Is it really a good idea to be pushing people who may be on the margin into a mortgage commitment? Especially given the state of the GSEs and how fragile the economy is? Fannie says not just yes, but heck yes.
Ditech Mortgage Corp is expanding its lending options again. The company is now the latest lender to to jump on board with the 97% LTV programs announced by Fannie Mae and Freddie Mac earlier this month.
360 Mortgage announced it is supporting the Federal Housing Finance Agency's latest initiative to expand the credit box. The move makes 360 Mortgage one of the first pioneers to accept the GSEs' newest products to reach more first-time homeowners.
It's here. Fannie Mae and Freddie Mac officially unveiled each of their 97% loan-to-value offerings for mortgages they securitize. And while both are working to expand the credit box for first-time homebuyers, there are key differences between what each one requires.
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.
Every market bodes a different credit risk, and a new product from Collateral Analytics shows just how different each area can be. Coming in on top, San Francisco ranks as number one for the highest credit risk spread.
"The majority of outstanding Fitch-rated investment grade classes maintained stable rating outlooks, while second-quarter downgrades declined over first quarter," said Fitch Ratings Managing Director Mary MacNeill.
Sometimes offshoring sounds like a bad word. In reality, offshore mortgage servicing simply means using remote staff, usually to take advantage of lower labor and overhead costs and round-the-clock staffing availability. But legitimate questions remain. In the midst of increasing compliance pressures, is offshoring a sound strategy for mortgage servicers looking to stay competitive, or a fast track to dissatisfied customers and trouble with the CFPB?
Houses that have been rehabbed in the recovery project are now being sold as quickly as they are completed, and the profit on each house goes right into rehabbing the next one. In the past two years, the company has rehabbed and sold 58 homes, and has plans to do 200 more.
The fate of the Fannie and Freddie investors is not our concern. We are concerned about what happens to communities. And what is happening right now is that the future ability of working class families to obtain responsible home loans is in serious jeopardy.