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 291

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

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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 307

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 357

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 239

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 299

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.

Share of New Home Sales Backed by FHA Loans Reaches 14-Year Low

Eyes on Housing

Conventional loans financed 74.8% Read More › Economics 30-year fixed-rate mortgage conventional loans conventional loans market share FHA FHA loans financing new home cash purchases new home sales sales by financing VA VA loans

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

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 293

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 370

As FGMC shuts down, lender partners question fate of loans in pipeline

Housing Wire

Roughly a year ago, the Austin-based fintech began to sell its loans to First Guaranty Mortgage Corporation (FGMC), a lender and investor that specializes in non-qualified mortgage loans and is controlled by behemoth investment management firm Pacific Investment Management Company (PIMCO). .

Loans 326

Lower-rate loans dominate PLS pipeline

Housing Wire

The loan quality of mortgage pools backing private-label securitization (PLS) deals has remained solid this year through the end of June, even as deal volume slowed appreciably between the first and second quarters. .

Loans 260

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.

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 282

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 301

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 232

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 248

UWM rolls out bank statement loans for self-employed borrowers

Housing Wire

United Wholesale Mortgage (UWM), the nation’s largest wholesale lender, announced on Wednesday it will accept personal or business bank statements in self-employed borrowers’ loan applications. The product is available for loans up to $3 million and up to 90% loan to value.

Banks 329

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 276

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 406

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.

UWM sues broker shop for sending loans to Rocket, Fairway

Housing Wire

” In March 2021, UWM CEO Mat Ishbia announced on Facebook Live that mortgage brokers who did business with Rocket Mortgage or Fairway Independent Mortgage could not also send loans to UWM as of March 15. “This company had hundreds of loans.

Loans 312

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 289

PLS deals backed by jumbo loans plummeted in June

Housing Wire

June was a rough month for jumbo-mortgage securitizations, with only two private-label offerings brought to market valued at roughly $821 million. The two jumbo-loan deals that did make it out of the gate last month were issued by Rocket Mortgage and J.P.

Loans 285

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 259

Jump for AD&C Loan Balances

Eyes on Housing

Residential construction loan volume reached a post-Great Recession high during the first quarter of 2022, as home building activity entered a new year with higher interest rates. The volume of 1-4 unit residential construction loans made by FDIC-insured institutions increased.

Loans 115

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.

5 “back to basics” business actions loan officers should take today

Housing Wire

It’s a tough time to be a loan officer. Amid all the chaos, loan officers may be pressed to get creative when it comes to generating new business. Some have pivoted to become a niche loan officers, focusing on specific product offerings, such as reverse mortgages or non-QM loans.

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 382

Average Loan Sizes Reach Record Highs

Eyes on Housing

The Mortgage Bankers Association’s (MBA) latest weekly application surveys show average loan sizes reaching consecutive record highs each week for the latest month, with a record high of $446,000 for the week ending February 4.

Loans 105

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 292

How lenders can navigate a shifting market with non-QM loan options

Housing Wire

In an effort to counter margin compression and satisfy a new generation of homebuyers, lenders are looking to offer loan options that better fit the average borrower. HousingWire: In today’s tight market, margin compression is impacting countless mortgage companies.

Loans 253

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 415

PLS market struggling to clear backlog of loans locked at last year’s rates

Housing Wire

The rate volatility created by fast-rising inflation, now approaching 8% annualized , and the opposing flight to quality sparked by the war in Ukraine, is complicating an already challenging execution environment in the private-label securities market.

Loans 265