Fannie Mae's book of business fell in August at a compound rate of 0.8 percent, a slower pace than -1.7 percent in July. Year-to-date, the book's average monthly growth rate was -1.1 percent as of the end of the month. The secondary market giant's gross mortgage portfolio continued to drop, though the rate of contraction was slower at 29.6 percent negative growth. Year-to-date, the average monthly growth rate for the portfolio was -23.1 percent in August. New business acquisitions were also down.
Read More »Community Bankers Urge Simplicity in Secondary Market Reform
In a white paper released Monday, Independent Community Bankers of America (ICBA) warns policymakers to "be careful not to create a new [secondary market] system that destroys liquidity for all but the few largest players, limits access to the market or narrows options for smaller lenders, and imposes requirements that make it too costly for smaller lenders to operate"--a common thread among the major proposals presented so far, the group says.
Read More »Norcom Mortgage Welcomes New Account Executive
In Connecticut, Norcom Mortgage welcomed Mary Downing to the team as its newest wholesale account executive.
Read More »Price Increases Slow as Housing Market Heads Into Fall
According to CoreLogic's monthly Home Price Index (HPI) report, house prices nationwide (including distressed sales) increased 12.4 percent on a yearly basis in August. On a monthly basis, prices were up only 0.9 percent. "After a strong run, the rate of home price appreciation slowed in August. In addition to normal seasonality, the recent sharp rise in mortgage rates off their historic lows was a clear driver behind the slowdown," said Anand Nallathambi, CoreLogic's president and CEO.
Read More »Freddie Mac Names Ally Exec to Replace Outgoing CFO
Ally CFO James G. Mackey will soon be departing to take an executive position at Freddie Mac, the mortgage giant announced.
Read More »HUD Releases Proposed QM Definition
HUD released on Monday a proposal to define the type of qualified mortgage (QM) that would be insured, guaranteed, or administered by the agency. The proposed definition is aligned with the Ability-to-Repay rule laid out in the Truth in Lending Act (TILA) and includes provisions that prohibit loan terms in excess of 30 years and that limit upfront points and fees to no more than 3 percent--making it consistent with the Consumer Financial Protection Bureau's existing QM rule.
Read More »CoreLogic Appoints Managing Director of Information Solutions
CoreLogic has announced the appointment of Olumide Soroye as managing director of Information Solutions.
Read More »August Housing Metrics Point to Slowing Recovery
DataQuick's monthly Property Intelligence Report (PIR), which examines home price and sales metrics as well as foreclosure data across 42 counties, is the latest in a line of reports pointing to mounting evidence that the housing recovery is losing some of its energy. According to the company's data, home prices in August grew in 40 of the 42 counties on a monthly basis and in all counties on a quarterly and yearly basis. However, though growth was positive, the rate of improvement is on the decline.
Read More »Premier Nationwide Approved to Operate in Georgia
Premier Nationwide Lending (PNL), a Texas-based mortgage bank with operations around the United States, announced it has been approved to provide home mortgage loans and services and in Georgia, expanding its range to 20 states.
Read More »Citigroup, Freddie Mac Reach Agreement on Repurchase Claims
According to a release from Citi, the bank will pay Freddie Mac $395 million, all of which is covered by its existing mortgage repurchase reserves as of the end of Q2. The agreement covers claims for breaches of representations and warranties on 3.7 million loans sold between 2000 and 2012. Jane Fraser, CEO of CitiMortgage, said the agreement "marks another important milestone in successfully resolving Citi's remaining legacy mortgage issues."
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