Secondary

All the mistakes and errors in a loan file should be dealt with prior to the mortgage funding.

A regulatory mechanism designed to support unsolicited ratings includes obligations that complicate its use. Post-crisis single-family securitization sectors like the new rental market are instead drawing "unsolicited comments."

Nonagency mortgage securitization has fallen well short of forecasts this year, as commercial banks bid up for loans to put on their balance sheets. But the fourth quarter could offer this moribund market a chance at redemption.

The pricing of the class-A notes paralleled that seen in a recent first-time issuer's single-family rental securitization in August, but the pricing for the rest of the capital structure differed.

Mortgage insurers agree that the FHFA's capital-retention proposal would offer more clarity than the existing regulatory framework, but they share concerns about the treatment of single-premium policies, risk requirements and other details.

Essent Guaranty in Radnor, Pa., is now an approved insurer of mortgage loans sold to Federal Home Loan Banks.

HF2 Financial Management in Denver is acquiring a majority equity interest in ZAIS Group, a specialty investment management firm.

Fannie Mae and Freddie Mac are charging excessive loan fees, according to some industry groups, who claim it is time to stop overcharging borrowers who use conventional financing to buy a home.

Post-crisis developments put a lot of underperforming loans in the hands of a small number of servicers. Increased regulation and the need for specialized skills drove banks out of the business.

In his first major policy speech as the new housing secretary, Julian Castro voiced support for a Senate bill to reform housing finance and said policymakers should "remove the stigma associated with promoting homeownership."