Loan purchases by Fannie Mae fell to $55.57 billion in July, the mortgage giant's worst showing since February, according to figures released by the company.Compared to the same month a year ago loan purchases fell by 61%. However, Fannie's portfolio grew 2.1% (annualized) in July to $893 billion as rising rates slowed prepayment speeds. Fannie, like most participants in the mortgage market, is suffering from a slowdown in production -- in particular refinancings -- which limits the amount of mortgages it can purchase in the secondary market. However, the production slowdown is allowing the company to continue growth in its balance sheet. July marks the second month in a row that Fannie grew its portfolio. The previous eight months the GSE suffered portfolio declines.
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The new Financial Stability Oversight Council report also recommends an expanded Ginnie Mae PTAP facility and an industry-funded liquidity resource.
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The publicly traded title holding companies all had stronger earnings as the mortgage market improved from one year prior.
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One in every 37 residential properties nationwide had a loan-to-value ratio of 125% or greater to begin the year, according to a new report.
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There's temporary leeway on formal compliance with replacement-cost value requirements in order to sort out insurer concerns with a recent re-emphasis on them.
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Max Levchin, CEO of the buy now/pay later lender, said recent tests show young adults prefer interacting with intelligent chatbots over phone-based agents, but the company doesn't foresee major cost savings from generative AI for a few more years.
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Test your knowledge of the biggest mortgage headlines of the week. No. 2 pencil not required!
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