The $29.42 billion of refinance mortgages sold to Fannie Mae and Freddie Mac was up 30.2% from April and marked the biggest monthly volume since December 2017.
As recently as late April, Quicken reiterated it would not settle the False Claims Act case even though both parties earlier this spring agreed to work with a court-appointed mediator to try to resolve their dispute.
Noting the disparity, analysts at Wells Fargo Securities suggested that Google search trends provided a more realistic gauge of potential refi activity and prepayment speeds.
But Moody’s sees it differently, stating “more competitors could lead to weaker underwriting standards or price competition, both credit negatives for the GSEs’ creditors. How negative this would be depends on how quickly, and predictably, their market share declined.”
Quicken Loans signed a $32.5 million agreement with the federal government to settle FHA underwriting allegations that accused the nation’s largest direct lender with fraud. As part of the deal, the privately held nonbank – the creation of Midwestern businessman Dan Gilbert – did not admit any wrongdoing and will continue to originate and service FHA loans…
According to Craig Knutson of mortgage REIT MFA, yields on non-qualified mortgages are currently around 5% while yields on fix-and-flip loans are around 7%. Which would you choose?
It was the weakest reading on home-equity originations since early 2015, when production of closed-end seconds and new borrowing on home-equity lines of credit totaled an estimated $38.0 billion.
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