Fannie Mae is working with lenders to develop a streamlined refinancing process for borrowers who want to bail out of adjustable-rate mortgages.Rising short-term interest rates and borrower awareness of the risks associated with interest-only and option-payment ARMs is creating the potential for a major shift to fixed-rate loans or safer hybrid ARMs, according to Fannie Mae executive vice president Tom Lund. "A lot of our largest partners are talking about trying to create a streamlined capability to take some of these ARM borrowers back into a fixed-rate or longer-term hybrids, maybe with an IO feature," Mr. Lund told a Morgan Stanley housing conference. "They see that as the next big trend." He noted that Fannie Mae might not be able to purchase some of the newly refinanced loans. But the secondary-market agency is working with its customers to try to make such refinancings easier for lenders and consumers. Fannie Mae can be found online at http://www.fanniemae.com.
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Transunion will offer the credit scoring model for $4 in 2026, following previous moves made by VantageScore partners Experian and Equifax.
October 18 -
Flagstar shareholders approved a plan to merge its holding company into the bank; Huntington tapped a new chief auditor, along with two new business leaders; First Foundation hired a new chief credit officer; and more in this week's banking news roundup.
October 17 -
Approximately three years after the one-time non-depository bought Roscoe (Texas) State Bank, Cornerstone Capital Bancorp agreed to purchase Peoples Bancorp.
October 17 -
Regulators also accused Southern California-based E Mortgage of failing to properly supervise remote employees and cooperate with their examinations.
October 17 -
While borrowing activity increased from a year ago, seasonal patterns and economic concerns suggest near-term slowing, the Mortgage Bankers Association said.
October 17 -
Solve stages an acquisition, Intercontinental Exchange partners on new indices, Optimal Blue adds updates and Incenter offers a CRA loan trading platform.
October 17