Federal regulators announced today that they are taking steps to spur competition and legislatively mandated modernization in credit scoring. Processing Content Freddie Mac has already tested $10 million in loan sales involving use of VantageScore 4.0 and Fannie Mae also now is offering to buy loans on this basis, according to Bill Pulte, head of […]
Fannie, Freddie, FHA to accept VantageScore immediately Read More »
Minneapolis-based global investment firm Castlelake LP has expanded an existing business relationship with Resfin Partners, adding dominant ownership of the company to its U.S. residential financing resources. Processing Content The purchase of a majority stake gives Castlelake more access to two Miami-based business units Resfin serves as a holding company for: Eastview, a domestic correspondent
Castlelake buys majority stake in Resfin Partners Read More »
Government-sponsored enterprise plans for legislatively-mandated credit score modernization drew mixed opinions Thursday as lawmakers held a House Financial Services Committee hearing on broader consumer data rules. Processing Content Dan Smith, president and CEO of the Consumer Data Industry Association, backed the idea of adding VantageScore at the GSEs to compete with FICO Classic, which has
Lawmakers spar over GSE credit score modernization plans Read More »
While the share of mortgage files with errors that pose wire and title fraud risks is lower compared with prior quarters, the mortgage industry is still creating the same vulnerabilities, the latest FundingShield Fraud Analytics Report found. Processing Content Total issues found during the first quarter were down to 43.7% for the three-month period, the
Mortgage fraud vulnerabilities dip to 43.7% in Q1 Read More »
Larger loans are increasingly showing up throughout private-label residential mortgage-backed securitizations, even in transactions outside the jumbo sector, according to new research. Processing Content Balances of $1 million or more are becoming more common for securitizations in the market for loans made outside of the qualified mortgage definition’s parameters, according to a Bank of American
Jumbo loans are creeping into non-QM, HELOC securities Read More »
Quarter-to-quarter mortgage production at both JPMorgan Chase and Wells Fargo fell by about 2.5 times more than what the Mortgage Bankers Association is predicting for the industry, a Keefe, Bruyette & Woods flash note commented. Processing Content The MBA’s March forecast called for $1.46 trillion in volume for the first quarter, with just a $21
Chase, Wells mortgage slump: what it means for non-banks Read More »
President Trump’s executive order on mortgage credit could open up new funding resources and secondary market options for some Federal Home Loan Bank members, according to a new letter. Processing Content The letter from Ryan Donovan, president and CEO of the Council of Federal Home Loan Banks, suggests the order could be a springboard for
FHLB council maps out mortgage credit expansion plan Read More »
Federal Housing Administration Commissioner Frank Cassidy, who also serves as the FHA’s deputy assistant secretary for single family mortgages, has gone on leave. Processing Content Cassidy’s leave, which is related to “family matters,” began earlier this month and will extend to at least the end of April, according to a Politico Pro report. Ginnie Mae
FHA’s Cassidy on leave, Ginnie Mae’s Gormley filling in Read More »
The Independent Community Bankers of America have seen some promising developments in federal mortgage proposals but they have concerns about some plans for policy too. Processing Content From recent congressional bills to government-sponsored enterprise reform and capital rules, ICBA Senior Vice President Ron Haynie shared thoughts on which pending policies could benefit or challenge members,
ICBA outlines wins, concerns in housing policy push Read More »
Lenders are rethinking how they originate jumbo mortgages, leaning on automated underwriting technology to manage complicated details while navigating stricter investor overlays and a market that rewards those who can make the economics work. Processing Content The strategies vary, but the underlying issue is always the same: jumbo loans demand more from everyone in the
Jumbo lending playbook: automation, overlays and ROI Read More »