Nonbanks played an increasingly important role in the mortgage servicing business during the first quarter of 2018, according to an analysis and ranking by Inside Mortgage Finance. [Includes two data charts.]
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Nonbank mortgage lenders have been reporting weak profit margins since January, a situation that has some in the industry alarmed while others believe that as originations increase in the months ahead the tough times will dissipate.
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The House of Representatives appears ready to pass the Senate’s regulatory relief bill sometime this month while still planning to push for more revisions to the Dodd-Frank Act.
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If past is prologue, Federal Housing Finance Agency Director Mel Watt might be on the job a lot longer than Jan. 6, 2019, which is when his five-year term expires. That is, if he wants to stay.
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Mick Mulvaney, acting director of the Consumer Financial Protection Bureau, is thinking about ending public disclosure of the agency’s controversial consumer-complaint database. The idea is consistent with his goal of limiting the bureau to activities that are specifically required by law.
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Recent moves by two private mortgage insurers to reduce mortgage insurance premiums for borrower-paid MI policies would have a positive impact on affordability and potentially increase MI market share at the expense of FHA, according to a report from the Urban Institute.
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Redwood Trust announced this week that it purchased a stake in 5 Arches, an originator and asset manager of business-purpose residential mortgages. Redwood will continue aggregating jumbo and other non-agency mortgages, but officials at the real estate investment trust also see promise in loans for single-family rental properties and fix-and-flip financing.
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Excessive risk-based pricing, high private mortgage insurance premiums and lender credit overlays are locking out low-income borrowers and families of color from the conventional mortgage market, pushing them towards FHA as their only option, concludes a new study from the Center for Responsible Lending.
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