Late last summer, Fannie Mae’s pre-funding quality control review requirements for agency loans caught the attention of an unexpected mortgage industry segment: Non-QM/Non-Agency loan originators. MBA NewsLink asked Pamela Hamrick, President of Incenter Diligence Solutions, to explain.
Category: News and Trends
Chart of the Week: Annual Cost of Servicing Performing and Non-Performing Loans
MBA’s annual Servicing Operations Study and Forum includes a deep-dive analysis and discussion of servicing costs, productivity, and portfolio characteristics for in‐house single-family servicers, representing about 60 percent of the single-family servicing market. Based on the most recent completed study cycle, fully-loaded servicing costs remained flat relative to the previous year at an average of $237 per loan. But that only tells part of the story.
Servicing Quote Tuesday, June 18, 2024
“Since the implementation of NSPIRE in October, servicers have experienced difficulties logging into the system, scheduling inspections, maintaining inspection schedules and reviewing reports.”
–MBA President and CEO Robert D. Broeksmit, CMB
MBA Urges HUD to Publish Notice About Ongoing Challenges With NSPIRE Protocol
The Mortgage Bankers Association asked HUD for assurance that servicers will not be held accountable for compliance with the new National Standards for the Physical Inspection of Real Estate (NSPIRE) system until it is “fully accessible and usable to each participant.”
Flat Branch Home Loans CEO Karen Kreutziger Powell Testifies on VA Home Lending Before Committee on Veterans’ Affairs Subcommittee
Karen Kreutziger Powell, CEO of Flat Branch Home Loans, testified Wednesday at a hearing on pending legislation before the Committee on Veterans’ Affairs Subcommittee on Economic Opportunity.
TransUnion: Consumer Outlook Mixed in Q2
TransUnion, Chicago, released its Consumer Pulse Study for the second quarter, finding consumer concerns about inflation and interest rates have hit their highest levels in two years.
Owen Lee of Success Mortgage Partners, Inc., Nominated to Be 2025 MBA Vice Chairman
The Mortgage Bankers Association announced that Owen Lee, Chief Executive Officer at Success Mortgage Partners, Inc., has been nominated to serve as MBA’s Vice Chairman for the 2025 membership year.
ATTOM: May Foreclosure Filings Up From April, Down Year-Over-Year
ATTOM, Irvine, Calif., released its May 2024 U.S. Foreclosure Market Report, showing foreclosure filings were up 3% in May from April, but down 7% year-over-year.
Cost of Owning, Maintaining a Home Up 26% Since 2020, Bankrate Finds
The average annual cost of owning and maintaining a single-family home in the U.S. is 26% higher now than four years ago, according to Bankrate, New York.
Leveraging the Home Equity Conversion Mortgage for Purchase Program in Today’s Market: A Strategic Business Move for IMBs
Imagine a widow wanting to relocate to a cozy, manageable home for her golden years. With today’s higher mortgage rates and the high cost of living, her dream can feel out of reach. But what if there was a way to make it easier?