Respondents to the Mortgage Bankers Association's quarterly mortgage banking performance survey reported, in aggregate, a negative margin in the “mid to high single digits” for the first quarter.
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Most of the decline in FHA business was in purchase-mortgage lending while VA business took a hit due to reductions in the Interest Rate Reduction Refinance Loan program.
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Non-QMs account for 81.1 percent of the dollar volume of the planned MBS while the other loans are for rental properties and exempt from ability-to-repay standards.
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If stated income appears to be overstated by 15.0 percent or more, PointPredictive notifies the lender so additional verification can be completed.
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The House decided to take a vote on the current Senate bill with no amendments and the Senate is expected to consider a separate deregulation package from the House.
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