UBS announced Monday it has reached an agreement in principle with the Federal Housing Finance Agency (FHFA) to settle claims related to soured residential mortgage-backed securities.
Read More »Refi-Dominated Market Giving Way to Purchases
The originations market has been dominated by refinances for some time, but purchases are beginning to make a comeback, according to Ellie Mae's latest Origination Insight Report. Refinances made up just over half the market in June, with 51 percent of loan applicants seeking refinances. This is down from 58 percent in May and 54 percent in June of last year. Purchases closed one day faster than refinances in June (46 days compared to 47), though both categories took longer to close in June than they did in May, according to the report.
Read More »MBA: FHFA Securitization Platform Needs Stakeholder Input
The Mortgage Bankers Association (MBA) released its final paper explaining its vision for a successful common securitization platform.
Read More »Agencies Propose More Exemptions for Appraisal Rules
In a joint release, six federal financial regulators proposed exemptions from Dodd-Frank appraisal requirements for loans of $25,000 or less, certain streamlined refinancings, and certain loans secured by manufactured housing. Those exemptions would join others already laid out earlier this year. According to the release, the proposed exemptions "are intended to save borrowers time and money and to promote the safety and soundness and creditors."
Read More »Affordable Housing Group Files Suit Against FHFA
The Federal Housing Finance Agency (FHFA) is facing a lawsuit from a housing group for allegedly failing to uphold the GSEs' obligations to make contributions to a housing trust fund. The National Low Income Housing Coalition announced the suit Tuesday. According to the group, Fannie Mae and Freddie Mac have not met their requirements to pay into the National Housing Trust Fund. Law requires the enterprises to transfer a portion of the value of their new business into the fund, though it was suspended in 2008.
Read More »FHFA Reports 107K HARP Refinances in April
Fannie Mae and Freddie Mac reported a combined 107,000 refinances in April through the Home Affordable Refinance Program (HARP), according to data from the Federal Housing Finance Agency (FHFA).
Read More »Fitch Analyzes GSE Credit Risk as Risk-Sharing Transactions Approach
In an effort to help investors "evaluate upcoming credit-sensitive securitization proposals from the GSEs," Fitch Ratings completed an analysis of credit performance data in a recent report.
Read More »FHFA: Interest Rates Fall, Loan Amounts Rise in May
Interest rates declined 0.15 percent in May, according to the Federal Housing Finance Agency (FHFA).
Read More »FHFA Price Index Up 0.7% in April
The Federal Housing Finance Agency (FHFA) reported a 0.7 percent increase in its House Price Index (HPI) from March to April.
Read More »MBA Urges Alignment of Standards, Clear Rep/Warranties Framework
A new concept paper from the Mortgage Bankers Association (MBA) calls for the alignment of underwriting standards as a major step in secondary market reform.
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