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Weak Activity at Fannie
New business acquisitions at Fannie Mae totaled $192 billion during the first quarter, a monthly performance summary indicated. Volume fell from the prior quarter but was higher than a year earlier. Residential delinquency increased 4 basis points during the most recent month reported.
New Breed of Wholesalers
Charter Bank reported its residential hard-money programs with up to 60 percent loan-to-value allow borrowers to utilize funds for foreclosure and bankruptcy bailouts. First Beacon Financial is touting hard-money no-documentation commercial mortgages up to $100 million. Broker Capital Funding Inc. issued marketing materials indicating it will finance properties listed for sale just one day after they come off a multiple listing service.
Freddie Performance Worse
Freddie Mac reported first-quarter purchases and issuances of $134 billion. Volume was lower than in the fourth quarter 2007 and the first quarter 2007. Delinquency increased by 3 basis points on a monthly basis.
Reverse Lender Adding Branches, Originators
Fidelity Reverse Mortgage plans to hire as many as 70 additional loan officers, its executive vice president told MortgageDaily.com. The additions are planned by the end of this year. Fidelity may add new branch offices in Arizona, northern California and Florida.
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