How the PLS market is making money on delinquent loans 

Housing Wire

Lakeview Loan Servicing unveiled a rare private-label securities offering this past March involving a pool of mostly delinquent mortgages serviced by the company. Lakeview Trust 2022-EBO 2 involves a pool of 2,063 FHA-backed loans with an unpaid principal balance (UPB) of $405.2

Loans 343

MCT launches co-issue loan sales marketplace

Housing Wire

Mortgage hedge advisory and secondary marketing software firm Mortgage Capital Trading, Inc. released a new marketplace for co-issue loan sales this week. The new marketplace, dubbed BAMCO, has been added to MCT’s whole loan trading platform.

Loans 303
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Home equity loan vs. HELOC – What’s the difference?

Housing Wire

Home equity loans and home equity lines of credit (HELOCs) are both loan products that are secured by the equity on a borrower’s home. What is a home equity loan? Home equity loans have a fixed interest rate and a set schedule of fixed payments for the life of the loan.

Equity 396

Citigroup taps into the red-hot reperforming loan market

Housing Wire

market for mortgages that have been dinged up by the pandemic. The bank, through its residential mortgage-backed securities conduit, Citigroup Mortgage Loan Trust , has securitized some 45,000 reperforming loans valued in aggregate at $6.8

Loans 319

What is a bridge loan?

Housing Wire

If you’re a first-time homebuyer (or you already own a home), you’ve heard of mortgage loans. You have your conventional loans, FHA loans, VA loans, USDA loans and so on. Yes, we’re talking about a bridge loan. The post What is a bridge loan?

Loans 426

Conforming loan limits draw scrutiny

Housing Wire

has long been a major player in the private-label securitization market, and it sees a looming problem brewing in the housing industry. That issue is about boundaries — specifically, the line drawn between the roles of private industry and the government in the housing market.

Loans 355

UWM follows Rocket, hikes conforming loan limits

Housing Wire

Fiercer competition in the wholesale channel spurred United Wholesale Mortgage (UWM) to increase the ceiling on conforming loans on Wednesday, ahead of the Federal Housing Finance Agency’s (FHFA) decision in November. Last year , lenders didn’t raise conventional loan limits until Sept.

Loans 329

How to maintain loan quality in a rapidly changing market

Housing Wire

With so much changing in the market, it’s no surprise that the risk of mortgage fraud has increased this year. HousingWire recently spoke to Donna Gibson, COO and president of QC Ally, about fraud prevention and loan quality outlook for the rest of 2022.

Loans 311

Fannie Mae unveils $997M reperforming loan offering 

Housing Wire

Fannie Mae has launched its fourth reperforming-loan sale of the year — an offering of 6,130 loans with an unpaid principal balance of $997 million. A reperforming loan is a mortgage that has been or is currently delinquent but has been reperforming for a period of time.

Loans 329

In volatile mortgage market, spreads between conforming and jumbo loans widen

Housing Wire

But qualifying borrowers can get lower rates with jumbo mortgages, as the spreads between these loans and the conforming option widened again this week. Meanwhile, given that jumbo loans are usually for higher income homebuyers, the current landscape is of extreme affordability challenges.

Loans 311

Rocket preemptively raises 2023 conforming loan limits for brokers

Housing Wire

The wholesale arm of Rocket Mortgage on Tuesday raised anticipated agency conforming loan limits to $715,000, a sign that the nation’s largest mortgage lender is confident the maximum loan limit set by the federal government will rise by at least 10% in 2023.

Loans 390

Angel Oak Home Loans cuts 15% of its workforce

Housing Wire

The latest jobs cut was at Angel Oak Home Loans , which reduced its headcount by 57 employees, comprising 15% of the total, a spokesperson told HousingWire. According to the mortgage data platform Modex , Angel Oak Home Loans originated a total volume of $2.44

Loans 343

Voxtur rolls out attorney opinion letters for VA loans

Housing Wire

on Wednesday announced that it has released an Attorney Opinion Letter (AOL) product for VA direct and VA-backed home loans as a compliant alternative to title insurance. Voxtur previously announced this year that it had produced an AOL for Fannie Mae loans. Closing AOL Lenders VA loa

Pennymac the latest lender to raise conforming loan limits

Housing Wire

Pennymac followed the tracks of Rocket Pro TPO and United Wholesale Mortgage in raising conforming loan limits ahead of the Federal Housing Finance Agency ‘s (FHFA) decision to do so in November. Mortgage conforming loan limits PennyMac Rocket Mortgage United Wholesale Mortgage

Loans 355

Celebrity Home Loans exits correspondent channel

Housing Wire

Mortgage lender Celebrity Home Loans shut down its correspondent channel and laid off employees on Tuesday. Amid a market downturn, the company has decided to focus on the retail lending business. “As

Loans 311

Angel Oak Home Loans announces exit from retail channel

Housing Wire

Angel Oak Home Loans will exit its retail distribution channel following a sale of its retail offices to an unknown lender and servicer. Angel Oak is exiting its retail distribution channel and divesting its retail distribution capabilities housed in Angel Oak Home Loans, entering into a transaction with a leading mortgage lender and servicer,” a statement from Angel Oak said. “The Of the total volume, conventional loans accounted for 85.7%

Loans 264

Industry supports FHA’s 40-year loan term option — with caveats

Housing Wire

The deadline for the mortgage industry to chime in on the Federal Housing Administration ‘s (FHA) proposed 40-year loan modification rule was at the end of May. Back in early April, the FHA introduced a proposed rule for a 40 year loan modification option.

