One never knows when the subject of mortgage banking will pop up – like yesterday. There I was at the Sundance Ski Resort (the one owned by “Bob” Redford) with my son. (He was there to snow board, I was there trying to figure out an opening paragraph for today’s commentary.) I had my 2008 Mortgage Bankers Association canvas computer bag, with “Freddie Mac” printed on it, when up walked a fellow who started asking me about it. It turned out that he is the son of David Glenn. Mr. Glenn was ousted from his job as president and COO of Freddie Mac in 2003, over six years ago, pre-bubble. It turns out that he is doing the same thing now that many other mortgage folks are doing: buying and flipping distressed properties – probably here in Utah.
Look, just because the kids are off from school doesn’t mean that investors are taking any time off from making changes.
US Bank’s Consumer Finance Wholesale Mortgage Division came out with their policy on Manufactured Housing Financing (no First Time Home Buyer, minimum 680 mid score for both borrowers, maximum 80% LTV, maximum loan amount $200,000, no single-wides, etc.)
BB&T tweaked their USDA Guaranteed Rural Housing 30 Year Fixed Product. (BB&T stands for “Branch Banking and Trust Company” in case you’re ever asked.)
Suntrust and Affiliated told everyone that they discontinued their Flex 18% MI product lines.
GMAC updated their Fannie Mae Fixed 7.1 & 8.0 product line guidelines.