Chase remains the largest servicer of GSE loans at the halfway mark this year, but a 16.4% surge in volume at Mr. Cooper Group, the number two GSE servicer, cut deeply into Chase’s lead. (Includes two data tables.)
The Federal Home Loan Banks as well as credit unions argue the FHLBanks’ mission was established by Congress, so only Congress can change it. Consumer advocates, meanwhile, are happy with the Federal Housing Finance Agency’s effort to redefine the mission.
Former Freddie CEO Don Layton said the pilot’s only connection to housing is that some of the homeowner’s equity is used as collateral for the new second.
Nearly all of the top 30 GSE sellers managed to increase deliveries to the enterprises in the second quarter, helping drive a 33.1% sequential bump in sales. Even so, year-to-date deliveries were down slightly. (Includes two data tables.)
Supporters of the program say the expanded use of second mortgages is a less costly way for homeowners to access their home equity when interest rates are high. But they worry about the pilot’s restrictions.