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Inside Mortgage Finance

April 28, 2006

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Mortgage Originations Sink 15 Percent in 1st Quarter, With Most Lenders Reporting Large Volume Declines

Most – but not all – major mortgage lenders reported sharply lower origination volume during the first three months of 2006, making it one of the slowest quarters in recent memory. According to a new Inside Mortgage Finance analysis and ranking, an estimated $670.0 billion of home mortgages were originated during the first quarter. That was down 15.2 percent from the fourth quarter of last year, and well below the average quarterly volume of $804.0… [Two data tables included] Read More

HUD Drops Several FHA Rulemaking Projects, May Implement Risk-Based Pricing on its Own

The Department of Housing and Urban Development may not wait for Congress to enact legislation giving it specific authority to charge risk-based mortgage insurance premiums, according to the Bush administration’s just-released rulemaking agenda. HUD says it plans to issue a notice of proposed rulemaking in September that would allow the FHA to implement a risk-based mortgage insurance premium pricing structure, according to the semiannual regulatory agenda published in the April 24 Federal Register. … Read More

Flexibility on Portfolios May Goose GSE Reform, But National Predatory Lending Bill Given Little Chance

Key Bush administration officials suggested there may be some wiggle room for negotiators trying to come up with a legislative compromise on the controversial retained portfolios of Fannie Mae and Freddie Mac. There’s a fair chance that long-awaited regulatory reform of mortgage settlement rules could see the light of day this year, but top legislators say the mortgage industry will likely have to wait a while longer before lawmakers come up with a national… Read More

State AGs’ Borderline View of Legality in Predatory Lending Raises Legal Issues, Concern Among Compliance Attorneys

State attorneys general will continue to take enforcement actions against lenders that misuse loan terms and practices long considered legal in the mortgage industry, but compliance experts warned that such an approach could blur lender compliance with consumer protection laws. In an audio conference on predatory lending hosted by Inside Mortgage Finance Publications last week, Iowa Attorney General Tom Miller said that state AGs will continue to monitor mortgage lenders operating in many states… Read More

Real Estate Agents Depend on Lenders to Pre-qualify Home Purchasers, Study Finds

Historically, real estate agents have attempted to determine for themselves how much home a prospective buyer could afford before taking them around to look at specific properties. But in the age of increased financial privacy protection and automated underwriting, most agents now depend on mortgage lenders to perform the prequalification function. … Read More

Florida, California Are Key Markets for MortgageInsurance Premiums; Texas Tops in Direct Losses

Private mortgage insurers earned more direct premiums in Florida – some $434.0 million – in 2005 than in any other state, according to a new Inside Mortgage Finance analysis of regulatory filings by the seven MI companies. California was runner-up in direct premium earnings, with $415.4 million netted by the industry last year. Rounding out the top five states were Texas, with $319.0 million; Indiana, $250.5 million; and Georgia, with $204.6 million. … [Two data tables included] Read More

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