Jumbo mortgage lending – including agency-eligible mortgages that exceed normal loan limits – lost some market share in 2017, according to a new Inside Mortgage Finance ranking and analysis.
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With loan production suffering a noticeable decline in the first two months of the year, several small and medium-sized firms are struggling with profitability, causing intense speculation that the industry could be in for a wicked round of consolidation.
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The Senate on Tuesday voted 67-32 to proceed to debate on legislation that would roll back some mortgage-related provisions from the Dodd-Frank Act while leaving intact most of the rules that swept through the industry following the housing meltdown.
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The nation’s subservicing specialists increased the dollar volume of their contracts by a scant 0.5 percent in the fourth quarter, a sign that the market may be easing somewhat. But anecdotal evidence suggests there’s more gas left in the out-sourcing tank.
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Whether the proposed housing-finance reform draft bill from the Senate will help affordable housing efforts depends on whom you ask. Community lenders and fair housing groups said the plan will put low- and moderate-income (LMI) borrowers at a disadvantage, while others believe it will be a boon to making housing more affordable for that demographic.
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Citigroup is investing in a multi-state plan to expand a nonprofit community development financial institution’s ability to provide better access to mortgage credit to low- to moderate-income, minority, rural and other underserved first-time homebuyers.
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Chase Home Lending this week announced plans to increase its affordable lending efforts by 25 percent over the course of the next five years. This translates to a $50 billion affordable lending commitment between now and 2023 using homebuyer grants and other incentives.
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