Private MIs and Freddie Mac posted relatively larger gains in first-time buyer business during the second quarter, though the government-insured market was still the biggest source of such loans.
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When originations boom, warehouse banks clean up. In the second quarter commitment authority to nonbanks increased by 13.5% overall but usage rates are nearing 70%.
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While several industry participants want the CFPB to choose the spread-at-origination metric to determine QM status, Redwood Trust favors using the DTI ratio.
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The success of the mortgage giant’s settlement with creditors depended on its assertion that the sale of its assets was part of its reorganization plan rather than Chapter 11 proceedings.
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The buyer of homes for resale recently made a foray into the mortgage business. The firm is promising to close loans faster than the industry.
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Low-downpayment mortgages remain at the core of financing for first-time homebuyers, who continue to move away from FHA and VA programs to-ward conventional home loans.
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Will the third quarter be better than the second for originators? Looks that way. Meanwhile, mortgage M&A advisor Houlihan Lokey might wind up as one of Treasury's GSE advisors.