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Inside Mortgage Finance

September 9, 2010

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Broker Share of New Production Drops to Record Low As Wholesale Market Turns to Correspondent Model

Mortgage broker activity continued to account for a diminishing share of new originations during the second quarter of 2010 as the channel was the only production area to post a decline in lending volume compared to the first three months of the year. A new Inside Mortgage Finance ranking and analysis reveals that... [Includes four data charts] Read More

Delinquency Rates Show Modest Improvement In Second Quarter, But Serious Problems Persist

Mortgage delinquency rates improved slightly during the second quarter, although it’s clear that the sluggish economic recovery and lingering weakness in the housing market continue to pose significant challenges for borrowers and servicers. The Inside Mortgage Finance Large Servicer Delinquency Index showed... [Includes one data chart] Read More

Fed’s TILA Rules Somewhat Ease BCFP’s Mortgage Reform Rulemaking Burden, Compliance Experts Say

The Federal Reserve has substantially advanced the regulatory mortgage reform agenda under Title XIV of the Dodd-Frank Wall Street Reform and Consumer Protection Act with the recent issuance of new final rules amending Truth in Lending Act regulations, according to industry attorneys. A final rule on loan originator compensation and... Read More

MBS Guarantee Business Sank the GSEs as Fannie And Freddie Steered Into High-Risk Loan Business

The business of providing guarantees for mortgage-backed securities – the major reason Fannie Mae and Freddie Mac are on federal life support today – was also the biggest factor in the collapse of the government-sponsored enterprises, according to a new government report. At the end of 2007, Fannie and Freddie had... Read More

HUD Bows to Industry Concerns and Defers FHA Seller Concession Change, Moves Ahead on Other Fronts

Wary of the ongoing duress in the housing markets and the surge in FHA volume, Obama administration officials moved to deploy previously announced changes to shore up the mortgage insurance fund by adjusting premiums and tightening underwriting. Although the Department of Housing and Urban Development is moving ahead with... Read More

Fannie, Freddie Can’t Use Non-Agency MBS, FHA HECMs, LIHTCs to Meet Updated Housing Goals

Fannie Mae and Freddie Mac will no longer be able to buy non-agency mortgage-backed securities and commercial MBS to meet their new affordable housing goals for 2010 and 2011, according to a final rule issued last week by their regulator, the Federal Housing Finance Agency. “FHFA does not intend for... Read More

Fannie, Freddie Raise the Bar for Controversial PACE Loans, as Odds of Legislative Solution Dim

Fannie Mae and Freddie Mac have reasserted their insistence that any mortgages they buy that are affected by Property Assessed Clean Energy program loans must keep the PACE loan component in a subordinate lien position, while on Capitol Hill negotiations for a compromise resolution from Congress appear to... Read More

MBA Urges HUD to Delay ‘Required Use’ Rulemaking, Make Harmonizing RESPA/TILA Disclosures a Priority

The Mortgage Bankers Association called on the Department of Housing and Urban Development to make combining consumer disclosures under the Truth in Lending Act and the Real Estate Settlement Procedures Act a priority and set aside the “required use” issue for future consideration. The MBA urged HUD to... Read More

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