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Fannie Mae’s chief economist on housing market outlook

Housing Wire

The Federal Reserve ‘s effort to temper inflation has cooled the housing market that remains subdued with mortgage rates north of 7%. While the central bank left the benchmark rate unchanged in the target range of 5.25%-5.5% However, a silver lining in the subdued housing market is the strength in new-home sales.

FHA loan 437
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FSOC recommends more regulation and liquidity for nonbank servicers

Housing Wire

The FSOC report, released on Friday, states that these companies quickly adapt their operations to market conditions, are early adopters of technology and are key for underserved borrower groups. In addition, nonbanks represent seven of the 10 largest servicers of Fannie Mae , Freddie Mac and Ginnie Mae loans.

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Loan buybacks haven’t disappeared, but they are trending down

Housing Wire

A large portion of those loans, once repurchased from the government-sponsored enterprises (GSEs) at par, were later resold for much less in the so-called “scratch and dent market. Levonick said that in today’s market, the economics have shifted toward encouraging more quality control reviews at the originator level. “So,

Loans 391
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Rocket lost money last year, so why are its shares up?

Housing Wire

per share at market open on Friday, up from $10.98 per share at market close the day before. The three areas in which AI is driving impact are mortgage banking, underwriting and servicing, Rocket CEO Varun Krishna shared with analysts during the latest earnings call. Rocket’s stock price rose to $11.75

Equity 395
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Non-QM lenders are racing to stay ahead of rates

Housing Wire

FGMC) filed for Chapter 11 bankruptcy protection at the end of June — leaving four warehouse lenders on the hook for more than $415 million. Just weeks later, a leaked text message from Flagstar Bank provided an inside look at how dire the current climate is for many non-QM lenders. Non-QM lender First Guaranty Mortgage Corp.

Lending 375
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Black Knight mum on report that FTC will block ICE merger

Housing Wire

In its Q4 earnings statement on Tuesday, mortgage technology giant Black Knight remained tight-lipped regarding the Politico report that the U.S. Market conditions have also resulted in elevated originator consolidation, bankruptcies and associated attrition,” the company’s 8-K filing said.

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Automation is coming to non-QM lending

Housing Wire

The non-QM mortgage market, which encompasses most home loans not backed by a government-sponsored guarantee, is expected to reach the $25 billion mark this year in private-label securitization volume. . Could someone one day come up with the right technologies [for automating underwriting of] non-QM?

Lending 350