The American Bankers Association has opened the door for more of its members to sell residential mortgages to Wells Fargo Funding under a special pricing arrangement.
The Federal Housing Administration’s efforts to shift the burden of supervising mortgage brokers to actual funders is creating a mini-boom in demand for brokers to bring in homebuyers and refinancing customers.
Two private investors have teamed up to buy a roughly $1.2 billion pool of mostly non-performing residential whole loans offered by the Federal Deposit Insurance Corp., investment banking officials and sources close to the deal confirmed to National Mortgage News.
The guarantee fee that Fannie Mae and Freddie Mac charge to their seller/servicers fell to 22 basis points last year from 25 the year before, according to a new study conducted by the Federal Housing Finance Agency.
The number of warehouse providers willing to extend credit to nonbanks has doubled in the past year, according to warehouse consultant Michele Perrin.
The Federal Deposit Insurance Corp. hopes to sell a mortgage-backed security collateralized by at least $500 million of performing residential whole loans by the end of this month through a private placement deal, investment banking sources told National Mortgage News.
After months of raising standards for single-family lenders, the Federal Housing Administration tightened guidelines for multifamily mortgages for the first time in the 40 years it has insured such loans.
