Mark Savitt, president of the National Association of Independent Housing Professionals, told Inside Mortgage Finance that including lender paid compensation to brokers in the 3 percent cap is double counting.
Non-agency MBS execution is competitive with agency MBS execution for purchase mortgages with loan-to-value ratios below 70 percent and credit scores above 740.
According to new FHA rules, no less than 20 percent of a lenders required net worth must be in the form of liquid assets consisting of cash or an equivalent.
Come next year, Freddie Mac will assess lenders a fee of $7,500 if they fail to deliver mortgage loans with an aggregate principal balance of more than $5 million.