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Origination

May Home Sales Keep Up Pace in Southeast

According to a survey conducted by the Federal Reserve Bank of Atlanta, a huge majority of brokers in the region observed an increase in sales in May, with 40 percent saying numbers were up "slightly" over last year and another 44 percent saying sales were up "significantly." Builders also indicated sales were stronger than last year, with 38 percent reporting slight increases and 33 reporting significant improvements. However, builders noted that sales growth had slowed from April.

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Citi, Fannie Mae Announce $968M Repurchase Agreement

Citigroup and Fannie Mae announced Monday an agreement to resolve future repurchase claims for breaches of representations of warranties on millions of loans originated between 2000 and 2012. As part of the agreement, Citi will pay Fannie Mae $968 million, "substantially all of which was covered" by the bank's existing mortgage repurchase reserves as of the end of the first quarter. The settlement covers 3.7 million first mortgage loans sold to the GSE.

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LenderLive to Provide Subservicing for Pingora

LenderLive Network, an end-to-end mortgage services provider headquartered in Colorado, announced a partnership to provide subservicing for Pingora, a specialized asset manager focused on investing in and managing the servicing of newly produced mortgage servicing rights (MSR) portfolios.

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Mortgage Insurers Report May Growth

Private mortgage insurance business saw a sharp increase for the third straight month in May, according to a monthly report from Mortgage Insurance Companies of America (MICA). Together, member companies issued 52,545 certificates on new mortgage loans totaling more than $12.0 billion in volume. The increase in volume comes as little surprise, given the rising trend in applications received over the last several months. With applications totaling 55,535 in May, activity should continue to improve.

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Mortgage Rates Explode as Fed Hints of Taper

Mortgage rates shot up in the last week following remarks from the Federal Reserve that it may be tapering its bond purchases later this year. According to Freddie Mac's Primary Mortgage Market Survey, the average 30-year fixed-rate mortgage (FRM) rose to 4.46 percent (0.8 point) for the week ending June 27, an increase from only 3.93 percent last week and the highest figure since the week of July 28. The weekly increase is the largest since April 1987.

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