Agency MBS Volume Roaring
Monthly issuance of mortgage-backed securities at the two government sponsored housing enterprises has roughly doubled during the past year, while June volume at the Government National Mortgage Association reached another high.
At Fannie Mae, issuances were $127.9 billion during June, according to data reported by eMBS.
Volume crept higher from $127.0 billion the prior month and was more than double the $46.5 billion in issuances a year earlier.
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Refi LTVs Boosted
The maximum loan-to-value on conforming mortgages originated under the Home Affordable Refinance Program has increased 20 percent. In addition, borrowers are being given incentives to pay their loans down faster.
Serious Delinquency Soars at Fannie
Fannie Mae saw a jump in new monthly business. But serious residential delinquency climbed to a new high, while multifamily delinquency has quadrupled over the past year.
Forms 1003, 1008 Revised
Fannie Mae has updated the Uniform Residential Loan Application and the Uniform Underwriting and Transmittal Summary.
Reverse Market Update
Regulators and reverse mortgage lenders hope to relieve pressure on borrowers who feel obligated to purchase ancillary financial products in order to close on their reverse mortgage. A trade group has addressed lead generation practices in developing reverse prospects, and Fannie Mae is discontinuing an adjustable-rate home-equity conversion mortgage program.
Record Delinquency at Freddie as Business Drops
Freddie Mac delinquency has increased each month for the past two years and stands at an all-time high. New business, meanwhile, was down from the prior month and the prior year.
Loan Mod Daily
A growing number of firms are promoting the use of attorneys by borrowers seeking loan modifications. In other modification news, the nephew of Angelo Mozilo has co-founded a modification company and agency modifications increased.
Mortgage Insurers Expand Refi Programs
Two mortgage insurers have expanded their guidelines on refinance transactions.
Secondary Insight
Two companies are providing online auction houses for individual mortgage notes, while bids are being accepted offline on nearly $0.5 billion in loan portfolios secured by properties in several states. Fannie Mae adjusted its pricing on condominiums, and one group is calling for loan limits on mortgages acquired by Fannie and its secondary cousin Freddie Mac to be lifted to $1 million.
Secondary Scam Netted Exec Over $100 mil
The former president of mortgage lender that collapsed earlier this year has admitted to fraudulently selling mortgages to Fannie Mae in a scheme that netted him more than $100 million.
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