The FHA gained share in the first-time buyer market during the fourth quarter even though its average loan amounts were up slightly. Rising mortgage rates led to higher debt burdens across the market. (Includes four data charts.)
Read More
The Supreme Court has agreed to take on the contentious issue of whether the CFPB’s funding is unconstitutional. Last year, the Fifth Circuit Court of Appeals held the bureau’s funding structure violated the Constitution’s appropriation clause and separation of powers doctrine.
Read More
Is the worst of the mortgage downturn over? Probably not but there appears to be some improvement. Now, if only interest rates would cooperate.
Read More
Subservicing vendors don’t seem to be adding to their contract base these days with a few isolated exceptions. A reflection of fewer new loans being created or something else? (Includes data chart.)
Read More
RMK Financial/Majestic Home Loans has been permanently banned from the mortgage business for violating terms of an earlier consent order in which the lender agreed to cease its deceptive advertising practices.
Read More
It’s been four months since FHFA approved new credit scoring models for loans delivered to the GSEs. While the transition wasn’t going to be quick, industry participants are still waiting on a timeline.
Read More
More M&A talk is hitting the market. One possible buyer is Movement Mortgage, the nation’s 24th largest home lender. Meanwhile, Steve Adamo has parted ways with Embrace Home Loans.
Read More