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Inside Mortgage Finance

July 29, 2010

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Mortgage Production Volume Edged Higher In 2Q10, But Optimism Remains Muted

An unexpected drop in mortgage rates plus a lift from the temporary homebuyer tax credit program generated a modest increase in loan originations during the second quarter of 2010, according to a new market analysis and ranking by Inside Mortgage Finance. Lenders generated an estimated $340.0 billion in home mortgages during the second quarter... [Includes two charts and one graph] Read More

Mortgage Industry Wants to Keep Something Like Fannie Mae and Freddie Mac in Secondary Market

Mortgage industry trade groups and major lenders generally support the ongoing presence of secondary market entities linking the primary market to investors through securitization, with many proposing that replacements for Fannie Mae and Freddie Mac be limited to just that one function. Over 300 comment letters were posted in response to the Obama administration’s request for input... Read More

HUD Steps Up Enforcement Actions Against FHA Lenders, Expect More Indemnifications

The Department of Housing and Urban Development’s Mortgagee Review Board is levying a growing number of administrative sanctions against FHA lenders and appears to be increasing the severity of penalties imposed on firms that violate FHA standards. The MRB took major actions against 32 lenders from October 2009 through April 2010, permanently withdrawing FHA lending... Read More

New Survey Data Suggest Fannie and Freddie Not Doing Much to Support the Home Purchase Market

As the Obama administration and lawmakers increasingly turn their attention to reforming Fannie Mae and Freddie Mac, a big question surrounds the importance of the two government-sponsored enterprises in supporting the current, clearly fragile, housing market. Some say the GSEs are vital to any meaningful recovery of the housing market, while others argue that Fannie and Freddie no... Read More

Probe Finds Countrywide Gave Sweetheart Loans To Fannie Personnel to Obtain Lower G-Fees

A bipartisan probe by the House Committee on Oversight and Government Reform into the controversial VIP Mortgage Program by Countrywide has found that more than 100 employees at Fannie Mae, including top executives, got such loans as part of the lender’s strategy to extract a lower guarantee fee from the government-sponsored enterprise, while keeping Freddie Mac at bay... Read More

Groups Call for Revisions or Fuller Rulemaking for HUD’s Interpretive Rule on HWC Payments to Real Estate Brokers

Mortgage industry participants are calling for either a clarification of scope or a broader rulemaking in response to a Department of Housing and Urban Development’s interpretation of compensation provided by home warranty companies to real estate brokers and agents for marketing services. The comment period to the rule interpreting section 8 of the Real Estate Settlement... Read More

Experts Predict Inconsistent Enforcement of Consumer Protection Laws under New Financial Reform Law

While consistency in enforcement of consumer protection laws is a laudable goal, it isn’t one that is necessarily going to be achieved under the complex Dodd-Frank Wall Street Reform and Consumer Protection Act, according to compliance experts. The whole objective of enforcing federal consumer financial laws is to promote consistency, but going through the more than 2,000-page... Read More

Federal Agencies Issue Final Rules for Registering Federally Employed Loan Originators with NMLSR

Federal banking agencies this week published final rules in the Federal Register requiring residential mortgage loan originators employed by federally chartered depository institutions to meet registration requirements under the Secure and Fair Enforcement for Mortgage Licensing Act of 2008. The final rules were issued after an unusually long period of review by the... Read More

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