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 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.
The number of warehouse providers willing to extend credit to nonbanks has doubled in the past year, according to warehouse consultant Michele Perrin.
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.
Wells Fargo & Co. late Wednesday said it would shutter all of its 638 consumer finance stores and cease production of nonprime mortgage loans that went into the unit’s portfolio.
The delinquency rate of home equity lines of credit fell for the second consecutive quarter and missed payments on closed-end home equity loans fell in the first quarter for the first time in two years, according to an American Bankers Association survey.
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.
