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Inside Mortgage Finance

May 21, 2009

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Brokers Still Under Pressure as 2009 Refi Wave Lifts Origination Volume

There was more than enough lift in the mortgage market during early 2009 to push origination volumes higher across all production channels, but the mortgage broker business appeared to give back some of the gains it recorded late last year. According to a new Inside Mortgage Finance ranking and analysis, mortgage originations through...[Includes seven charts] Read More

Preliminary 2008 HMDA Data Suggest Declines In Minority Lending, Higher-Rate Mortgages

The decline in the origination of subprime and Alt A mortgages in 2008 may have helped reduce the amount of new mortgage lending to various minority groups, according to preliminary results from Home Mortgage Disclosure Act reports. LendingPatterns, an online HMDA analysis tool developed by ComplianceTech, indicates that 10.8 percent of mortgages originated... Read More

Guaranty Fees Drop Sharply at Fannie and Freddie As Market Veers to Lower-Risk Products in 2009

Fannie Mae and Freddie Mac are charging lower guaranty fees in the current mortgage boom as a result of a significant decline in origination of higher-risk loan products that carry extra delivery fees and pricing adjustments. Both government-sponsored enterprises took some flak last year as they continued to increase the risk-based pricing adjustments they... [Includes one chart] Read More

Jumbo Lenders Have No Answer for Problems in the Market but Say Liquidity, More Competition are Crucial

Mortgage lenders apparently have mixed feelings about how to jump start the moribund jumbo mortgage market, although they agreed with a recent National Association of Realtors study on the need for liquidity and increased competition to bring back confidence to the once-robust sector. Bank of America, which ranked second last year in prime jumbo loan production with $12.12 billion... Read More

Government Modification Program Adds New Incentives to Hedge Against Falling Home Prices

The Obama administration late last week bolstered its mortgage recovery efforts by encouraging servicers to consider other loss mitigation efforts if loan modification isn’t feasible and by rolling out an incentive to partly offset potential investor losses if modification doesn’t work. The Home Price Decline Protection program was originally announced as part of the administration’s... Read More

Congress Approves Foreclosure Legislation

The House this week voted to accept the Senate’s version of a foreclosure mitigation bill that does not give bankruptcy courts authority to modify mortgages on a debtor’s principal residence. The House earlier this year approved a version of the “Helping Families Save Their Homes Act” that had included controversial cramdown authority that is strongly opposed by the mortgage... Read More

Fannie and Freddie Provide More Guidance On Streamlined Mortgage Refi Programs

As their ambitious refinance programs for borrowers with diminished equity in their homes begin to gather steam, Fannie Mae and Freddie Mac have provide additional guidelines for lenders that are facing a potential landslide of new business. The new Home Affordable Refinance programs designed by the government-sponsored enterprises and the Obama administration allow... Read More

Regulator Says Fannie and Freddie Continue to Face Significant Hurdles

The Federal Housing Finance Agency this week said Fannie Mae and Freddie Mac have made substantial efforts to remedy their problems but considerable challenges remain. According to the FHFA’s annual report, both government-sponsored enterprises face “critical safety and soundness concerns and exhibit severe financial, nonfinancial, operational, or compliance weaknesses... Read More

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