Essent Group, a privately capitalized mortgage insurance firm, has announced plans to raise $286 million through the sale of 19.7 million common shares to fund the growth of its MI subsidiary. The initial public offering will be made at a price range of $13.50 to $15.50 per share, according to the companys filing with Securities and Exchange Commission. Domiciled in Bermuda, Essent has been approved to list its shares on the New York Stock Exchange under the symbol ESNT. Essent Group is offering...
California was the biggest source of private MI loans for Fannie Mae and Freddie Mac, but the state doesnt dominate the GSE insured market the way it does in other measures.
U.S. prosecutors estimate that Fannie Mae and Freddie Mac lost almost $850 million (gross) from Countrywide's "Hustle" program. However, at the time, BofA didn't even own CFC.
As directed by the Federal Housing Finance Agency, Fannie Mae and Freddie Mac this year established a three-year sunset period for most reps and warrants on loans with perfect payment histories.
A senior executive at Residential Finance Corp. confirmed that the companys chief financial officer Nick Hahn left the lender/servicer last month, but has since been replaced.
Early indicators suggest that private mortgage insurers saw an uptick in new business during the third quarter, a time when most mortgage production indicators were losing momentum. Fannie Mae and Freddie Mac securitized a total of $58.18 billion of single-family loans that were insured by private MIs during the third quarter, according to a new Inside Mortgage Finance analysis of loan-level detail. That was up 3.7 percent from the second quarter at a time when total production by the two government-sponsored enterprises declined by 15.6 percent. Private MI-insured loans accounted...[Includes two data charts]
Real estate agents are frustrated with lenders missing closing deadlines and providing unreliable pre-approvals for homebuyers, according to the latest Campbell/Inside Mortgage Finance HousingPulse Tracking Survey. The survey of about 2,000 real estate agents completed in early October found that some lenders routinely extend their deadlines due to loan processing issues, causing problems for homebuyers. Some lenders move...
Most mortgage lenders outside of the megabanks will say publicly they dont want lower Fannie Mae/Freddie Mac loan limits, but privately theyll admit they can live with it, but with one major caveat: how much lower are we talking about? Moreover, preparing for changes to loan software systems and product menus should not be a big deal, several executives told Inside Mortgage Finance. Their biggest concern is...
A mortgage lenders strategic decision to originate only qualified mortgages, in and of itself, will not heighten its fair lending risk, according to joint interagency guidance issued earlier this week. The agencies said they have received numerous inquiries from lenders about whether they would be liable under the disparate-impact doctrine of the Equal Credit Opportunity Act if they originate only QMs as defined under the Consumer Financial Protection Bureaus ability-to-repay rule. Based on their view that the requirements of the ATR rule and ECOA are...