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 324

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 251

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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

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 383

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 318

Mortgage apps up 2.3% with new record average loan size

Housing Wire

from the previous week, largely due to a strong purchase market, according to the Mortgage Bankers Association (MBA) survey for the week ending Jan. Higher rates led to the “slowest pace of refinance activity in over two years,” mainly among FHA and VA loans, Kan said in a statement.

Loans 320

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.

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 371

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.

Knock reverses course on loan officer pay cut

Housing Wire

It is an eventful week within the Slack channels of Knock , and an anxiety-filled one for the company’s about 50 loan officers. Knock loan officers draw a median salary of about $75,000 a year, according to these company sources. It began 2021 in 14 markets and is now in 70.

FHFA hikes fees for high-balance and second-home loans

Housing Wire

The Federal Housing Finance Agency introduced new upfront fees on Wednesday for some high-balance and second-home loans sold to Fannie Mae and Freddie Mac. Upfront fees for high balance loans will increase between 0.25% and 0.75%, tiered by loan-to-value ratio.

Loans 414

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 304

Move over Fannie, the non-QM loan is in the fast lane

Housing Wire

In the world of mortgage-financing, there exists a product line defined by what it is not — non-qualified mortgage (non-QM), non-prime, non-agency or an alternative-documentation loan. That implies a market size [today] somewhere between $175 billion to maybe $200 billion,” he said. “We

Loans 388

Caliber Home Loans CEO Sanjiv Das steps down

Housing Wire

Sanjiv Das, CEO of Caliber Home Loans , is stepping down as CEO of the company, less than one year after New Residential Investment Corp. The post Caliber Home Loans CEO Sanjiv Das steps down appeared first on HousingWire.

Loans 195

Mortgages in forbearance fall across all loan types

Housing Wire

With more borrowers exiting forbearance in the prior week, the share of loans in forbearance declined across all loan types. Approximately 23.95% of total loans in forbearance are in the initial stage, while 74.49% are in a forbearance extension. The U.S.

Loans 419

Student loan debt delays homebuying timeline

Housing Wire

Over half of non-homeowning millennials (60%) say student loan debt is delaying them from purchasing a home, making them the population most affected by student debt , according to the National Association of Realtors’ 2021 impact of student loan debt report.

Loans 312

Loan officer wallets flatten as refis dry up

Housing Wire

To the surprise of virtually no one, loan officer commissions started to head south in the third quarter, dropping 17% year-over-year, according to SimpleNexus ’ third quarter mortgage loan compensation report. loans per month in Q3 2021, versus an average of 9.0

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 272

loanDepot brings Ginnie Mae loan servicing in-house

Housing Wire

loanDepot announced this week that it will begin servicing Ginnie Mae loans in-house, following a 2021 decision to do the same for Fannie Mae and Freddie Mac -backed loans. The post loanDepot brings Ginnie Mae loan servicing in-house appeared first on HousingWire.

Loans 336

Polly to speed up loan originations with new Blend Integration

Housing Wire

The integration will see Polly’s Pricing Engine incorporate Blends POS via API connectivity – giving LOs the capability to capture financial data while simultaneously determining loan pricing and terms.

Loans 247

Goldman Sachs plants its flag in the jumbo-loan gold rush

Housing Wire

has sponsored 18 private-label transactions so far in 2021 backed by more than 20,000 loans valued collectively at $9.9 Goldman Sachs’ string of residential mortgage-backed securities (RMBS) offerings this year were dominated by a dozen prime jumbo-loan deals backed by loan pools valued at $7.7

Loans 327

All loan types continued to experience drop in forbearance

Housing Wire

forbearance rate measuring the share of mortgages with suspended payments fell 16 basis points to 5.67% last week, with four of the five loan types dropping by double-digit basis points, according to the Mortgage Bankers Association. The U.S.

Loans 360

FHA’s manufactured housing loan program gets a facelift

Housing Wire

With renewed attention towards the manufactured housing space, the FHA moved this week to provide updated guidance to its Title I loan program, making it easier to understand and use for lenders. The post FHA’s manufactured housing loan program gets a facelift appeared first on HousingWire.

