National Mortgage News, May 2, 2018–Brad Finkelstein (subscription)It wasn’t unexpected that Arch MI would lose market share, but among the five private mortgage insurers that have reported so far, it is the only one that had lower new insurance written compared to the first quarter last year.
Category: Top National News
Genworth M.I. Earnings, Book of Biz Increase
Mortgage Daily, May 2, 2018Even though new business fell from the previous quarter at Genworth Mortgage Insurance Corp., its book of business and profitability both improved.
GE Warns Its Subprime Mortgage Unit Could File for Bankruptcy
CNN Money, May 2, 2018–Matt EganThis appears to be the first time GE has said it’s exploring bankruptcy for the defunct mortgage business. WMC was reportedly the nation’s sixth-biggest subprime lender when it was acquired by GE in 2004.
Appeals Court Decision a Win for Reverse Lenders
Mortgage Daily, May 2, 2018A decision handed down by a Florida appeals court bodes well for reverse mortgage lenders. At issue are the rights of non-borrowing surviving spouses.
CFPB Investigations Lack Fairness, Trade Group Says
Scotsman Guide, May 1, 2018–Victor WhitmanThe Mortgage Bankers Association said the Consumer Financial Protection Bureau should set down a clear process for initiating an investigation under its Civil Investigative Demand (CID) process. Among the changes, CFPB investigators should be required to limit the scope to specific allegations of wrongdoing, and establish a fairer process and a reasonable timeframe for companies to respond.
Freddie Mac’s Risk-Sharing Success May Help Lower G-Fees
National Mortgage News, May 1, 2018–Bonnie Sinnock (subscription)If Freddie Mac’s credit-risk transfer activities continue to grow, mortgage lenders could eventually see a reduction in the guarantee fees they pay to the government-sponsored enterprise, according to CEO Donald Layton.
GSE Reform Unlikely to Happen This Year: Mnuchin
National Mortgage News, Apr. 30, 2018–Neil Haggerty (subscription)Treasury Secretary Steven Mnuchin cast doubt Monday on Congress’ tackling housing finance reform this year, saying reform of the government-sponsored enterprises is more likely to be a focus in 2019.
Pimco Continues Push Into Alternatives with Commercial Real Estate Debt Fund
Financial News, Apr. 30, 2018–Justin Baer Bond Manager Pacific Investment Management Co. is raising money for a new multibillion-dollar commercial real estate debt fund, its latest foray into more lucrative but less liquid markets.
Freddie Mac Examines Loan to Possible Rent-to-Own Housing Provider
New York Times, Apr. 27, 2018–Matthew GoldsteinFreddie Mac, the huge government housing-finance company, is reviewing whether it inadvertently lent support to a company that specializes in a type of rent-to-own program that critics call predatory.
Mortgage REIT Merger: Two Harbors Acquiring CYS Investments
HousingWire, Apr. 27, 2018–Ben LaneTwo Harbors Investment Corp., a mortgage real estate investment trust, shuttered its mortgage securitization business, wherein the REIT bought jumbo mortgages and securitized them. Now, the company is preparing to expand its agency RMBS business by acquiring CYS Investments, a fellow mortgage REIT that specializes in investing in agency RMBS backed by fixed-rate single-family residential mortgage loans, adjustable-rate mortgages and hybrid ARMs.