This is why Fannie and Freddie mortgage initiatives won't work

This is why Fannie and Freddie mortgage initiatives won't work

MBA declarations are feel-good, but temporary

How far can lenders push the credit box?

Watt announcement helps, but risk keeps standards tight

Warren calls for GAO investigation of nonbank servicers

Asks GAO to review “unprecedented” growth of nonbank servicers
W S

Lending

It's official: Risk retention rule approved

Federal Reserve gives last and final approval
Brena Swanson
The final version of the risk retention rule is now officially approved by six federal agencies, following the Federal Reserve’s final approval on Wednesday. The rule contains an exemption for Qualified Mortgages similar to when the rule was proposed in 2013.
Read More

This is why Fannie and Freddie mortgage initiatives won't work

MBA declarations are feel-good, but temporary
Lynn Effinger
Several newsworthy events have occurred over the past several days that would seem to indicate that the housing “recovery” is picking up steam. While that would be welcome news for our country in general and our industry in particular, these reports are tempered by the potential unintended consequences of certain actions either taken or not taken.
Read More

TILA-RESPA: Smart lenders are taking action today

Will impact disclosures, estimates, testing and reporting
Jonathan Corr

If you’re still filling out forms manually, or going back and forth between two or more different systems, you’re not going to survive — it’s just too time-consuming and costly.


Read More

Freddie Mac: Mortgage rates continue to fall below 4%

Hit lowest level in over a year
Brena Swanson
Mortgage rates continued to fall after last week’s significant drop and dipped to the lowest level since the week of June 6, 2013, the latest Freddie Mac Primary Mortgage Market Survey said.
Read More

PulteGroup 3Q net income drops to $141M

“We are encouraged by proposed changes at FHFA”
Brena Swanson
"By remaining disciplined in our construction and land investment practices, we continue to improve our returns on invested capital while positioning the Company to take advantage of market opportunities,” said Richard Dugas, Jr., chairman, president and CEO of PulteGroup.
Read More

RealtyTrac: Seriously underwater homes hit 2-year low

But it’s not all positive news
Brena Swanson
“The decrease in underwater properties is promising but the estimated $1.4 trillion in negative equity means that the flood waters are not receding as quickly as they were before, corresponding to slowing home price appreciation,” said Daren Blomquist, vice president at RealtyTrac.
Read More

CoreLogic revenue rises $18.1 million in 3rd quarter

Marks second quarter of increasing revenue
Ben Lane
Citing growth in its data and analytics division and a shifting business plan, CoreLogic reported an increase in revenue from $349.4 million in the second quarter to $367.5 million in the third quarter.
Read More

SEC approves risk retention rule, pending Fed approval

Industry continues to weigh in
Brena Swanson
The Securities and Exchange Commission approved the final version of the risk retention rule that would require banks to retain at least 5% of the risk on their books when securitizing loans. Now all that is left is approval from the Federal Reserve.
Read More

Fannie Mae names Brian Brooks EVP, general counsel and corporate secretary

Joins from OneWest Bank
Ben Lane
“Brian has an impressive background in business and law, and is deeply credentialed in financial services and housing finance,” said Timothy Mayopoulos, president and chief executive officer at Fannie Mae. “Brian is an outstanding complement to our leadership team as we focus on supporting the economic recovery, improving our company, and building a sustainable housing finance system.”
Read More

Less risk, more optimism in Vegas

Jonathan Corr: "What's going to happen to me?"
Jonathan Corr
As thousands of mortgage bankers and service providers gather in a place that grooves on the promise of quick riches and instant pleasure, they are all asking the same question: what is going to happen to me in today's lending market?
Read More