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Inside Nonconforming Markets

June 27, 2008

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NY Program to Help Low-Income Renters Own

Two affordable housing agencies in New York recently teamed with the Department of Housing and Urban Development to help low-income renters become homeowners. The program offers 2 percent fixed-rate mortgages to recipients of Section 8 vouchers to help them become first-time homebuyers. The mortgages are a result of a partnership announced this month between HUD, the State of New York Mortgage... Read More

HECM Regulations Evolve as Market Grows

The Department of Housing and Urban Development continues to refine its regulation of reverse mortgages as the sector expands. The FHA’s home-equity conversion mortgage continues to dominate the reverse mortgage market, accounting for more than 90 percent of volume, according to HUD. At the Mortgage Bankers Association’s 2008 government housing and loan production conference this month in... Read More

Lender Offers Home-Equity Loan Alternative

Home-equity lending is declining, especially as home prices continue to fall. However, borrowers looking for extra money have another option, at a fairly affordable rate: unsecured lending. In fact, borrowers can use the proceeds from an unsecured loan offered by FirstAgain for practically anything. The lender offers an “AnythingLoan” with no downpayment requirements, fees... Read More

102% Gov Guaranteed Financing Still Available

One of the few no downpayment options available is actually guaranteed by the federal government, and the government’s 2 percent guarantee fee can even be added into the financing. The program does not even have a minimum required credit score or loan limits. The catch is that the program is only available in rural areas, as it is offered by the U.S. Department of Agriculture. Michelle Corridon... Read More

Freddie Wraps Unique BofA Deal

Freddie Mac recently completed only the second wrap securitization by a government-sponsored enterprise in 2008 with mortgages originated five years ago by Bank of America. The lender last week delivered $8.14 billion worth of seasoned mortgages to Freddie through a wrap securitization. Banc of America Funding 2008-FT1 is backed by a variety of prime-credit, fixed-rate mortgages with an... Read More

Fannie Offers Unsecured Loan as Loss Mit Option

Entering uncharted territory, Fannie Mae last week unveiled a loss mitigation program that utilizes unsecured consumer loans provided by the government-sponsored enterprise. The HomeSaver Advance program, unveiled in Announcement 08-14, is available immediately.Fannie gave servicers permission to arrange HSAs for troubled borrowers. The GSE will fund the loans, up to... Read More

Option ARMs a Concern as Neg Am Increases

The top two lenders of option ARMs took decidedly different actions this month relating to the products as declining home prices put lenders at risk. Washington Mutual, the top option ARM lender in 2007, according to Inside Alternative Mortgages, last week ceased offering option ARMs via its retail channel. Wachovia, the second-ranked option... [Includes one chart and one graph] Read More

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As homeowner equity continues to build, more and more lenders are launching home equity lending products. Are you thinking of joining this market?

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