Fannie Mae and Freddie Mac posted significant gains in single-family business in the second quarter, but Ginnie was relatively flat and the non-agency servicing market continued to shrink. (Includes two data charts.)
The key concern among the industry is the GSEs’ reliance on loan-to-value ratios and debt-to-income ratios. They recommend Fannie and Freddie develop alternative underwriting criteria for low-income borrowers.
Once confirmed, Rohit Chopra, who is no newbie to the CFPB’s workings, is expected to waste no time getting the bureau’s rulemaking and enforcement machinery ticking.
Many of the borrowers facing the end of their forbearance plans are struggling financially. Servicers say they’re ready to help, and for those who can’t resume payments there’s home price appreciation to bank on.
Wells Fargo could clean up as a seller of mortgage servicing rights (if it wanted to) but a new round of sanctions is clouding its future in residential finance.
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