National Mortgage News, Dec. 3, 2018–Bonnie Sinnock (subscription)Private-label residential mortgage-backed securitization is approaching a post-crisis peak, according to Kroll Bond Rating Agency.
Category: Top National News
Mortgage Lender Profits Reach New Low for Q3
HousingWire, Dec. 3, 2018–Kelsey RamirezLenders reported a lower net production income in the third quarter this year, down from the previous quarter and the previous year and reaching a new low for the third quarter, the Mortgage Bankers Association reported.
Waters Likely to Raise Affordable Housing’s Profile in GSE Debate
American Banker, Dec. 3, 2018–Hannah Lang (subscription)One particular difference between a House Financial Services Committee likely led by Rep. Maxine Waters, D-Calif., and her GOP predecessor could be a newfound focus on affordable housing issues.
NFIP Gets Seven-Day Extension
National Mortgage Professional, Nov. 30, 2018–Phil HallCongress passed a seven-day extension of the National Flood Insurance Program, hours before its scheduled expiration.
FHA Automates Reverse Mortgage Second-Appraisal Process
HousingWire, Nov. 30, 2018–Jessica GuerinHECM lenders can enter their loan data into FHA Connection and receive an immediate, automatic response on whether or not a second appraisal will be required before the loan can proceed, curbing some concerns about how much time a second appraisal would add to the loan process.
MBA Reports Net Gain Per Loan Drops
The Mortgage Leader, Nov. 29, 2018Independent mortgage banks and mortgage subsidiaries of chartered banks reported a net gain of $480 on each loan they originated in the third quarter, down from a reported gain of $580 per loan in the second quarter, according to the Quarterly Mortgage Bankers Performance Report from the Mortgage Bankers Association.
Natural Disasters Hasten Housing Market Slowdown
HousingWire, Nov. 29, 2018–Alcynna LloydMortgage Bankers Association Chief Economist Mike Fratantoni cites California’s recent wildfires as cause for concern. “The hurricanes in the South and wildfires in the West likely impacted both month’s numbers and continue to cloud the picture of the housing market’s overall strength,” Fratantoni said.
Former Head of FHA and MBA David Stevens Blasts Reverse Mortgages
HousingWire, Nov. 29, 2018–Jessica GuerinThe former commissioner of the Federal Housing Administration–who recently stepped down as president and CEO of the Mortgage Bankers Association–posted a comment about HECMs on LinkedIn last week that ignited a chain of heated commentary about the product.
Senate Vote Puts Kraninger Step Closer to Leading CFPB
American Banker, Nov. 29, 2018–Kate Berry (subscription)A motion to limit debate on Kraninger’s nomination passed along strictly party lines, 50-49, advancing the nominee to a final vote.
Conventional Loan Limits Increase for a Third Year
The Press-Enterprise (Calif.), Nov. 29, 2018–Jeff LazersonIt’s a trifecta for Southern California mortgage shoppers as the Federal Housing Finance Agency, or FHFA (Fannie and Freddie’s conservator and regulator), boosted local conforming and so-called agency high-balance or super-conforming loan limits three years in a row.