Secondary

Mortgage lenders are optimistic about their business prospects during this spring's home purchase season even with the negative sentiments about demand in the previous three months, Fannie Mae said.

The Securities Industry and Financial Markets Association approved changes to its good delivery guidelines that ease the path to the government-sponsored enterprises issuing uniform mortgage-backed securities starting on June 3.

American Banker and National Mortgage News are offering an exclusive discussion of how policymakers may revamp Fannie Mae and Freddie Mac and what that will mean for mortgage lenders of all sizes.

Falling interest rates contributed to efforts that helped Hovnanian Enterprises nearly halve its net loss during its fiscal first quarter, when it maintained a strong sales pace by selling more low-priced homes.

Agency mortgage-backed security prepayment speeds increased in February with much of the refinance activity coming from newer loans and those with high coupons, a report from Keefe, Bruyette & Woods said.

Mark Calabria, who could be confirmed as early as this month, is expected to focus on changes to Fannie Mae and Freddie Mac’s conservatorships to let the mortgage giants keep more of their profits.

Ginnie Mae could limit how much servicing income mortgage lenders can sell off through a transaction if they don't establish a minimum 25-basis-point spread at the portfolio level by next year.

Mr. Cooper Group took a net loss of $136 million in the fourth quarter after lower rates hurt the mark-to-market value of its larger mortgage servicing rights portfolio harder than its peers.

Hines Interests used the $755 million loan from Goldman and JPMorgan to take out a $505 million mortgage from two insurance companies, MetLife and New York LIfe.

Freddie Mac is broadly offering instant representation and warranty relief for automatically validated self-employment income following a test of the concept last year.