National Mortgage News, Mar. 30, 2017–Brian Collins (subscription)Private market mortgage insurance companies should better align their buyback and rescission policies with those of Fannie Mae and Freddie Mac, the Federal Housing Finance Agency said this week.
Category: Top National News
Goodbye Plywood: Fannie Mae No Longer Allows Plywood in Pre-Foreclosure
HousingWire, Mar. 30, 2017–Ben LaneIn a bulletin sent to servicers this week, Fannie Mae said that it “no longer accepts plywood boards as an acceptable boarding solution on windows of its properties.”
Mortgage Complaints Down as Overall Complaints Up
Mortgage Daily, Mar. 29, 2017In its Monthly Complaint Report, the Consumer Financial Protection Bureau reported 26,262 financial services complaints filed in February. Mortgage complaints fell to 3,715 in February from 4,195 in January.
FHA Changes Expected Before GSE Reform
Mortgage Daily, Apr. 3, 2017While reform of the government-sponsored enterprises is expected by many, changes to the Federal Housing Administration are expected more quickly.
Equity-Sharing Mortgages Make a Comeback, with Freddie’s Help
National Mortgage News, Apr. 3, 2017–Bonnie Sinnock (subscription)Freddie Mac has quietly been testing out automated purchases of conforming loans with equity sharing stakes of typically 10%. The equity stake is provided to consumers by a private company that was previously knowns as FirstREX, but rebranded itself last year as Unison.
Student Debt May Prevent Some Americans From Buying Homes
Wall Street Journal, Apr. 3, 2017–Josh Mitchell (subscription)Americans continue to default on student loans at a “stubbornly high” rate, and a small share of borrowers are unable to buy homes due to high levels of student debt, according to a new report from the Federal Reserve Bank of New York.
Tappable Equity Hits 10-Year High
National Mortgage Professional, Apr. 3, 2017–Phil HallAn annual home price appreciation of 5.5 percent during 2016 helped to increase the number of mortgage holders with tappable equity to 39.5 million, according to new data from Black Knight Financial Services.
Monthly Agency Issuance Dragged Down by Freddie
Mortgage Daily, Apr. 3, 2017A drop in securitizations at Freddie Mac pulled agency issuance down on a month-over-month and year-over-year basis.
Mortgage Compliance Services Enhanced, Automated
Mortgage Daily, Apr. 3, 2017–Sam GarciaResidential lenders have a host of recently launched or enhanced services that will help them maintain compliance with mortgage rules, banking regulations and agency requirements.
CoreLogic: Paying Cash for Houses Lowest in Nearly 10 Years
HousingWire, Mar. 22, 2017–Ben LaneLast year, the share of homes bought with cash fell to the lowest level since 2007, to 32.1 percent, said CoreLogic.