Here is what was at the top of the headlines for the mortgage industry this past week.
The Federal Housing Administration wants lenders to make fewer mistakes when writing mortgages for the government insurance program. The agency also wants to serve more borrowers with low credit scores. Getting both may be tricky
Justice Department Official Responsible for Mortgage Settlements to Depart Tony West, the Justice Department’s point man on its talks with big banks over mortgage-backed securities, is set to step down on Sept. 15, according to department officials.
Federal Reserve officials are considering whether to alter their guidance on the likely path of interest rates to give them more flexibility to react to changes in the economy.
As the role of Freddie Mac and its government sponsored enterprise counterpart, Fannie Mae, have grown in the housing market, both enterprises have looked to various methods to share some of the credit risk that stems from their support of the mortgage market.
“Although the weekly increase in rates was small, they were trending up in the week following Labor Day, with many data reports showing a pickup in the pace of economic growth,” said Michael Fratantoni, chief economist for the MBA.
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