Conventional-conforming mortgages remain the biggest sector in the originations market, and production was down 12.7% in the first quarter. Meanwhile, ECM lending is getting more attention. (Includes two data charts.)
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It was a tough quarter for warehouse lending, but that was to be expected, given the state of interest rates and primary market production. The good news? Plenty of credit is available. (Includes data chart.)
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FHFA is seeking input on the GSEs’ capital framework, which has major ramifications for pricing policies. According to the FHFA, Fannie and Freddie aren’t generating sufficient returns from their single-family business.
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The reading for the total delinquency rate at the end of March was the lowest in the 20-year history of Inside Mortgage Finance’s large servicer delinquency index. Delinquencies are projected to increase as unemployment rises. (Includes data chart.)
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A House subcommittee’s hearing this week focused on loan-level price adjustments set for the GSEs. While Republicans raised concerns with recent LLPA changes, Democrats defended the changes.
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The Mortgage Bankers Association has raised concerns about GSE pricing for third-party originations in a comment letter to FHFA as the agency undertakes changes to its enterprise regulatory capital framework.
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Subservicer ServiceMac stands to lose a large contract down the road once Mr. Cooper swallows the Home Point portfolio. But that’s the nature of the beast when it comes to being a third-party vendor.
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The Mortgage Bankers Association has asked the CFPB to expedite changes to loss-mitigation requirements, noting that regulatory standards haven’t evolved to take into account changes in servicing practices.
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