Fannie Mae will buy 97% LTV mortgages

Fannie Mae will buy 97% LTV mortgages

Credit improvements lead to mortgage product

MBA leaders challenge federal regulators to take action

MBA: It's time for the penalty phase to end

5 things you absolutely need for the MBA convention in Las Vegas

Every one of these is totally necessary
W S

Lending

DFS Superintendent Lawsky accuses Ocwen of backdating borrower letters

Open letter charges Ocwen ignored internal complaints; stock plunges
Trey Garrison
New York Department of Financial Services Superintendent Benjamin Lawsky alleges that Ocwen Financial has been backdating potentially hundreds of thousands of letters to borrowers “likely causing them significant harm.”
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S&P/Experian: Mortgage default rates increase two months straight

Rates hits .93%
Brena Swanson
“Default rates for bank cards reversed an increase seen in the first half of 2014 while defaults on first mortgages and auto loans appear to have bottomed out over the summer,” says David Blitzer, managing director and chairman of the index committee for S&P Dow Jones Indices.
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Joint agency rule on risk retention goes to Fed, SEC for final adoption

Rule requires 5% skin in the game, alignment of QM and QRM
Trey Garrison
The Federal Deposit Insurance Corporation on Tuesday issued the final version of the rule that would require banks to retain at least 5% of the risk on their books when securitizing loans.
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September existing-home sales jump to highest annual pace

Sales rise as rates drop
Brena Swanson
Despite last month’s slight retreat, existing-home sales jumped back up to their highest annual pace of the year. And on top of that, all major regions except for the Midwest experienced gains in September.
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A photo is worth a thousand words — and an easier lending experience
Kofax

Borrowers can scan their supporting documents, or take pictures of them with a smartphone or tablet, and the mobile app will extract the data from those sources — which means neither the borrower nor the lender has to manually key in that information.


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Allstate Appraisal and Bradford Technologies launch valuation tool

Valuation Express targets valuations for HELOCs, seconds and REOs
Ben Lane
"The market needs alternatives that provide the strength and accuracy of an appraiser-driven valuation but without the time and expense of a full appraisal,” said Steven Albert, president of Allstate Appraisal. “The Valuation Express report provides the right balance of quality and expertise of the local appraiser at the price points lenders require."
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Fannie Mae will buy 97% LTV mortgages

Credit improvements lead to mortgage product
Jacob Gaffney
Fannie Mae CEO Timothy Mayopoulos said the government-sponsored enterprise will soon begin offering a 97% loan-to-value mortgage. Speaking at the Mortgage Bankers Association annual convention & expo, Mayopoulous said the government-sponsored enterprise is working “closely” with the FHFA to offer this product to all Fannie associates.
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S&P: Nonbank earnings will be weak

Too little demand
Brena Swanson
"We believe industry earnings are likely to remain weak unless supply contracts substantially as some of the originators that expanded during the boom exit the market, or unless industry credit standards ease materially, enabling more borrowers to obtain mortgages," said Standard & Poor's credit analyst Stephen Lynch.
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Freddie Mac CEO: We will help increase mortgage lending

Competition among two is still competition
Jacob Gaffney
The CEO from the government-sponsored enterprise, Freddie Mac, said that his firm is increasingly becoming more competitive in the mortgage market and will look to see how its "credit box could be more fully utilized.”
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FHFA director announces changes to open Fannie, Freddie credit boxes

Clarifies lending liability in reps & warranties, increases LTV ratios
Trey Garrison
In a speech at the Mortgage Bankers Association Convention & Expo on Monday, Federal Housing Finance Agency Director Mel Watt announced a number of policy steps aimed at increasing mortgage credit availability.
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