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Inside Mortgage Finance

November 19, 2009

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Retail Mortgage Channel Vaults to Over Half Of New Lending as Broker Programs Wither

Retail mortgage production units accounted for over half of new loans originated during the third quarter of 2009, topping the 50 percent mark for just the second time in history, according to a new market analysis and ranking by Inside Mortgage Finance. Although all three production channels took significant declines in volume during the third quarter... [Includes seven charts] Read More

RESPA Stakeholders Elated by HUD’s 120-Day Grace Period to Help Ease RESPA Compliance

Mortgage lenders are praising the Department of Housing and Urban Development for announcing restraint in enforcing new regulatory requirements under the Real Estate Settlement Procedures Act for the first four months of the new rule, due to take effect on Jan. 1, 2010. The Mortgage Bankers Association and the Consumer Mortgage Coalition said they are pleased with HUD’s instruction last... Read More

HUD Touts Higher-Quality Books of FHA Business, But Some Still Concerned About FHA Audit

Department of Housing and Urban Development officials are pinning a lot of their optimism about the health of the FHA mortgage insurance fund on the better-quality loans insured in 2009, but the long-awaited audit report released late last week didn’t ease all concerns about the program. The FHA ended its fiscal year in September with an 0.53 percent capital reserve ratio, well below... Read More

FDIC Approves Final Rule Requiring Registration of All Loan Originators Employed by U.S. Financial Institutions

The Federal Deposit Insurance Corp.’s board of directors last week approved a final rule requiring residential mortgage originators employed by federally regulated financial institutions and their subsidiaries to register with the state-run Nationwide Mortgage Licensing System and Registry and obtain a unique identifier. The FDIC final rule implements the Secure and Fair Enforcement for... Read More

Treasury Trumps FHFA in Quashing Deal To Transfer $2.6 Billion in Fannie Tax Credits

Fannie Mae may have to write down its entire $5.2 billion in low-income housing tax credits after the Treasury Department nixed the transfer of about half that amount in a deal that had already been approved by the government-sponsored enterprise’s regulator, the Federal Housing Finance Agency. According to the terms of a proposed transaction, Fannie would sell about $2.6 billion of its tax... Read More

HUD Might be Flexible on Extra Worksheets for Other Disclosures Under New RESPA Final Rule

The Department of Housing and Urban Development this week said lenders and other settlement service providers may add extra worksheets or separate pages as long as they are not meant to expand the new, standardized three-page good-faith estimate form under Real Estate Settlement Procedures Act rules that go into effect Jan. 1, 2010. Industry participants can provide other... Read More

OCC Chief Says the World Needs Mortgage Underwriting Minimums

Regulators all over the planet should set minimum underwriting standards for mortgage loans in their countries, according to John Dugan, comptroller of the currency, in a speech in Japan this week.Although minimum mortgage underwriting standards should not dictate every feature in a... Read More

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