Securitization of purchase loans rose 16.2% from July to August, including an 18.2% increase in VA loans. FHA still accounted for the biggest share of government-insured purchase loans, 53.0% last month.
TD Bank and Charles Schwab continued to dominate the sector, accounting for a combined 45.2% of industry ABS holdings despite pulling back somewhat during the pandemic-stricken second quarter.
The nonbank mortgage giant also offered a 3Q gain-on-sale estimate of 405 basis points to 430 bps. In the second quarter, its GOS came to a mouth-watering 519 bps.
If the LLPA is passed to consumers as a charge at consummation, lenders will have to disclose the added cost as an “origination charge” on the loan estimate and closing disclosure.
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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