DLJ Mortgage Capital Inc. was the winning bidder on all four pools in Fannie Mae's
The sale consisted of 7,508 loans with an unpaid principal balance of $1.6 billion. The average loan size was $215,808, with a weighted average note rate of 4.1% and a weighted average broker's price opinion loan-to-value of 103.6%.
The cover bid for the entire transaction was 87% of the unpaid principal balance.
The transaction is expected to close on May 25.
Rejections for mortgage credit outpaced almost every other borrowing category, according to the Federal Reserve Bank of New York.
Consumer Financial Protection Bureau Director Rohit Chopra said the FICO credit-scoring model has drawbacks in price, predictiveness and market competition, and stakeholders should develop a more open-sourced model that uses artificial intelligence.
Smaller players face challenges when it comes to mortgage servicing rights, and larger ones have varying motivations, experts at an industry meeting say.
The 30-year fixed rate mortgage average resumed its climb that started in September, as the benchmark 10-year Treasury price still reflects views on inflation.
Fannie Mae's latest economic forecast no longer expects mortgage rates to go below 6% next year, and that is affecting its views on loan origination volume.
Amid steady customer growth, USAA's banking arm failed to make the investments necessary to satisfy either its regulators or some decades-long customers. Changes in the executive suite haven't fixed the problems.
