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Inside Mortgage Finance

July 23, 2009

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Fed Proposes Massive Overhaul of TILA Disclosures, New Limitations on Originator Compensation

The Federal Reserve Board this week proposed sweeping changes to mortgage disclosure requirements from the beginning of the borrower’s loan shopping until after loan closing at a time when the industry is already wrestling with a number of compliance challenges.Included in the package of proposed amendments to Regulation Z are new limitations on payments to... Read More

MGIC Announces Run-Off Plan, Re-Entry Through Reanimated Subsidiary; Analysts Skeptical with Move

While Mortgage Guaranty Insurance Corp.’s decision to go into runoff and reactivate a wholly owned subsidiary to write new mortgage guaranty insurance is positive news to Wall Street analysts, credit concerns and rising unemployment continue to create uncertainty for the beleaguered Milwaukee-based private mortgage insurer. This initial reaction from analysts puts a damper on MGIC’s... Read More

FHA, Ginnie Mae Surge to Record Levels In June; Application Volume Began to Slow

The FHA and Ginnie Mae programs hurtled to new production levels during the second quarter of 2009, paced by an uncommonly high volume of refinance loans. The FHA this week reported $36.86 billion of single-family mortgage endorsements during June, a record during the month the agency celebrated its 75th year in business. That was up nearly 20 percent from May... [Includes one chart and two graphs] Read More

ASF Pushes Ahead With Reporting/Disclosure System That May Prove Costlier, But Help Revive the Market

The American Securitization Forum has decided to press ahead with a comprehensive reporting and disclosure package that is expected to boost costs for mortgage servicers and securities issuers but may help jump-start the non-agency mortgage market when the smoke clears.Issued late last week, the ASF Project RESTART Disclosure and Reporting Package is an effort to... Read More

Program Changes Crawling Through Government Channels, Frustrating Lawmakers and Industry

The FHA’s beleaguered HOPE for Homeowners program has become the poster child for over-engineered government solutions to the festering foreclosure problem and is increasingly causing friction between policymakers and lenders. Designed by Congress and launched by the Bush administration back in October, H4H was supposed to help hundreds of thousands of underwater borrowers refinance to a new... Read More

Shifting Market Trends Lead MIs to Tinker With Geographic Underwriting Requirements

Genworth Financial is removing 136 areas of the country from its list of declining/distressed markets, a move that may signal some firming up in house prices as well as a realignment with its competitors in the private mortgage insurance business. In the July 15 announcement, Genworth said it made the changes to reflect trends in the mortgage market and its ongoing evaluation of loan performance... Read More

Foreclosed Homeowners Could Remain as Renters Under Idea Being Mulled Over at the White House

The Obama administration is considering allowing foreclosed homeowners to remain in their homes as renters afterwards, part of a broader strategy the White House is mulling over to bring more stability to residential valuations by minimizing the number of properties left vacant in neighborhoods hit hard by the housing crisis. “It’s certainly an idea we’re thinking about... Read More

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