A big surge of conventional refinance loans helped private MIs boost their share of the insured agency market to 44% in the second quarter, although purchase loans continued to account for most PMI business. (Includes two data charts.)
HUD Secretary Ben Carson told lawmakers he will cooperate with an inquiry into whether a new policy prevents DACA recipients from receiving federally backed mortgage loans.
Heavy refinance activity pushed FHA and VA endorsements higher in the first quarter of 2020, while private MIs raised prices and braced for the impact of COVID-19. (Includes three data charts.)
Investment losses dented title insurance underwriters’ bottom lines in the first quarter of 2020. However, the refinance boom boosted their order volume.
Arch Capital announced loss estimates related to COVID-19. Meanwhile, S&P revised downward its outlook on five of the nation’s six private mortgage insurers.
According to independent mortgage bankers, aggregators are adding credit overlays and refusing to buy loans in response to post-closing forbearance risk.
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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