Loans 364

PennyMac, UWM raise conforming loan limit ceiling

Housing Wire

PennyMac announced this week that it is upping conforming loan limits by almost 14% through broker and correspondent channels. The post PennyMac, UWM raise conforming loan limit ceiling appeared first on HousingWire.

Loans 386

Average IMB lost $82 on each loan originated in Q2

Housing Wire

Independent mortgage banks (IMBs) and mortgage subsidiaries of chartered banks reported a net loss of $82 on each loan they originated in the second quarter. The MBA estimates purchase mortgages were 70% of the total loans for the industry in the same period.

Loans 344

Rocket promises brokers 15-day loan closings

Housing Wire

Rocket Pro TPO has launched a program that will guarantee financing to close in 15 days, a move to entice mortgage brokers and their real estate agent partners in a scorching-hot housing market. Most of that has to do with a lot of buyers in the market.

Ginnie Mae EBO loan market buffeted by rising rates

Housing Wire

MIAC) is in the market with two whole-loan offerings of nonperforming Ginnie Mae-insured mortgages that combined are valued at more than $1.2 The two deals involve nonperforming loans that are eligible for early buyouts (EBOs) from Ginnie Mae loan pools.

Loans 309

Nonbanks are hiking conforming loan limits

Housing Wire

Earlier in the month, PennyMac Financial and United Wholesale Mortgage publicly announced that they are each raising their conforming loan ceilings by 14%, nearly two months ahead of the Federal Housing Finance Agency ‘s official decree.

Loans 363

FHA raises loan limit by nearly $25,000 for 2021

Housing Wire

Given massive year-over-year gains in home prices , the Federal Housing Administration (FHA) is increasing its 2021 loan limit in most of the U.S. to $356,362, an increase of nearly $25,000 over 2020’s loan limit of $331,760. In 125 counties, FHA’s loan limits will remain unchanged.

Loans 421

MAXEX unveils green energy home improvement loans

Housing Wire

MAXEX , a digital exchange platform for buying and selling residential loans, announced on Wednesday the launch of two new lending programs in collaboration with JPMorgan Chase for green energy home improvements. Both programs are offered for loan values from $400,000 to $3 million.

Loans 377

$1 million conforming loan limit reignites affordability debate

Housing Wire

The conforming loan limit for mortgages backed by Fannie Mae and Freddie Mac will pass the $1 million mark for the first time in 2023, reigniting a debate about the government’s role in the mortgage market and its persistent affordability challenges. They’ll adopt the 2023 FHFA rates effective Tuesday, even though the official loan limits won’t take effect until January 1. ” Raise the (conforming loan) roof. market due to lower rates and supply constraints.

Loans 172

Fannie Mae finalizes first nonperforming loan sale of the year

Housing Wire

Fannie Mae has announced the winning bidder for the final mortgage pool that was part of its inaugural nonperforming loan sale of 2022 — and it’s nineteenth sale since the i na ugural offering in 2015. million, an average loan size of $301,412 and an average interest rate of 5.24%.

Loans 329

Loan officers made insane money in Q4 2020

Housing Wire

Over $4 trillion in originations made its way through the housing market last year, and new data from mortgage software firm LBA Ware revealed that by the end of 2020, loan officers played every last card in their deck to get those deals closed by New Years.

Doorway Home Loans to merge with Priority Mortgage

Housing Wire

Mortgage lenders Doorway Home Loans and Priority Mortgage Thursday announced a merger, the latest of many such deals made during a challenging mortgage market. Danilowicz will remain CEO of Doorway Home Loans, per terms of the deal.

Loans 329

Making every loan a green loan

Housing Wire

In the decade since Fannie Mae launched the industry’s first multifamily green initiative, the GSEs and FHA have provided over $150 billion in multifamily green loans, conserving energy, water, and reducing carbon emissions in properties across the country.

Loans 339

Fannie Mae unveils $1.49 billion reperforming loan sale

Housing Wire

Fannie Mae is marketing its 25th sale of reperforming loans since its first offering six years ago and its second sale so far in 2022. The sale of reperforming loans (RPLs) is being marketed in collaboration with Citigroup Global Markets , with bids due by May 3, 2022.

Loans 311

Fannie Mae cues up a $1.3B reperforming loan sale 

Housing Wire

Fannie Mae this week unveiled its 24th sale of reperforming loans since its first offering in 2016. The sale of reperforming loans (RPLs) is being marketed in collaboration with Citigroup Global Markets , with bids due by March 1, 2022.

Loans 311

Rocket Mortgage rolls out new loan option for manufactured homes

Housing Wire

Rocket Mortgage is now offering a conventional loan option for buyers who want to purchase or refinance a manufactured home, which expands the home financing options in a rapidly shrinking industry.

Loans 344

Fannie Mae’s sales of reperforming loans are on the rise 

Housing Wire

Sales of reperforming loans nosedived in 2020 as the pandemic took root in America, but sales volume appears to have recovered with vigor, based on an analysis of RPL offerings for government-sponsored enterprise Fannie Mae.

Loans 362

Angel Oak Home Loans hires vice president of correspondent sales

Housing Wire

Angel Oak Home Loans named Steven Valladares as vice president of correspondent sales, a move that comes as the firm increasingly works to grow its correspondent channel. The correspondent business line is focused on purchasing and servicing home loans in the secondary market.

Loans 311

Private-label loan-vetting comes up short

Housing Wire

The process of vetting loan pools assembled for private-label securitization deals is, to a degree, like sausage-making. The concept is simple: A random sample of loans is selected for due-diligence review from a larger pool of loans that often numbers in the thousands.