Private mortgage insurers reported substantial declines in new insurance written during the first quarter of 2018, losing some market share to both the FHA and VA, according to a new analysis and ranking by Inside Mortgage Finance. [Includes two data charts.]
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Freddie Mac recently extended a line of credit to an unidentified nonbank seller/servicer, setting off a mini debate about charter creep – and why its regulator approved the initiative in the first place.
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Neither PHH Corp. nor the Consumer Financial Protection Bureau will ask the Supreme Court of the United States to review a lower court decision that overturned the agency’s controversial interpretation of anti-kickback provisions in the Real Estate Settlement Procedures Act.
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The nation’s warehouse providers ended the first quarter with $63.0 billion of commitments on their books, a slight decline from yearend and a gain compared to March 2017, but the numbers mask some of the pain being felt in the sector. [Includes one data chart.]
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Most mortgage lenders have been primed to focus on the home-purchase market and there is plenty of borrower demand, but housing supply remains a sticking point.
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Margins in the correspondent channel took a hit in the first quarter, according to officials at a number of large lenders. Some nonbanks with significant servicing portfolios are expecting profits to shift to the servicing segment as interest rates increase.
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A top official at Arch Capital defended Freddie Mac’s new Integrated Mortgage Insurance (IMAGIN) credit-risk transfer program against charges that it creates an unlevel playing field.
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Federal regulators broke with tradition this week and released annual Home Mortgage Disclosure Act data roughly four months earlier than they have in the past.
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