The latest economic and policy trends facing mortgage servicers

Join this webinar for an in-depth roundtable discussion on economic and policy trends impacting servicers as well as a look ahead at strategies servicers should employ in the next year.

2021 RealTrends Brokerage Compensation Report

For the study, RealTrends surveyed all the firms on the 2021 RealTrends 500 and Nation’s Best rankings, asking for annual compensation data for the 2020 calendar year.

A real estate professor weighs in on the future of MLSs

According to research done by Sonia Gilbukh, a real estate professor at Baruch College, there are some reasons to be concerned about the current number of real estate agents and the future of MLSs.

Lenders, it’s time to consider offering non-QM products

The non-QM market is making a comeback following a pause in 2020. As lenders rush to implement, Angel Oak is helping them adopt these new lending products.

Mortgage

Mortgage industry backs new HARP expansion bill, GOP may be out

A collection of nine housing industry trade groups sent a letter to Democratic Senators Tuesday, backing their new version of a bill that would expand the Home Affordable Refinance Program to more Fannie Mae and Freddie Mac borrowers.

But Senate Republicans are still against the plan.

Sens. Robert Menendez, D-N.J., and Barbara Boxer, D-Calif., tweaked their earlier version of the bill to keep the HARP eligibility cut-off date at June 2009, not an expansion to June 2010 as was in their earlier plan.

The new bill also eliminates proposed penalties to mortgage insurers and second-lien holders who hold up a potential refinance.

It still standardizes borrower eligibility requirements for both GSEs and prohibits them from pricing the new loan based how far underwater the borrower is. Buyback risk on the old loan will be eliminated for all servicers, along with all upfront fees and appraisal requirements.

“We appreciate your willingness to work with key constituencies in the housing finance system, as reflected by the significant improvements made to the bill since it was first introduced,” the groups, including the Mortgage Bankers Association and the National Association of Realtors said in the letter.

Mortgage departments at the major banks reported massive profits during the second quarter because of the new HARP originations and stand to make even more off of the new business from the Menendez-Boxer bil.

Republicans however will continue to push against the plan, leaving it little chance of making it out of the House even if a Senate majority clears it this month as Democrats hope.

“Notwithstanding their rhetoric about bipartisan cooperation, the Democrats appear to be cooperating only with mortgage lenders on this legislation,” said William Duhnke, the Republican staff director on the Senate Banking Committee. “Nonetheless, Republicans remain concerned that the Menendez bill may significantly impair a program that has recently showed signs of success.”

HARP spiked this summer after the Federal Housing Finance Agency eliminated negative equity caps and repurchase risk from the original servicer. The more than 519,000 HARP refis completed in the first seven months this year already passed the 400,000 in all of last year.

jprior@housingwire.com

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Existing home sales pop the 2021 housing bubble boys

So far this year, every existing home sales print has been higher in 2021 than the closing level of sales in 2020, which was 5,640,000. Even with the unhealthy home price gains that we have seen in the last two years, more Americans have bought homes with mortgages in 2020 and 2021 than any single year from 2008-2019, and this looks perfectly normal with our current demographics. HW+ Premium Content

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3d rendering of a row of luxury townhouses along a street

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