Wow, this one has me a little worried, no, a lot worried! Under what is called the “duty to serve” requirements of the Housing and Economic Recovery Act (HERA) of 2008, FHFA, the agency that oversees both Fannie and Freddie, is pushing these agencies to purchase loans made for the purchase of mobile homes (Scary Proposal). Interestingly, the proponents of…
There is serious talk of a potential rate hike coming as soon as September. Hey, that’s less than a month away, and signals the end of the summer. Bummer! Insiders believe the chances of this rate hike are running at just above 50% (Rates). Wait, that also means there’s about a 50% chance that rates won’t rise. What do you…
According to a recent Fitch Ratings report, we should be seeing more buyers in the upcoming months. This due, in part, to a steady easing of credit underwriting standards by banks and independent mortgage lenders, coupled with certain other factors (Buyers). The easing of credit standards, coupled with historically low interest rates, the slowing in the rate of home price…
A recent survey of senior loan officers (are there any others?) shows that credit standards for mortgage loans are loosening up a little. This easing is not in the government or subprime loan markets but rather in the areas of QM jumbo loans (Credit). Many banks shy away from FHA lending and sub-prime loans. Although Independent Mortgage Lenders believe these…
Let’s start with a bit of good news. Recently, the MBA increased its estimates for mortgage originations by $71 billion for 2015, and by $94 billion, to $885 Billion, in 2016. As my grandfather might have said, “Wow, thatsa a lottsa moola!” According to Mike Fratantoni, MBA’s Chief Economist, presently there are more home sales being financed, with more loans…
It’s back to the future. United Wholesale Mortgage, a successful wholesale lender, is rolling out its new Interest Only loan program. UWM’s CEO, Mat Ishbia touts that it will be, “…a significant boom for mortgage originators”. (The New I/O). Maybe a boom for originators but will it be a return to problems for consumers and the industry? We traveled this…
