Fannie Mae and Freddie Mac posted significant gains in single-family business in the second quarter, but Ginnie was relatively flat and the non-agency servicing market continued to shrink. (Includes two data charts.)
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The decline in mortgage origination from the first to the second quarter hit nonbanks harder, but the industry still accounted for 70% of production by the top 100 lenders. (Includes two data charts.)
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In regard to underwriting shortcuts, loanDepot said it did nothing wrong, but the nation’s sixth-largest home lender’s counterparties may need some reassurances. One observer called a lawsuit filed against the company a legal “nightmare.”
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Treasury Secretary Janet Yellen and others warn of catastrophic economic consequences if the government fails to raise or suspend the debt ceiling before the middle of October.
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The key concern among the industry is the GSEs’ reliance on loan-to-value ratios and debt-to-income ratios. They recommend Fannie and Freddie develop alternative underwriting criteria for low-income borrowers.
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Once confirmed, Rohit Chopra, who is no newbie to the CFPB’s workings, is expected to waste no time getting the bureau’s rulemaking and enforcement machinery ticking.
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