Mortgage Compliance, May 2019–James BrodyIn March, Fannie Mae issued a policy stating it will continue to purchase and securitize mortgages for non-U.S. citizen borrowers who are lawful permanent residents under the Deferred Action for Childhood Arrivals program; Pete Mills of the Mortgage Bankers Association says FHA should follow the same policy.
Category: Top National News
Freddie Mac Opens Up Certificate Exchange for Uniform MBS to Investors
National Mortgage News, May 8, 2019–Bonnie Sinnock (subscription)Investors can now exchange certain existing Freddie Mac bonds for to-be-announced uniform mortgage-backed securities in preparation for the full launch of UMBS next month.
Wells Fargo Creates Unit to Satisfy Regulatory Demands
American Banker, May 8, 2019–Kate Berry (subscription)Wells Fargo has created an operations unit designed to focus exclusively on meeting demands of regulators who have expressed dissatisfaction with the bank’s progress after a series of scandals.
Mortgage Duration Drop Means Refinancing Concerns Are Back Again
Bloomberg, May 8, 2019–Christopher MaloneyMortgage investors’ concern about prepayment speeds may increase as a renewed U.S. rate rally helps push the U.S. MBS index duration down to its lowest level since March.
Republicans Move to Abolish CFPB
HousingWire, May 7, 2019–Ben LaneIf a handful of Republicans in the Senate have their way, the Consumer Financial Protection Bureau will not exist for much longer, as for at least the third time in the last few years, Republicans are trying to kill the CFPB.
Ocwen’s 1Q Loss Due to Lower Interest Rates Affecting its MSRs
National Mortgage News, May 7, 2019–Brad Finkelstein (subscription)Lower interest rates caused mortgage serving rights runoff plus a charge to the fair value of that portfolio and led to Ocwen Financial posting a first-quarter loss.
Fifth Avenue Losing Luster as Vacancies Climb, Rents Fall
Wall Street Journal, May 7, 2019–Esther Fung (subscription)Global retailers once seemed to pay whatever it took to lease space on Manhattan’s Fifth Avenue. That doesn’t appear to be the case anymore.
PIMCO Mortgage Trust Sets Terms of IPO, to Raise About $1 Billion
MarketWatch, May 6, 2019–Tomi KilgoreThe real estate investment trust plans to use “a significant portion” of the proceeds from the IPO to buy agency residential mortgage backed securities and, over time, excess mortgage servicing rights and residential mortgage loans.
The 55+ Housing Market is Booming
HousingWire, May 6, 2019–Jessica GuerinThe 55+ housing market is thriving right now as more Baby Boomers look to invest in a new nest to live out their retirement dreams.
Ginnie Mae Moves to Crack Down on Repeated Refinancings
Wall Street Journal, May 3, 2019–Ben Eisen (subscription)The government-backed firm, which promotes homeownership by guaranteeing government mortgage bonds, is considering barring some loans backed by the Department of Veterans Affairs from inclusion in its flagship bonds.