Wholesaler Launching
A company that originates more than $3 billion a year in retail business is launching a third-party channel that will focus on government programs. The expansion into the correspondent and mortgage broker arena follows similar moves recently by other wholesale lenders.
A national wholesale platform is being developed by Fairway Independent Mortgage Corp., a news release Monday said.
The Web site for the new business is www.fairwaywholesalelending.com.
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Mixed Results at Fannie
The good news is that residential defaults were lower for the fourth consecutive month at Fannie Mae. The bad news is that secondary purchases declined and commercial mortgage delinquency deteriorated.
MetLife Launching Warehouse Operation
MetLife Bank has hired two former Sovereign Bank executives to run a new warehouse lending operation.
Delinquency, Portfolio & Secondary Volume fall at Freddie
Home loan delinquency has declined four out of the last five months at Freddie Mac. Also lower were secondary marketing activity and the balance of its massive mortgage portfolio.
The Conference Calendar
Issues being addressed at upcoming mortgage events include loan officer compensation, the future of mortgage servicing and selling loans to the Federal National Mortgage Association. The premier mortgage banking event of the year is just around the corner.
Buybacks Balloon at Big 4
Repurchase demands have recently ballooned at the four biggest banks, and Fitch Ratings is trying to determine whether the increase is only the result of higher defaults or if secondary investors are expanding their interpretation of which loans can be sent back for repurchase. In an extremely adverse scenario, the four biggest banks could face as much as $180 billion in mortgage repurchases. But repurchase risks aren't limited to the biggest lenders.
The Great GSE Debate
WASHINGTON -- Many Democrats and Republicans each have their own ideas about what should be done with the Federal National Mortgage Association and the Federal Home Loan Mortgage Corp. But members of both parties have come to a consensus on some issues.
Anatomy of a Subprime RMBS
A closer look at some of the subprime loans packaged into residential mortgage-backed securities reveals loans with poor credit scores, silent second mortgages and unverified income that were already delinquent before issuance and garnered triple-A ratings. Many involved mortgage fraud. But investors who are looking to litigation have little hope of recovering their losses -- though secondary lenders are pushing losses back to the originator.
Fannie Clarifies Credit Reports Required Before Closing
Fannie Mae said lenders misinterpreted a previous letter about the need to pull a credit report just before closing and has clarified its stance.
Fannie Can Buy Repurchased Loans
In some cases, Fannie Mae will acquire loans that have been repurchased by the seller.
