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Inside Mortgage Finance

June 3, 2010

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Refinance Originations Continue to Play Key Role In New Production, HARP Volume Still Muted

New originations of home refinance loans dropped 15 percent in the first quarter of 2010, but the refi business continues to play an unusually large role in new lending, according to a new analysis and ranking by Inside Mortgage Finance. An estimated $205 billion of refi loans were originated in the first three months of this year. Although that continued a... [Includes three charts and one graph] Read More

FHA May See Increase in Refi Business from Program Adjustments, New Bid to Help Underwater Borrowers

Another plan to offer FHA mortgage insurance to help underwater borrowers refinance to more affordable loans is under review in the Obama administration, while officials have also taken steps to expedite processing of traditional FHA refi business. The Department of Housing and Urban Development late last week advised lenders that they can use the FHA underwriting scorecard... Read More

California Congressmen Hope to Bolster Market Recovery by Maintaining Elevated Loan Limits

Two California Congressmen are pushing legislation they introduced last year that would make permanent the maximum conforming loan limit of $729,750 in the highest-cost markets of the country beyond the end of this year. Barring Congressional action, the top conforming loan limit will drop down to $625,000 in 2011. “We have a fragile recovery. Nothing could... Read More

Policymakers Look to Restrict Sudden Proliferation Of ‘Private Transfer Fee Covenants’ in Mortgages

Fannie Mae and Freddie Mac are expected to issue new policies on private transfer fee covenants, a proliferating and potentially predatory mortgage feature that imposes additional costs on home buyers and sellers, often at the last minute. A private transfer fee covenant is a transfer fee payable to a private third party (typically the property developer... Read More

Civil Rights Advocates Call For More Tools to Strengthen HAMP Fair Lending Enforcement

Faced with growing concerns about fair lending oversight and compliance under the Home Affordable Mortgage Program, the Obama administration must take immediate steps to improve the program’s transparency and strengthen accountability to support compliance and stronger enforcement, according to fair housing and civil rights advocates. As a foreclosure prevention tool... Read More

FHLBanks Face New Housing Goals, Fannie and Freddie Get New ‘Duty to Serve’ Requirements

The Federal Housing Finance Agency has proposed revised affordable housing goals for the Federal Home Loan Banks and new “duty-to-serve” requirements for Fannie Mae and Freddie Mac. Last week, the FHFA released a proposed rule to establish goals for mortgage purchase activity by the FHLBanks that would be consistent with the goals for Fannie and Freddie, “taking into account... Read More

Direct Originations Reveal More Diverse Home Mortgage Market, But Big Firms Still Dominate

The top tier of mortgage lenders continues to dominate mortgage originations even without their powerful wholesale correspondent programs, a new Inside Mortgage Finance analysis reveals. The top three lenders in the market – Wells Fargo, Bank of America and Chase – accounted for 52 percent of “direct” mortgage originations in the first three months... [Includes one chart] Read More

AIG’s Former Reinsurance Subsidiary Seeks Arbitration to Reduce Subprime-Related Losses

Transatlantic Holdings Co., a former reinsurance subsidiary of American International Group, last week filed a demand for arbitration against its ex-parent in connection with more than $350 million in losses it incurred through AIG securities lending activities. The reinsurer filed the arbitration request May 21 to settle disputes with its former parent arising from its... Read More

GSEs Implement HAFA

Fannie Mae and Freddie Mac this week retooled their menus of foreclosure alternatives to adapt to the Obama administration’s latest remedy for distressed borrowers. The Home Affordable Foreclosure Alternatives program announced by the Treasury Department late last year was an effort to resolve distressed loans that cannot be rescued through refinancing or... Read More

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