In some parts of the country, the giant home builder shelled out incentives of as much as $81,700 per home delivered, most of that in the form of interest rate buydowns.
The bank experienced an uptick in mortgage-related complaints following the scandal, even though mortgage products weren’t part of the issue, according to a new research paper.
Locks declined in June but, when controlling for the difference in business days compared with May, the decline vanishes; Fitch downgraded its long-term issuer default rating on Finance of America Companies to C; talent management topped cost cutting in Fannie’s latest survey of mortgage execs’ priorities; MISMO forms group focused on AI.
Some MSR buyers would rather focus on acquiring volume and leave the servicing duties to someone else. Subservicers are happy to provide the service, touting cost savings and innovations.
The bank recently committed $3 million to an appraisal diversity initiative and is engaged in various internal efforts to reform the appraisal industry.
One way lenders can make homes more affordable is to combine the GSEs’ low-downpayment programs with other tools that reduce downpayment and closing costs.
Defects related to liabilities on student loans, income/employment verification and the appraisal process topped the list of items Fannie warns lenders to keep alert for.
The MBA and California MBA are warning of a “crisis” in California involving property insurance as insurance options decline and premiums increase. A Senate committee also examined property insurance issues, with reactions differing based on party lines.
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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