Freddie Mac is raising its delivery fee on certain Home Possible mortgages, which are low-downpayment loans geared toward helping teachers, police, and firefighter become homeowners.Effective Nov. 1, the delivery fee on Home Possible mortgages with an 80-10-10 secondary financing structure will be increased by 100 basis points. This fee increase does not apply to Home Possible borrowers with incomes of 80% (or less) of the area median income. Noting that home price appreciation has slowed or declined and delinquency rates are rising, Freddie Mac said in a bulletin addressed to its seller/servicers that it has to ensure that its pricing reflects current market risks. "We believe this approach meets the dual needs of managing market risks while preserving vital opportunities for first-time homebuyers, low- and moderate-income borrowers, and borrowers purchasing homes in eligible disaster areas," the bulletin says.
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The massive mortgage business saw a first quarter profit mitigated by nearly $300 million in hedging losses.
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The Consumer Financial Protection Bureau has seen excessive property-inspection charges, fees that loan mods should eliminate and improper line-item labels.
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Michael Tannenbaum, whose experience in the financial services industry spans over 15 years, has a track record of helping companies scale and grow.
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A majority of consumers earning more than $100,000 annually said they were concerned about their own ability to purchase a home, demonstrating how affordability issues are impacting those at many socioeconomic levels, the University of Michigan study found.
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The nonbank's results add to other indications that the first quarter's "higher for longer" rate scenario had an upside for efficient servicing operations.
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The latest rate increases contributed to a 1% drop in purchases from the previous week and 15% annually, according to the Mortgage Bankers Association.
April 24