National Mortgage News, Mar. 15, 2016–Collins, Brian
Ginnie Mae needs more and better paid staff to keep up with growing risks on nonbank seller/servicers, the watchdog agency head said.
Category: Top National News
JPMorgan Prepares Massive Mortgage Bond Deal
HousingWire, Mar. 15, 2016–Gaffney, Jacob
Wall street investment bank JP Morgan is putting together a massive residential mortgage-backed securities deal for the private market.
It’s Official: TRID Kills Mortgage Profits
HousingWire, Mar. 17, 2016–Swanson, Brena
The net gain on each loan originated by independent mortgage banks and mortgage bank subsidiaries plummeted 60 percent in fourth-quarter 2015 due to the implementation of the Consumer Financial Protection Bureau’s TILA-RESPA Integrated Disclosures rule in October, the Mortgage Bankers Association reported.
Contrarian View: Rate Hike Would Mean Another Refi Market
National Mortgage News, Mar. 17, 2016–Finkelstein, Brad
If the Federal Reserve raises short-term rates in June, market volatility will spur investors to buy long-term bonds, driving down the 30-year mortgage rate to around 3%, consultant Barry Habib argues.
TRID’s First Five Months
Builder Magazine, Mar. 18, 2016–Croce, Brian
It’s been more than five months since the Consumer Financial Protection Bureau’s TILA-RESPA Integrated Disclosure (TRID) went into effect with the main goal of simplifying the home closing process for consumers. The result–a lot of moving parts.
Servicers Need More Experienced Points of Contact: Counselors
National Mortgage News, Mar. 18, 2016–Collins, Brian
As servicers downsize their loss mitigation units, housing counselors are finding the companies’ designated points of contact are less experienced, making it more difficult to get packages approved for troubled borrowers.
Fannie Mae Announces Largest Credit Insurance Risk Transfer Deal
HousingWire, Mar. 18, 2016–Swanson, Brena
Fannie Mae announced its first Credit Insurance Risk Transfer transactions of 2016, shifting the credit risk on pools of single-family loans with a combined unpaid principal balance of approximately $19.5 billion to a group of insurers and reinsurers.
Mortgage Lenders Cautious of High-Risk Borrowers
DSNews, Mar. 21, 2016–West, Xhevrije
The non-qualified mortgage loan market has originators a bit wary toward borrowers and questioning if the risk is really worth it.
Why Supply Remains a Hurdle for Subprime Securitizations
National Mortgage News, Mar. 21, 2016–Sinnock, Bonnie
As a handful of new issuers enter the market and the implementation of a key regulation pave the way for subprime securitization’s comeback, the volume of new loans that are actually available to the market remains a question.
Genworth Rallies After Bondholder Vote Avoids ‘Devastating Risk’
Bloomberg, Mar. 21, 2016–Chiglinsky, Katherine
Genworth Financial Inc. shares gained after bondholders agreed to changes sought by Chief Executive Officer Tom McInerney as he reshapes the insurer and seeks to rebound from losses on long-term care coverage.