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Inside Mortgage Finance

April 16, 2009

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Economists Raise Mortgage Production Forecasts, But 2009 Rebound Is Expected to Dissolve Quickly

Mortgage industry forecasters are calling for a significant surge in new loan originations in 2009 despite bleak housing market conditions that are expected to last deep into 2010. Loan production managers may want to resist the temptation to ramp up capacity levels to catch the surge in refinance business because observers don’t think the... [Includes one chart] Read More

Refinance Boom Lifting Some Markets More Than Others; California a Shade Less Important in 2009

The refinance boom in early 2009 has lifted production volume in virtually every state in the U.S., but some of the country’s biggest markets are getting less of an impact, according to a new analysis by Inside Mortgage Finance. California remains the biggest source of new mortgage originations flowing into the secondary market, with $42.24... [Includes one chart] Read More

Industry Groups Warn that ‘Required Use’ Could Taint Negotiated Discounts Offered by Unaffiliated Providers

The broad definition of “required use” in the revised Real Estate Settlement Procedures Act regulation adopted by the Bush administration late last year could create liability for loan originators and unaffiliated service providers that offer incentives and negotiated discounts, lenders warned. In letters commenting on the Department of Housing and Urban Development’s proposed... Read More

Genworth Can’t Get Under the TARP, Increasing Uncertainty over the Private MI Industry’s Future

The business environment for Genworth Financial took a turn for the worst last week when the private mortgage insurer announced it would not be able to get a capital infusion from the federal government’s Troubled Asset Relief Program. The development cast additional uncertainty on the future of the MI business and stoked some anxiety about the viability of... Read More

Groups Raise Concerns About Eligibility to Participate In Legacy Loan Program – and the Strings Attached

The mortgage market has waited since the development of the Troubled Asset Relief Program during the worst of the financial crisis late last year for a way to move distressed loans off bank balance sheets, but observers are concerned whether the soon-to-be-launched program will work. Industry groups told the Federal Deposit Insurance Corp., which will oversee the Obama administration’s... Read More

Obama to Tap Fannie CEO Allison to Run TARP, Two GSEs to be ‘Headless’ at Critical Juncture

President Barack Obama this week is poised to call upon a well-seasoned Wall Street executive, Fannie Mae CEO Herb Allison, to oversee the $700 billion Troubled Asset Relief Program. While the expected move will bring in a highly qualified hand to steer the TARP, it also will leave a void at the top of one of the two government-sponsored enterprises at a time when the pair are... Read More

GSEs Ease Appraisal Code Restriction on Broker Participation in Appraisal Process

Fannie Mae and Freddie Mac last month quietly restored mortgage broker access to the appraisal process and clarified some of the many questions that have arisen since the issuance of a final Home Valuation Code of Conduct towards the end of last year. The changes were made to address industry concerns about the HVCC, including prohibiting mortgage brokers from directly... Read More

Fannie, Freddie Announce New Maximums for GSE Jumbos in High-Cost Areas, Even as Activity Lags

The maximum loan amounts eligible for sale to Fannie Mae and Freddie Mac have changed several times over the past year as Congress searches for answers to the downtrodden housing market, leaving the government-sponsored enterprises trying to keep themselves, and their lender customers, up to speed. Both GSEs have “permanent” high-cost limits of $625,500 and “temporary” limits of up... Read More

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