"At the end of the day, FHA will lower premiums next year," said MBA President David Stevens.
The Federal Housing Administration is facing severe challenges next year as some pressure it to lower premiums to deal with new competition from the government-sponsored enterprises, even while its insurance fund remains weak and it faces added scrutiny from GOP lawmakers.
CHANGES: "We're still dealing with some of the distressed assets but everybody now wants new loan growth," says Richard Walter of Bank Assetpoint.
Commercial and residential secondary-market platforms are under pressure to shift from loss-leader strategies to profitability as they enter their second year in a sector that's now more established and competitive.
GuardHill Financial Corp. CEO Alan Rosenbaum has recruited veteran New York City mortgage originator—and former competitor—Melissa Cohn to bring an under-the-radar lender out of the shadows.
Ocwen Financial came under fire from Joseph A. Smith, the monitor of the national mortgage settlement, after concerns of conflicts of interest were raised by an unnamed whistleblower.
In a speech last May, Edward DeMarco declared these truths to be self-evident: "Restoring Fannie Mae and Freddie Mac is not the solution. They failed and their business model failed. Going backwards to an obviously failed model cannot be dressed up with some promise of higher capital or explicit rather than implicit guarantees."
Lenders concerned about maintaining vendor oversight compliance may require title insurance and settlement firms to adopt the American Land Title Association's quality standards, even though the industry guidelines are only voluntary.
Already a subscriber? Log in here
Please note you must now log in with your email address and password.