Though the refinance boom is over and several mortgage giants are reeling as originations decline, some credit unions are thriving as they tap into a new source — first-time homebuyers.
Stewart-Haas Racing revealed Ditech Mortgage as the latest sponsor of driver Kevin Harvick.
The new owners of Ditech Mortgage, the consumer direct lender that ruled the subprime-era airwaves with its "Lost another loan to Ditech!" ads, will revive another of its precrisis marketing efforts by sponsoring the NASCAR driver.
Ginnie Mae President Ted Tozer is urging credit unions and community banks to contact their Federal Home Loan Bank so they can participate in a conduit program for government-backed loans.
FHFA's plan
National Credit Union Administration board member Rick Metsger said a Federal Housing Finance Agency proposal to restrict Federal Home Loan Bank membership could give banks an unfair advantage over some smaller credit unions.
Interest rate risk. Demanding regulatory and GSE standards. Shifting demographics. These are among the reasons that lenders will have a hard time balancing the call for affordable home loans with legal and market realities.
Luxury homebuilders are elated by new jumbo mortgage opportunities for self-employed borrowers, but the decline in Federal Housing Administration lending continues to vex homebuilders that target entry-level buyers.
Already a subscriber? Log in here
Please note you must now log in with your email address and password.