Agencies, Regulators Missed Taylor Bean Red Flags
A report from the Office of Inspector General Federal Housing Finance Agency found that the housing finance agencies and regulators missed opportunities to avoid losses from the Taylor, Bean & Whitaker Mortgage Corp. debacle.
Retail, Wholesale HECM Channels Both Off in June
A monthly drop in federally insured reverse mortgage production impacted retail and wholesale channels alike. Overall business has since moved higher.
Rebates on HECMs Could Benefit Seniors
|Jumbo Mortgage Rates Surge
After hovering below conforming interest rates for more than four months, rates on jumbo mortgages leapt past conforming rates. Still, new jumbo business moved up more than any other category.
The Department of Housing and Urban Development won't confirm if rebate pricing can be used to offset closing costs on home-equity conversion mortgages.
BofA's Government Settlement Biggest in US History
Bank of America Corp. has agreed to the largest single settlement between the government and any one company. The agreement resolves claims related to shoddy mortgage originations and securitizations.
MSRs On Over $5 Billion in Agency Loans for Sale
Two portfolios of mortgage servicing rights on more than $5 billion in agency home loans are on the market. One of the portfolios has far higher delinquency than the other.
Loan Processing Time, Refi Share at 3-Year Low
As refinance share fell to the lowest level in at least three years, so did the time it took to close a mortgage. Loan originators, meanwhile, closed fewer of the loan applications they started.
Ginnie Mae Lifts MBS Issuance 4 Months in a Row
For four consecutive months now, issuance of Ginnie Mae mortgage-backed securities has strengthened -- though annual activity is still set for a steep decline.