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Inside Mortgage Finance

March 10, 2011

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Proposed Servicing Settlement Ups Responsibilities and Costs for Loss Mitigation and Foreclosure Processing

A political storm is brewing over a controversial bid by federal and state regulators to force mortgage servicers to make principal reductions and significantly increase the amount of work they do to mitigate losses and pursue foreclosures. A 27-page draft of proposed settlement terms does not cite... Read More

Refinance Activity Lifted Mortgage Originations In 2010, Mostly Funded by Agency Programs

Just over two thirds of the home mortgages originated in 2010 were to refinance an existing loan, a surprisingly low figure given the historic lows in mortgage interest rates seen last year and the still weak state of the housing market. A total of $1.055 trillion of refinance loans were originated...[Includes three data charts] Read More

New Survey Finds ‘Reliability’ Most Important Factor in RE Agents Recommending Lenders

The refinance share of total mortgage originations hit a record high of 78.4 percent in the fourth quarter of last year, according to numbers compiled by Inside Mortgage Finance. That made 2010 the second year in a row that the refi share has topped 67 percent. But 2011 is expected... Read More

Essent Announces Limited Rescission Waiver Program for Delegated Mortgage Underwriting

Essent Guaranty has enhanced its master policy for private mortgage insurance with language designed to reduce exposure to mortgage insurance claims arising from misrepresentations, underwriting errors and missing loan documents. The enhancement, Clarity of Coverage, is an endorsement to the company’s new master policy that applies... Read More

OIG Blows Whistle on Lenders: FHA Fund Will Take a Hit From Poor Underwriting, Report Says

FHA’s already-vulnerable insurance fund will suffer more than $11 million in losses due to the inadequate underwriting of loans originated by direct endorsement lenders, according to a recent report published by the Department of Housing and Urban Development’s Office of the Inspector General. The findings were discovered... Read More

Markup of Legislation to End Housing Programs Continues, With Committee Approval Expected

This week, the House Financial Services Committee approved two bills to kill the Home Affordable Modification Program (H.R. 839) and the Neighborhood Stabilization Program (H.R. 861) as Republican lawmakers continued their push to terminate some Obama administration housing programs that are widely regarded... Read More

Mortgage Lending Trade Groups Ask Federal Reserve To Make Confusing MDIA Disclosure Rule Optional

A group of six real estate finance trade organizations has called upon the Federal Reserve to con-sider easing up on its revised interim rule implementing provisions of the Mortgage Disclosure Im-provement Act citing “serious problems” with the Fed’s revisions that have resulted... Read More

Housing Recovery Continues to Face Major Hurdle in Foreclosure Inventory

The consensus among panelists and policymakers at a hearing in the Senate Banking, Housing and Urban Affairs Committee this week is that the housing market’s condition remains fragile, severely affected by inventory issues, home price trends and the uncertain impact of regulatory reform. Senator Jack Reed, D-RI, noted... Read More

Editorial Note:

We have made some minor revisions to our tables ranking top conventional-conforming and FHA/VA lenders for 2010. They are available for subscribers at our website, www.imfpubs.com.

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