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Inside Mortgage Finance

January 14, 2010

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HUD Targets Lenders with High Default Rates As Agency Mulls Over Major FHA Changes

While Department of Housing and Urban Development officials continue to mull over tougher underwriting requirements to bolster the FHA’s financial position, the agency this week launched a new investigation into lending practices at 15 companies with high problem loan rates. HUD Inspector General Kenneth Donohue and FHA Commissioner David Stevens said subpoenas... [Includes one chart] Read More

MIs Grudgingly Make Adjustments to Meet Fannie’s New MI Coverage Requirements

Fearing adverse consequences, some private mortgage insurance companies have adjusted their MI ordering process to ensure mortgage lenders are getting the coverage they want for their loans in the wake of Fannie Mae’s implementation of revised MI coverage requirements. The changes to Fannie’s MI coverage selections became effective with the new MI applications starting Dec. 12, 2009... Read More

Refinance Volume Swells at Fannie and Freddie, But HARP Continues to Play Marginal Role

After dropping to its lowest level of the year in October, refinance activity at Fannie Mae and Freddie Mac rebounded in November, although relatively few of the loans are benefitting from the Obama administration’s Home Affordable Refinance Program. The Federal Housing Finance Agency reported that Fannie and Freddie refinanced 21,250 home loans... [Includes one chart] Read More

Worry Over HAMP Second Lien Unfounded, Treasury Says Program is Ramping Up

The Treasury Department is disputing recent reports that the Home Affordable Modification Program second lien initiative is on hold, saying that everything is on track to finalize the details soon.The HAMP Second Lien Modification Program, announced last April, was intended to work with first-lien modifications “to deliver a comprehensive affordability solution for struggling borrowers... Read More

HUD Implements H4H Changes

The Department of Housing and Urban Development this week issued an interim rule that implements a number of changes to the FHA HOPE for Homeowners Program authorized by Congress last year. Among the key changes in H4H... Read More

Joint Forum Calls for Global Adoption of Minimum Mortgage Underwriting Standards

The Joint Forum, an international committee of senior bank, insurance and securities supervisors, called for the adoption of minimum mortgage underwriting standards that take into account a borrower’s capacity to repay to achieve more consistent and effective regulation of mortgage activities. In its newly released report, “Review of the Differentiated Nature and Scope of Financial... Read More

MBA Policy Agenda Focused on Ongoing Issues, Concerns Raised About Economic Recovery

Taxes, the FHA, loan modifications and risk retention issues continue to be major issues for the Mortgage Bankers Association in 2010, while unemployment rates remain a concern for the future of the housing market. Tax legislation is a hot topic with several tax cuts expiring in the new year, and retaining the mortgage interest deduction is of chief importance for the MBA. “We continue to urge... Read More

Originations Market Looks More Fragmented When Correspondent Business is Set Aside

Wells Fargo and Bank of America cast long shadows over the U.S. residential mortgage market, but the industry is still highly fragmented at the point of sale, according to a new analysis of “direct originations” by Inside Mortgage Finance. Direct originations include loans produced by the lender’s own retail operations... [Includes two charts] Read More

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