Loans 378

Rising home prices are fueling the private-label market

Housing Wire

Morgan Mortgage Trust , so far this year has sponsored 13 private-label securitization offerings backed by jumbo loans valued at $13.8 Morgan has been a dominant force in the jumbo-loan securitization market so far this year. Morgan , through its private label conduit , J.P.

FHFA sets extensions and expirations on loan flexibilities

Housing Wire

The Federal Housing Finance Agency (FHFA) announced on Wednesday that due to “low usage” it is no longer extending expirations on certain temporary loan origination flexibilities for Fannie Mae and Freddie Mac.

Loans 338

Caliber Home Loans plans $2B-plus IPO

Housing Wire

Texas-based mortgage lender Caliber Home Loans is the latest mortgage firm to ride the IPO wave, filing paperwork to potentially go public this year at a valuation north of $2 billion, according to a new report. The post Caliber Home Loans plans $2B-plus IPO appeared first on HousingWire.

Loans 301

SitusAMC creating safety net for the private-label market

Housing Wire

SitusAMC subsidiary Securent is expanding its reach into the private-label market with plans to soon introduce a loan-defect insurance product for residential mortgage-backed securities (RMBS) transactions, according to executives from both companies. SitusAMC CEO Michael Franco.

JPMorgan Chase tightens standards for jumbo loans in Manhattan

Housing Wire

JPMorgan Chase has tightened mortgage terms on jumbo loans for co-operatives and condominiums in Manhattan amid shrinking buyer demand, Bloomberg reported on Friday. Chase announced that, beginning this week, it would limit jumbo loans to 70% of the sale price.

Loans 419

Mortgage rates move slowly despite tightening market

Housing Wire

A year ago at this time, the average 30-year fixed-rate loan averaged just 2.71%, according to the report published on Thursday. The survey focuses on conventional, conforming, and fully amortizing home purchase loans for borrowers who put 20% down and have excellent credit.

First American Mortgage Solutions’ loan modification process addresses workflow volume spike

Housing Wire

Secondly, the coronavirus pandemic has created a critical need to provide timely and compassionate borrower relief in the form of forbearance and loan modifications. Today’s servicers are working in a challenging environment due to several compounding factors.

Loans 310

IMBs nearly triple their net gain per loan in second quarter

Housing Wire

Independent mortgage banks and mortgage subsidiaries of chartered banks reported a net gain of $4,548 on each loan they originated in the second quarter of 2020 – nearly tripling the average first-quarter gain of $1,600 per loan, according to a report by the Mortgage Bankers Association.

Loans 333

Conventional Loan Share of New Home Sales Reaches 13-Year High

Eyes on Housing

Census Bureau reveals that conventional loans financed 75.7% Read More › Economics conventional loans conventional loans market share FHA FHA loans interest rates mortgage financing new home cash purchases new home sales sales by financing sources of financing VA VA backed loans

Loans 115

Renovation loans get pandemic boost as homeowners want home offices

Housing Wire

For over 40 years with Section 203(k) of the National Housing Act, FHA has been protecting lenders with fully-insured mortgage loans even as renovations are underway. The post Renovation loans get pandemic boost as homeowners want home offices appeared first on HousingWire.

Homepoint winds down Ginnie Mae loan-servicing business

Housing Wire

Mortgage lender Home Point Financial , which does business as Homepoint , is poised to exit the Ginnie Mae mortgage-servicing rights market, according to its CEO and filings with the Securities and Exchange Commission. Home Point Financial President and CEO Willie Newman.

Loans 325

Loans in forbearance flat ahead of CFPB regulations

Housing Wire

The number of loans in forbearance stood unchanged from last week at 3.25% for the week ending on Aug. The share of Fannie Mae and Freddie Mac loans in forbearance remained the same, at 1.66%. million loans.

Loans 326

Share of mortgage loans in forbearance ticks up for second week

Housing Wire

While the rate of forbearance increased across all loans and servicer types, for the first time in 25 weeks, the share of Fannie Mae and Freddie Mac loans in forbearance increased to 3.36% — a 1-basis-point gain. The U.S.

Loans 394

Residential Construction Loan Growth

Eyes on Housing

The second quarter of 2021 marked the second consecutive quarter of loan growth for residential construction loans. These gains have lifted the year-over-year growth rate, marking an expansion of outstanding loans for home builders.