The Mortgage Partnership Finance (MPF) Program, originated in 1997 to assist small financial institutions in selling fixed-rate conforming loans to the secondary market, has experienced rapid growth over the last year. Both the number of financial institutions participating in the program and the number of loans funded through the program grew in 2012, according to a release.
Read More »Senator Pens Letter Urging Simplification of Mortgage Rules
U.S. Senator and Senate Banking Committee member Bob Corker (R-Tennessee) warned federal regulators Tuesday to stick to simplified, synchronized lending rules in order to avoid driving out private capital. Corker specifically pointed to the qualified residential mortgage (QRM) rule, which includes an exemption on risk retention for loans sold to Fannie Mae, Freddie Mac, and the Federal Housing Administration (FHA)--an exemption Corker believes may drive lenders away from the private market.
Read More »Nationstar, KB Home Announce Plans to Form New Mortgage Company
In a joint announcement, KB Home and Nationstar Mortgage LLC announced an agreement to form Home Community Mortgage, LLC, a limited liability company offering a range of mortgage banking services to KB Home customers. As KB Home's preferred lender, Nationstar has served homebuyers on-site in the builder's communities across the country. According to the announcement, Nationstar will remain KB Home's preferred choice until Home Community Mortgage's launch, which is scheduled for the latter half of 2013.
Read More »Zillow: Home Values Up 5.9% in 2012, Growth to Slow in 2013
U.S. home values in 2012 rose 5.9 percent over 2011, according to data in Zillow's latest Home Value Index (HVI).
Read More »zipLogix, AnyMeeting Partner to Offer Web Conferencing Service
In Michigan, zipLogix, the creator of zipForm, announced the release of a new web conferencing service powered by AnyMeeting.
Read More »Harvard Researchers Argue for New ‘FHA Corporation’
A recent report from Harvard University's Joint Center for Housing Studies argues for more flexibility for the Federal Housing Administration (FHA). Under direction of a congressionally appointed advisory board and CEO, the new "FHA Corp." should be free to enact its own hiring process, manage its own budget and adapt to market changes "without Congress legislating each change or mandating numerous complex or inconsistent rules and regulations," researchers suggest.
Read More »MBA: Slow Growth Still Expected Despite Positive Signs
Washington may have (arguably) successfully avoided 2013's budgetary landmines so far, but the Mortgage Bankers Association (MBA) reports everything it has seen so far suggests economic growth will be modest in 2013. In its most recent Economic and Mortgage Finance Commentary, the association forecasts slow economic gains in the first half of 2013 "as the effects of the payroll tax increase and the spending cuts from sequestration or a similar decline in government spending kicks in."
Read More »Kroll Factual Data Integrates Loan Quality Products into ISGN Plug-In
Kroll Factual Data announced the addition of several product integrations into ISGN's MORvision Plug-In Partner platform.
Read More »Fitch: QM Definition Good for Jumbo Prime Market
Now that the industry has its long-awaited QM definition, Fitch Ratings believes jumbo prime securities are poised to see a jump start.
Read More »Genworth Financial Recruits New Chief Risk Officer
Genworth Financial, Inc., announced a new chief risk officer (CRO) for its Genworth U.S. Mortgage Insurance (USMI) unit. Michael Derstine was selected for the position as CRO.
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