Conforming limit hike takes toll on jumbo mortgage volume
The 18.5% increase in Fannie Mae's and Freddie Mac's purchase authority was the driver of a 41% decrease in higher balance originations between December and January.
Capital markets
Are Sprout, FGMC failures a harbinger of hard times for non-QM?
The former lender’s abrupt closure Wednesday and First Guaranty’s recent bankruptcy filing highlight difficulties in the current mortgage environment despite nonbanks being on stronger financial footing than their counterparts of 14 and 24 years ago.
Freddie Mac automating rent-based underwriting for single-family loans
The move builds on the government-sponsored enterprise’s previous program that facilitated the collection of more rent payment records from tenants who work with its multifamily borrowers.
Extension risk likely for current non-QM securitizations: S&P
Rising interest rates eliminated any refinance incentive for 30% of the loans analyzed by Standard & Poor's, marking a turnaround from the start of the year when prepay speeds were expected to increase
Equifax’s credit scoring snafu ensnares lenders
Fannie Mae and Freddie Mac asked originators to resubmit applications that contained errors and adjust sold mortgage information due to incorrect life-of-loan representations and warranties.
Ginnie Mae may allow commingling of electronic and paper notes
The inability to include both types together in standard loan pools has been one of the hurdles to the adoption of digital collateral.
No-doc loans show signs of growth under CDFI exemption
Privately securitized mortgages made by these institutions have already exceeded 2021 levels, however some of the collateral lacks income verification, according to a new KBRA report.
Freddie Mac expands use of bank account data for verifications
Mortgage companies selling loans to the government-sponsored enterprise will be able to use the information for one type of employment check as well as to validate income and assets.
FHFA finalizes public disclosure rules for Freddie Mac and Fannie Mae
The government-sponsored enterprises will start releasing information similar to what large banks already do, starting in the first quarter of 2023.
FHFA Chief Sandra Thompson confirmed by narrow margin
The acting head of the Federal Housing Finance Agency will become the first African American woman to lead the agency as a result of the vote Wednesday.
Angel Oak takes $43.5 million loss due to market volatility
But the REIT, which invests in mortgages that have to be verified through nontraditional means like bank statements, has seen an improvement in its outlook since the first quarter.
Fannie Mae earnings drop, driven by credit-related expense
Fair value increases on existing business and an accounting change made for troubled debt restructurings likely explain why its results contrasted those of competitor Freddie Mac.
Fannie Mae serious delinquencies fall to just above 1%
While the government-sponsored enterprise’s single-family mortgages are still not performing as well as they did before the pandemic, the most recent vintages are getting there.
Wall Street touts a ‘buy MBS, sell credit’ trade on Fed bets
Anticipation of the Federal Reserve’s balance-sheet reduction is weighing on bonds backed by mortgages, but the actual event may make them an attractive alternative to corporate debt.
Fannie Mae completes fourth credit insurance risk transfer of 2022
The government-sponsored enterprise has already done twice as many of these deals as it did during all of 2021.
Fannie Mae Chair Bair, CEO Frater to leave May 1
Former Wells Fargo executive Michael Heid is the new chairperson, while David Benson, currently president, also becomes interim chief executive.
Mortgage lenders dropped some riskier loans in March
Originators offered fewer high loan-to-value and lower credit-score products, but jumbo offerings increased for the 10th time in 12 months, the Mortgage Bankers Association said.
Fannie Mae doubles down on credit-risk insurance transfers
The two latest transactions follow in the wake of the government-sponsored enterprise’s first deal of the year and the release of a finalized capital rule aimed at facilitating broader risk-sharing.
Figure sells eNote mortgages as NFTs in blockchain marketplace
The company claims its digital registry system is a faster, safer alternative to MERS databases
Angel Oak Mortgage’s 4Q net income slips as rates rise
Company management believes it can still be successful in the securitization market despite widening spreads.
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