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Inside Mortgage Finance

June 13, 2019

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Heavy Refi Activity Hurts Home-Equity Sector in 1Q19

Home-equity lending fell 15% in the first quarter of 2019 as the total supply of HEL debt outstanding continued to shrink. Heavy cash-out refinancing was a factor. Read More

Ginnie Open to Non-Traditional MSR Ownership. Can the GSEs Be Next?

It's no secret that Ginnie Mae officials are losing sleep over nonbanks dominating the government MBS market. With liquidity a primary concern, the agency is ready to consider "non-traditional" investors in its MSRs. But there's a catch: They may have to commit as much as $1 billion.

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FHFA Forecasts Reduced Earnings for Fannie, Freddie

In his first report to Congress as director, Mark Calabria describes how new accounting standards, credit-risk transfers and high interest rates cut into profits at the GSEs.

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Growth Slows in the Subservicing Arena as Consolidation Looms

Subservicing vendors continued to grow during the first quarter but a few firms saw a reduction in contracts. Cenlar remained the dominant player but Mr. Cooper, Flagstar and Ocwen are eager to compete. Meanwhile, consolidation looms.

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Servicers Concerned About FCC Call-Blocking Approval

The FCC is allowing phone companies to more easily block illegal calls and unwanted calls. Mortgage servicers are concerned that legitimate calls to borrowers will inadvertently be blocked, which could cause problems.

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CFPB Conducting Fair Lending Probes. Charges, Anyone?

It may be the industry's best-kept secret: The Consumer Financial Protection Bureau is actively pursuing fair lending cases, according to compliance experts speaking at an ABA conference this week. Whether any charges will be filed is a different matter.

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Senate Mulls Appraiser Bill; HUD Spending Bill Passed

Bipartisan legislation addressing the appraiser shortage is under consideration in the Senate while legislation reauthorizing the National Flood Insurance Program for five years was introduced in the House. The House Appropriations Committee also has approved the fiscal 2020 HUD spending bill.

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MBA Provides Disclosure for LIBOR ARM Applications

The trade association has created a disclosure template that lenders can give borrowers who apply for adjustable-rate mortgages linked to the London benchmark rate. Industry participants are still trying to determine how existing ARMs linked to LIBOR should transition to a new index. Read More

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