Recurring revenue loans are primarily underwritten based on the borrower’s annual recurring revenue rather than on loan cash flows. RRL ABS issuance is expected to reach $14.3 billion this year.
Rocket Mortgage believes the $1.75 billion acquisition will boost its purchase origination volume and lower the cost of customer acquisitions. It will also add new data to Rocket’s artificial intelligence algorithm.
A bill recently introduced in Congress seeks to cap the number of delinquent loans the Department of Veteran Affairs can purchase through the VA Servicing Purchase program annually at 250. Mortgage industry participants strongly oppose the bill.
The Mortgage Bankers Association defended servicers from criticism for the financial incentives they receive from FHA home-retention programs, arguing that the work involved outweighed the compensation.
The chief innovation officer at United Wholesale Mortgage testified at a hearing in Congress this week on housing affordability. Senators at the hearing largely focused on issues outside of the mortgage market.
A Fannie Mae index that measures housing sentiment declined on an annual basis in February, marking the first annual decline in housing sentiment since 2023.
The Ginnie Mae market continued to retreat in February. Most securitizers lost volume and PennyMac retained its top spot despite a 29.4% decline in issuance volume. (Includes two data tables.)
The creation of a U.S. sovereign wealth fund could grease the skids for an end to the conservatorships of Fannie Mae and Freddie Mac.
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