would be funded by Fannie Mae and Freddie Mac. With strong Democratic support, the proposed program was included in the House… Read More

Sky Won’t Fall in Maryland – Yet – as Court Stays Controversial Anti Predatory Lending Ordinance

Mortgage originators won two key victories – one legal and one regulatory – this week in a battle over a predatory lending ordinance enacted by an affluent Maryland county. With the secondary markets fully prepared to continue doing business in an area rich in potential business, the real issue for lenders may be the potential for proliferation of more lending laws at the county and city level. … Read More

Wells Fargo Tops in Purchase-Money Lending In 2005; Countrywide Leads Refinance Market

Wells Fargo ranked as the top originator of purchase-money mortgages in 2005, pulling in a hefty 62.1 percent of its business for the year in lending to help borrowers buy a house. That was significantly higher than the estimated 46.2 percent share of total originations that finance home purchases last year, according to Inside Mortgage Finance estimates. One factor that pushed Wells’ purchase financing share higher is that the company fully accounts for all its… [One data table included] Read More

Senate Committee Hears Proposals On HMDA, Servicing and Lending

Banking industry lobbyists seeking regulatory relief from Congress touched on the Home Mortgage Disclosure Act, mortgage servicing and the possibility of credit card banks offering residential mortgages in recent testimony before the Senate Banking, Housing and Urban Affairs Committee. Unfortunately, those who testified in favor of regulatory relief legislation outnumbered the lawmakers in attendance by 16 to 4 at the day-long session. … Read More

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