Originations of piggyback loans declined by 63% in 2007, but Fannie Mae and Freddie Mac continued to purchase about the same number of such loans, according to just-released Home Mortgage Disclosure Act data. The HMDA report indicates that the number of piggybacks (where a first lien and a second lien are made simultaneously) fell from 1.1 million in 2006 to 389,150 in 2007. However, the mortgage giants purchased nearly 30% of the 2007 piggybacks, compared with 12.5% in 2006. The Federal Reserve commentary on the HMDA data notes that piggybacks are usually originated to avoid buying mortgage insurance or to make sure that the first lien is below the conforming loan limit (which was $417,000 last year). As expected, the HMDA report also shows a sharp decline in subprime lending. Subprime or "higher-priced" loans fell to 1.9 million in 2007 from 2.9 million the previous year. Nearly 170 lenders closed up shop in 2007 and did not file HMDA reports. In 2006, those lenders reported making nearly 400,000 subprime loans.
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The incentive, meant to ramp up activity in Rocket's broker channel, is valid from Nov. 5 to Nov. 17.
2h ago -
Low supply and production volumes, though, have left values competitive, with two segments in particular holding promise for favorable returns, a new report said.
2h ago -
The company formerly known as Ocwen improved results on several fronts even though a secondary market price change reduced origination profits in one channel.
3h ago -
Analysts are watching both Vice President Kamala Harris and former President Donald Trump for potential regulatory picks, as well as how strongly Trump advocates for policies like tariffs and deportations that could impact the economy, inflation and bankers' prospects.
8h ago -
Leaders at financial institutions said borrower demand should pick back up, if slowly, following Tuesday's vote.
November 4 -
Even as home equity withdrawals hit a two-year high, utilization rate remained less than half of normal, ICE Mortgage Technology said.
November 4