TheMReport — News and strategies for the evolving mortgage marketplace.
Issue link: http://digital.themreport.com/i/279715
Th e M Rep o RT | 7 Department social life Spring Fever Big banks are reconsidering credit and underwriting standards, causing a stir in MReport's Twitter community. Join the conversation by tweeting #themreport every Thursday. @Texas_Appraiser Older homeowners are increasingly able to purchase a new residence with cash only after they sell their current home. #themreport @dufray87 @StreetLinks: Just got my new copy of @TheMReportNews and they said I should follow you, for good reason! @RoobD73 @TheMReportNews: The media has also played a HUGE role as well. People think that their only option to refinance is through a "big bank" . . . not true! THEsE sToRiEs HEaTEd UP THE MRepoRt's social MEdia cHaNNEls THE sToRy: Why Haven't Half of Borrowers Refinanced? THE scooP: Approximately 40 to 50 percent of mortgage borrowers say they have not refinanced the mortgage on their current home, according to Fannie Mae's Housing Survey data collected through June 2013. With interest rates still at historical lows and rising home prices pushing down affordability levels, Fannie Mae's senior manager of business strategy has one question: Why aren't more people refinancing, and what can the industry do to encourage more activity? THE sToRy: Fannie and Freddie ignored Warnings on Potential Problem loans THE scooP: A new report from the Office of the Inspector General of the Federal Housing Finance Agency (FHFA OIG) finds the GSEs continue to purchase loans with red flags. After being directed to develop a uniform collateral data portal to assist in quality control, FHFA OIG says both Fannie Mae and Freddie Mac made billions in purchases last year despite warnings from the portal regarding underwriting standards, property valuations, and even the state of appraisers' licenses. THE sToRy: commentary: The Fate of Fannie Mae and Freddie Mac THE scooP: Almost everyone agrees something needs to be done with the GSEs, and almost everyone recognizes that the "something" will be a complex undertaking, but we must be up to this task. We must be thoughtful about reform, avoid unintended consequences, and strike a middle ground between growing a private mortgage market and providing a government backstop. THE sToRy: originations see lowest Numbers since 2008 THE scooP: While most housing metrics ended 2013 on a slightly slower—but still promising—growth path, mortgage origination volumes closed out the year on a decidedly sour note, Black Knight Financial Services said in its year-end Mortgage Monitor Report.