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Inside Mortgage Finance

February 23, 2007

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Correspondent Production Accounts for Record Share of Originations in 2006

Correspondent lending operations accounted for nearly a third of total mortgage production in 2006, according to a new Inside Mortgage Finance analysis and ranking. While overall mortgage originations fell 4.5 percent from 2005 to... [Includes five charts] Read More

‘Direct Lending’ Analysis Shows More Fragmented Home Lending Market, But Big Shops Still Lead

The correspondent production channel represents an important source of business for the industry’s top lenders, but it also paints an overly top-heavy view of the primary mortgage market. A new Inside Mortgage Finance ranking of direct originators... [Includes one chart] Read More

Banking Agencies May Still Tackle Subprime Hybrid ARMs in Nontraditional Guidance

Federal banking regulators may end up addressing the issue of subprime hybrid ARMs by broadening their controversial guidance on nontraditional mortgage lending, according to remarks by Federal Reserve Chairman Ben Bernanke at a House hearing last week... Read More

Mortgage Lenders, State Regulators Agree on Basic Principles of Mortgage Licensing System

The mortgage finance industry this week announced its support for principles and model legislation developed by the Conference of State Bank Supervisors and the American Association of Residential Mortgage Regulators to help states forge a national residential... Read More

C-BASS Looks to Rehabilitate Subprime Lender Fieldstone as MI Venture Edges into Lending

C-BASS, well known for rehabilitating distressed assets, is entering the subprime origination market. The company recently announced it will acquire Fieldstone Investment to boost its securitization and servicing platforms. It’s a merger in name, but C-BASS offered... Read More

Study Claims 70 Percent of Early Payment Defaults May Be Due to “Significant Misrepresentation” by Borrowers

The increasing number of residential mortgage defaults across the country continues to lead to finger pointing as struggling borrowers lose their homes, mortgage originators lose their businesses, and regulators and lawmakers consider the most appropriate response... Read More

Retort to Industry’s Policy Paper Signals Start of Hostilities on ‘Suitability’ Issue

The debate over “suitability” grew louder as consumer advocates responded to mortgage industry claims that a standard requiring lenders to evaluate whether a product is best for a particular borrower would be harmful to both lenders and consumers. Suitability would... Read More

Freddie Mac Ranked ‘Best Corporate Citizen,’ Absence of Timely Financials Notwithstanding

It’s under regulatory house arrest, its last financial statement covered only the first half of 2006 and it’s not a registered company with the Securities and Exchange Commission, but Freddie Mac still managed to grab a good corporate citizen award this month... Read More

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