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Inside Mortgage Finance

January 6, 2011

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Fourth-Quarter Surge in GSE Business Fails To Lift Last Year’s Volume to 2009 Levels

A geyser of refinance business pushed Fannie Mae and Freddie Mac securitization activity during the final three months of 2010 to its highest level since the refi boom of early 2009, according to a new analysis and ranking by Inside Mortgage Finance. The two government-sponsored enterprises pumped out...[Includes three data charts] Read More

Bank of America, Ally Repurchase Settlements Suggest GSE Put-Back Issue May Have Peaked

In a development that industry representatives hope is a light at the end of the buyback tunnel, Bank of America and the GMAC Mortgage and Residential Capital subsidiaries of Ally Financial have struck deals with Fannie Mae and Freddie Mac to settle long-standing repurchase demands. The agreements provide... Read More

Varying Verbal Staff Interpretations of Fed’s Originator Compensation Rule Prompts Calls for Written Guidance

The differences between the Federal Reserve Board’s final rule on loan originator compensation and provisions in the new financial reform law have prompted mortgage lenders to seek written guidance from the board and not just informal opinions or advice from the agency’s staff. Fed officials have discussed... Read More

Feds Should Ride Dodd-Frank Coattail, Frame National Servicing Regulations, Groups Say

In light of the robo-signing scandal and widespread dissatisfaction with the mortgage industry’s handling of the foreclosure crisis, a cross-section of mortgage investors and consumer advocates are calling for federal regulators to develop national mortgage servicing standards. “The private residential mortgage securitization market is... Read More

Industry Groups Advise HUD Not to Tinker With Secondary Market Exemption Under RESPA

Industry groups are urging the Department of Housing and Urban Development not to make any changes in the exemption for secondary market transactions under the Real Estate Settlement Procedures Act, particularly as it applies to warehouse lending arrangements. In November, HUD signaled... Read More

CBO Study Details Limited Government Role in Secondary Mortgage Market; Trade Groups Favor Hybrid Approach

A hybrid public/private model of the secondary mortgage market in which the federal government would help to ensure a steady supply of mortgage financing via explicit guarantees on privately issued mortgages or on certain qualified mortgage-backed securities would preserve... Read More

GSE Regulator Makes Fannie, Freddie Retained Portfolio Reductions Permanent

The Federal Housing Finance Agency last month issued a final rule that makes permanent the portfolio reductions the two government-sponsored enterprises grudgingly agreed to when they were placed in conservatorship in September 2008. The final rule, effective Dec. 28, 2010, formally enshrines... Read More

BCFP, State Banking Regulators Sign Pact to Cooperate, Consult on Oversight of Providers

Obama administration officials who are setting up the Bureau of Consumer Financial Protection reached an agreement this week with the Conference of State Bank Supervisors on a framework for cooperation and coordination of federal and state efforts to regulate... Read More

Pending Lawsuit Tackles DOL Shift

An ongoing dispute between mortgage industry employers and the Department of Labor over new policies requiring lenders to pay overtime for loan officers will be decided for the first time in connection with a 2004 case pending in federal district court in Michigan. After a lengthy pre-trial process, parties in Henry v. Quicken Loans submitted... Read More

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