National Mortgage News, Dec. 7, 2016–Passy, Jacob
Loan volume and balances increased in the third quarter as costs stabilized, according to data from the Mortgage Bankers Association.
Category: Top National News
Mortgage Firm Offers Loans that Don’t Require Borrowers to Set Up Escrow Funds
Washington Post, Dec. 7, 2016–Harney, Kenneth R.
Michigan-based United Wholesale Mortgage, which has a network of 7,000 participating brokerage firms nationwide, has begun offering mortgages with no requirement for escrow accounts–and no penalty for the privilege.
CFPB Fines Three Reverse Mortgage Lenders Over Deceptive Advertising
HousingWire, Dec. 7, 2016–Swanson, Brena
American Advisors Group, Reverse Mortgage Solutions and Aegean Financial are the latest names to face the wrath of the Consumer Financial Protection Bureau due to deceptive advertisements in reverse mortgage lending.
Fannie Mae, Freddie Mac Hike Mortgage Modification Interest Rate for First Time in 2016
HousingWire, Dec. 7, 2016–Lane, Ben
The market mortgage interest rates aren’t the only ones on the way up, as Fannie Mae and Freddie Mac announced Wednesday that they are increasing the benchmark interest rate for standard mortgage modifications to a level not seen in 10 months.
AAA Grades Return for Securities Backed by Riskier Mortgages
Bloomberg, Dec. 7, 2016–Scully, Matt
Fitch Ratings and DBRS Inc. are giving ratings to more than $210 million of bonds backed by loans made by Caliber Home Loans, a unit of Lone Star Funds, and by mortgages from Sterling Bank & Trust and LendSure Mortgage Corp.
Home Equity Improves as Average LTV Drops
Mortgage Daily, Dec. 8, 2016
As of Sept. 30 of this year, the aggregate principal balance of U.S. residential loans that were outstanding amounted to $9.249 trillion.
GSE Risk-Sharing Deals Would Be Boosted Under New Bipartisan Bill
National Mortgage News, Dec. 8, 2016–McKendry, Ian
A bipartisan duo of House lawmakers introduced a bill Thursday that would push Fannie Mae and Freddie Mac to engage in more credit risk-sharing transactions.
What Higher Limits for Government-Backed Mortgages Mean
New York Times, Dec. 12, 2016–Carrns, Ann
This “modest” change is another recognition that housing markets have recovered from the real-estate crash, said David Stevens, chief executive of the Mortgage Bankers Association.
Ex Cantor Fitzgerald Mortgage Bond Trader Indicted in U.S. for Fraud
Reuters, Dec. 9, 2016–Raymond, Nate
David Demos, 35, was charged with securities fraud in an indictment filed in federal court in New Haven, Connecticut, becoming the latest trader to face charges for cheating customers on prices of mortgage-backed securities.
Fannie Mae Will Waive Appraisals on Some Refinance Loans
San Francisco Chronicle, Dec. 10, 2016–Pender, Kathleen
Thanks to a program that started Saturday, some homeowners won’t have to pay or wait for an appraisal on certain refinance loans backed by Fannie Mae. “Some markets have a very acute appraiser shortage,” said Mortgage Bankers Association Regulatory Assistant Matt Jones. “It could take a month or two months to get an appraisal.”