First-lien mortgage originations climbed 3.2% from the fourth quarter, hitting an estimated $1.305 trillion in the first three months of 2021. Agency lending continued to dominate the market. (Includes two data charts.)
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In January, the FHFA and Treasury limited the GSEs’ purchases of mortgages for investment properties and second homes to 7% of single-family acquisitions. Implementation of the cap is hitting lenders.
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A delay in the QM rule compliance date has created a Catch-22 in which the CFPB says the GSE patch is still available, but the amended preferred stock purchase agreements won’t allow the GSEs to use it.
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The federal district court concluded that nine out of 10 legal claims against the lender/servicer were barred by a consent decree entered into by Ocwen in 2014. The court dismissed the 10th claim.
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