First Guaranty Mortgage Corp., a provider of special niche products, has announced plans to push more mainstream FHA/VA and Fannie Mae products through its wholesale broker channel. The plan is to add the popular Home Affordable Refinance Program, loans backed by the Rural Housing Service, and the FHA and VA streamline refinancing programs to the current wholesale menu of manufactured home loans and 203(k) home rehabilitation and repair loans. “We’d like our wholesale side to be better-rounded and so we’re ...
The use of premium pricing to induce more borrowers to opt for FHA streamline refinancing may be a boon for FHA borrowers but clearly a bane for investors in Ginnie Mae mortgage-backed securities, according to Barclays Research analysts. There are indications that more FHA lenders are resorting to premium pricing, in which borrowers pay a higher mortgage rate in return for lowering the cost of obtaining the loan. Its use seems to be increasing, which also raises the risk of Ginnie Mae prepayments, said ...
Mortgage companies are starting to use predictive modeling and better data and analytics to target homeowners who are moving with the right message at the right time in the move cycle. With the use of direct mail, companies can reach movers before they purchase a new mortgage, the thinking goes. Data and analytics company Target Data, a privately held firm based in Chicago, uses proprietary technology to aggregate housing data (more than 70 million records a week), which it uses to predict if ...
Despite a sharp increase in mortgage originations last year, the number of state-licensed loan originators increased by just 2.7 percent compared to 2011, according to data from the Nationwide Mortgage Licensing System analyzed by Inside Mortgage Trends. A total of 519,428 loan originators were either licensed by the states or registered as staff of a bank, thrift or credit union. The highest concentration of these LOs was in California, where 15.3 percent of the industry ... [Includes one data chart]
According to an analysis by Fitch Ratings, the overall charges for a simple jumbo non-agency MBS across all note-holders would increase to between 6.3 percent and 8.2 percent under the new proposal.
The launch of the revised CFPB database expands the bureau's consumer complaint apparatus in a major way. It includes a sub-category for many products, including mortgages.
Is Navy Federal's no-downpayment product safe? It believes so, and is quite happy with the delinquency experience on the loan but won't provide specifics.
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