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Inside Mortgage Finance

September 10, 2009

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Mortgage Brokers Continue Losing Market Share as Lenders Focus on Retail Production

Mortgage lenders pulled an expanding share of new originations through their own retail production channels during the second quarter of 2009, leaving the mortgage broker industry with a record low share of the market. New originations through retail production – including traditional retail branches and consumer-direct lending via call centers and the Internet... [Includes seven charts] Read More

GSEs Balk at New Products Rule; Industry Groups See Room for Improvement as Well

Fannie Mae and Freddie Mac are pressing their federal regulator to revamp a recently implemented regulation that sets forth procedures for the government-sponsored enterprises to launch new products and activities, arguing that the new approval process may slow down innovation. Mortgage industry groups also raised a number of concerns with the Federal Housing Finance Agency’s... Read More

MBA Posts $8.6 Million Loss in Fiscal 2008 as Revenue Dropped Sharply

The Mortgage Bankers Association reported a net deficit of $8.63 million for the fiscal year ending Sept. 30, 2008, a likely prelude to an even worse outcome in the year just now drawing to a close.The trade group’s recently filed tax return for last year showed sharp declines in virtually all revenue categories but only modest success in trimming expenses. Since then, the MBA has moved to... Read More

Pressure for Cramdown Legislation Mounts As Obama Loan Mod Program Seems to Lag

Obama administration officials continue to believe their efforts to help millions of struggling homeowners hold onto their homes will meet expectations, but members of Congress are increasingly antsy about the perceived lag in the number of successful loan modifications. That is fueling a reconsideration of mortgage cramdown legislation that the current Congress has already rejected... Read More

Concerns About FHA’s Solvency Return as Annual Insurance Fund Audit Approaches

While some outside observers are raising concerns about declining reserves at the FHA insurance fund, government officials say the program is doing fine and won’t need a taxpayer subsidy. The Department of Housing and Urban Development only gets a snapshot of the FHA Mutual Mortgage Insurance Fund once a year, when a formal audit is done at the end of the fiscal year. The audit done in... Read More

Mortgage Lenders Bear Greater Burden for Ensuring RESPA-Compliant GFEs Issued by Mortgage Brokers

Mortgage lenders face greater accountability for any good faith estimate provided on their behalf by a mortgage broker to a borrower, according to guidance issued recently by the Department of Housing and Urban Development to help lenders and mortgage settlement service providers comply with a totally revamped mortgage settlement process in 2010. Compliance experts said the... Read More

House Judiciary Panel Revisits ‘Judicial Modification,’ Experts Say Cramdown Will Yield Little Mortgage Relief

Despite previous setbacks, House Democrats have again raised the specter of judicial mortgage modifications during a subcommittee hearing this week. But experts warned there is little that modification policy – private or judicial – can do to help borrowers with underwater loans. Just as current loan modification policies have yielded little mortgage relief... Read More

Large Lenders Could Gain the Most from Industry Proposal to Revamp Mortgage Securities Structure

Mortgage lenders that have sometimes complained about being manhandled by Fannie Mae and Freddie Mac could face a somewhat more even playing field in a future securitization market proposed by the Mortgage Bankers Association that relies heavily on private capital to manage credit risk while still enjoying the backing of the federal government. The MBA white paper proposes a... Read More

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