Higher conforming loan limits for agency mortgage-backed securities programs didn’t do much to offset a sharp decline in total jumbo lending last year, according to a new Inside Mortgage Finance ranking and analysis. [Includes three data charts.]
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Among the four main mortgage products, only originations of expanded-credit loans increased in 2018. Originations of expanded-credit mortgages rose 20.2% to $45.2 billion last year, according to estimates by Inside Mortgage Finance. Total first-lien production declined by 9.9% during the year.
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With Mark Calabria’s confirmation as director of the Federal Housing Finance Agency seemingly imminent and the prospect looming of some kind of administrative reform of the government-sponspored enterprises, industry groups are getting anxious.
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Market participants welcomed the new FHA guidance that allows the use of third-party vendors as an alternative method to verify a borrower’s employment, income and assets directly with the employer and financial institutions.
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As policymakers evaluate systemic risk in the housing-finance market and act to avert the next crisis, they should avoid taking measures that would force market share away from nonbanks, the Mortgage Bankers Association cautioned.
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A new report from the Consumer Financial Protection Bureau shows a dramatic shift by servicemembers who are first-time homebuyers from conventional to government-backed loans, particularly VA loans, during and after the financial crisis.
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