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Inside Mortgage Finance

December 16, 2010

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Jumbo Market Still Treading Water As Non-Agency Lending Edges Higher

New originations of home mortgages exceeding $417,000 increased by 8.4 percent from the second to the third quarter of 2010, which was less than half the growth rate for the overall market during that period, according to a new Inside Mortgage Finance analysis. Over half of the modest volume of jumbo mortgage lending in the market continued...[Includes two data charts] Read More

No Clear Prohibition on Higher FICO Score Cutoffs, But Lenders May be Liable Under Fair Lending Laws

Are overlays a fair lending violation? A major community advocacy group says the practice of imposing stiffer underwriting standards than those required by the federal government may be, and the Department of Housing and Urban Development has pitched itself into the debate. Mortgage lenders and brokers have expressed... Read More

NC Bank Commissioner Approved by Senate Banking Committee to be New Chief Regulator of the GSEs

The Federal Housing Finance Agency looks poised to get its first director confirmed by Congress, but Republican lawmakers are making clear that Joseph Smith will likely have a short honeymoon as chief regulator of Fannie Mae, Freddie Mac and the Federal Home Loan Banks. Smith, the North Carolina commissioner of banks, was approved... Read More

Lenders Say HUD’s Proposed Rule on FHA Indemnification Over-reaches, Lacks Clarity

The Department of Housing and Urban Development’s proposal to impose tougher indemnification requirements on poorly underwritten loans will impose too much risk and uncertainty on lenders, according to comments from the industry. “Many of the proposed policy changes are... Read More

Housing Finance, Dodd-Frank Among Priorities As House GOP Rolls Out Committee Lineups

The mortgage industry may be able to look forward to a more sympathetic ear when the next Congress convenes in January, particularly in the House, where Republican lawmakers will be focused on the implementation of the controversial financial reform law that passed... Read More

Servicer Incentives Blamed for Failures In Mortgage Loss Mitigation Efforts

Financial incentives encourage mortgage servicers to pursue foreclosures and push them through as quickly as possible, said witnesses testifying at a House Judiciary Committee hearing this week. “The faster the case is shoved... Read More

Servicing Market Continued Shrinking In 3Q10; Big Gains in Ginnie Sector

The amount of home mortgage debt declined for the tenth straight quarter during the three-month period ending in September 2010, according to a new Inside Mortgage Finance analysis. The only sector to post an increase during the period was the red-hot Ginnie Mae market, up 7.2 percent from the second quarter. That raised Ginnie’s share of servicing outstanding to 9.4 percent, its highest levels in nine years. The biggest declines were in servicing attached to non-agency…[Includes one data chart] Read More

States Can Facilitate Federal Government in Implementing Dodd-Frank, Regulator Says

Combining state and federal oversight under the new regulatory framework established by the Dodd-Frank Wall Street Reform and Consumer Protection Act will ease the arduous task of getting the housing industry back on track, according to Superintendent of New York Banks Richard Neiman. “As the origination of subprime and nontraditional mortgage loans increased... Read More

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