The new fee structure in place for FHA loans could bolster private mortgage insurers’ position in the market as Department of Housing and Urban Development officials try to pull the FHA’s role back slowly. New business volume for private MIs surged up 6 percent from the first to the second quarter this year, which helped the MIs regain some of the market share they lost over the past three years to the FHA. The private…[Includes one graph]
The regulator said in an amicus brief Wednesday that home equity investments can be considered credit and subject to Truth in Lending Act requirements.
“We’re still not at the level of profitability where we should be in home lending, just given as we continue to wind down that servicing book,” said Charlie Scharf, CEO of Wells.
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