Ginnie Mae is securitizing nearly $1 billion in hybrid adjustable-rate mortgages a month, according to Deutsche Bank, and most of the production is coming from the Department of Veterans Affairs loan guarantee program.Since the VA started its hybrid program in October 2003, lenders had originated 59,700 hybrid ARMs totaling $7.2 billion as of Sept. 30. This constituted 18% of VA loan production in fiscal year 2004, which totaled $44.1 billion. Most of the hybrids (55,000 loans) were refinancings. The average interest rate on VA hybrid loans is 4.49%, compared with 5.76% for a fixed-rate mortgage. The Federal Housing Administration started its hybrid program in April. As of Sept. 30, FHA lenders have originated 4,550 hybrids totaling $626.1 million.
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Doxo plans to fight the FTC complaint, which focuses broadly on consumer finance, but there are signs of confusion about the company's role in mortgages too.
8h ago -
Members of the LGBTQ community were most likely to have experienced housing bias, according to a Zillow survey, which also found many people don't recognize how fair lending laws could help.
8h ago -
Senior executives making over $151,000 would still be subject to such clauses should the rule go into effect this year.
9h ago -
Christopher J. Gallo and his aide, Mehmet A. Elmas, allegedly withheld information in mortgage applications, hiding that borrowers were purchasing second home properties.
10h ago -
Mortgage rates rose 7 basis points this week, Freddie Mac said, and more increases are likely following a weaker than expected gross domestic product report.
April 25 -
Independent mortgage bankers lost the most money ever on every loan originated last year due to higher rates and lower volumes, an industry trade group said.
April 25