Senate Banking Committee Chairman Richard Shelby, R-Ala., says he would like to see more competition between lender and GSE automated underwriting systems in the conforming loan market.The senator indicated his concern at a Tuesday committee hearing that Congress may be creating a "monopoly" for Fannie Mae's and Freddie Mac's AU systems if a new regulator does have not authority to allow other AU providers to compete with the two government-sponsored enterprises. "Wouldn't we be better off if there's more competition?" Sen. Shelby asked one banking trade group witness who objected to a "bright-line" test. The bright-line test in a Senate GSE bill would give the regulator more authority to regulate Fannie's and Freddie's activities when they encroach on lender activities. The committee chairman also said he wants more transparency in the guarantee fees Fannie and Freddie charge lenders. In testimony prepared for a Wednesday GSE hearing, Fannie interim chief executive Daniel Mudd said the regulators should be able to review the way GSEs conduct their business, but "g-fees are proprietary and should not be made public." Mr. Mudd also raised concerns about a bright-line test.
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Higher costs than expected, not just for the mortgage but for repairs and more, have recent buyers' regretting their purchase, Clever RE and Redfin found in separate reports.
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New guidelines regarding buy-side and sell-side real estate agent compensation are set to go into effect this summer.
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Affordability challenges also have some aspiring homeowners taking second jobs or looking to draw from retirement savings, according to Redfin.
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The lender recorded a $59 million net loss in the fourth quarter, an 83% improvement from its third quarter performance.
March 28 -
Initial analyses of Home Mortgage Disclosure Act data show UWM ahead in 2023 loan numbers and dollar volume, but Rocket's market share still looks competitive.
March 28 -
Last year, the Raleigh, N.C.-based Integrated called off a deal to sell itself to MVB Financial after bank stocks took a hit in the aftermath of the regional bank failures. Capital hopes to expand its government-guaranteed lending with the transaction.
March 28