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January 2016 Archive


COFI Bounces Higher
Just a single month after nearing an all-time low, the Cost of Funds Index reversed course and headed further north.

Mortgage Loan Modifications Diminish
Fewer home loans were modified on a monthly basis, and the weaker activity hit both government and proprietary programs.

Ocwen, BofA Face Excessive Mortgage Complaints
Based on their respective market shares, Ocwen Financial Corp. and Bank of America Corp. have faced an excessive number of complaints.

Mortgage Servicer Being Acquired
A mortgage servicer out of North Texas that recently disclosed more than a hundred planned layoffs is being acquired by a much larger player.

Subprime Mortgage Originations Growing
Subprime mortgage lending was up last year as home lenders refined how they determine which borrowers should be approved for a loan.

Purchase Financing Surge to Drive Q2 Home Lending
The outlook for residential lending is for a 44 percent surge in originations between the first and second quarters, with purchases driving the acceleration.

Mortgage Rates Ease, Currently No Upward Pressure
Interest rates on residential loans moved lower this past week, and there are currently no indications they might bounce back.

FHA Monthly Lending Down, Delinquency Up
Monthly business for government-insured mortgage lending turned sharply lower. At the same time, delinquency on government-insured loans worsened.

Quarterly Business, Delinquency Down at Radian
Although quarterly new business was slower at Radian Guaranty Inc., loan performance continued to show improvement.

Northeast Weather Helps Pending US Home Sales
Weather-assisted improvement in the Northeast overcame weakening in other regions to lift pending U.S. home sales just above November's level.

Chase Mortgage Servicing Layoffs in Wisconsin
More than a hundred jobs in Wisconsin created to handle distressed home loans are being eliminated by JPMorgan Chase & Co. as loan performance improves.

Retail Out Front of Higher CMBS Delinquency
A monthly increase in the level of late payments on securitized commercial real estate loans was reported, and retail property loans deteriorated most.

Mortgage Originations Falling at EverBank
Fourth-quarter mortgage originations were down at EverBank Financial Corp., and the first quarter is shaping up to see a further decline in loan production.

Correspondent Leads Lending Lower at Guild Mortgage
Quarterly loan volume declined at Guild Mortgage Co., and it was the correspondent channel that led the drop. Annual production and servicing grew, though.

Bids Being Taken on Closed HELOC Portfolio
Potential investors of residential assets have the opportunity to make competitive bids on a portfolio of nearly a thousand closed home-equity lines of credit.

Midwest Leads Stronger New U.S. Home Sales
The monthly and annual sales of new residential properties improved, and monthly activity was most improved in the Midwest.

Mortgage Firm Makes it to Super Bowl
Although there are several advertising campaigns running for multiple mortgage firms, one will be featured in the Super Bowl.

Refinance Surge Drives Up Mortgage Applications
A spike in applications to refinance home loans helped push up the overall volume of weekly applications for residential loans.

Freddie's Monthly Biz Jumps, Lates at 7-Year Low
New business at the Federal Home Loan Mortgage Corp. was the best it's been in five months, and delinquency was at a more than seven-year low.

Citizens Quarterly Mortgage Lending Off, Annual Up
Quarterly mortgage production at Citizens Financial Group Inc. slowed again and could fall even further in the current quarter. Annual originations ascended, though.

Mortgage Wholesaler Launches Non-QM Programs
Multiple mortgage lending programs that don't meet Qualified Mortgage requirements are being offered to mortgage loan brokers.

Performing Home Loans in Southeast For Sale
A large regional bank in the Southeast is selling a pool of first mortgages that are seasoned, performing and secured by homes in the region.

United Guaranty IPO Ahead
American International Group Inc. has unveiled a planned overhaul of the organization that includes the sale of its mortgage insurance business.

Bigger TRID Hit at Flagstar From TPO
The chief of Flagstar Bancorp Inc. says third-party originations worsened the TILA-RESPA Integrated Disclosure Rule's impact.

Huntington Improves On Annual Mortgage Originations
As has frequently been the case during the current earnings season, quarter-over-quarter mortgage lending was down while annual activity was up at Huntington Bancshares Inc.

Mortgage Executives Find New Employers
A number of senior- and mid-level executive appointments have been recently made at mortgage firms. While depository financial institutions were involved in the latest round, so were non-banks.

Staff, Servicing, 2015 Home Lending Up at Navy FCU
While quarterly home lending fell at Navy Federal Credit Union, annual production expanded as did servicing and staffing.

Freddie Selling Non-Performing Loans
Freddie Mac is putting some of the residential loans it owns up for bid. Seven pools are involved in the sale.

Mortgage Jobs Reduced, Wisconsin Leads Drop
Wisconsin led a quarterly contraction in staffing within the real estate finance industry, though nearby Michigan had a healthy gain.

Home Lending Layoffs Lay Low
While there have recently been some workforce reductions in the real estate finance industry, the degree of activity has been modest.

Va Settles MBS Lawsuit for Far Less Than Sought
A lawsuit by the state of Virginia seeking more than a billion dollars and alleging fraud in the sale of mortgage-backed securities has been settled for less than $0.1 billion.

Jumbo Leads Weekly Mortgage Business Up
Preliminary residential lending activity was busier this past week, and it was the jumbo mortgage sector that was out front of the week-over-week gain.
Mortgage Market Index 135 in week ended Jan. 22
SunTrust Mortgage Originations Down, Heading Lower
There was a quarterly nosedive in mortgage production at SunTrust Banks Inc., and upcoming business is likely to descend even further.

Existing Home Sales Catch Up With TRID Delays
A real estate economist called it right last month when he predicted purchase transactions delayed in November by new integrated disclosures would likely close in December.

Mortgage Delinquency, Foreclosures Improve
The size of the nation's foreclosure inventory was trimmed last month as the level of past-due payments on home loans moved lower.

Mortgage Rates Down Again, Unlikely to Repeat
Fixed mortgage rates have moved lower each week this year. But bond market activity suggests that rates likely won't be lower in the next report -- while longer-term forecasts have a solid increase ahead.

Bad Refinance Costs Subprime Lender Nearly $400k
A subprime mortgage lender that lost nearly $400,000 from a refinance gone bad has lost an appeal to recover the money from JPMorgan Chase & Co.'s banking subsidiary.

Fifth Third Annual Mortgage Originations Up
As has been the case for many firms, annual home lending was up at Fifth Third Bancorp even though business dropped from the previous quarter.

Mortgage Bankers Lift 2015, 2016 Lending Forecast
Estimations by mortgage bankers for last year's and this year's refinances improved, as did the outlook for 2016 purchase financing.

Mortgage Layoffs Planned at Redwood Trust
A restructuring of its conforming mortgage business has Redwood Trust Inc. laying off employees and ending government-sponsored enterprise originations.

Ocwen Settles Allegations It Misled Investors
Allegations involving a loan from Altisource Portfolio Solutions that helped Ocwen Financial Services mislead investors have been settled.

Despite Quarterly Tumble, BBT 2015 Home Lending Up
Though BB&T Corp. saw quarterly mortgage lending sink, full-year activity bested its prior-year counterpart. The residential loan servicing portfolio also thinned.

Annual Mortgage Lending, Servicing Up at Quicken
Despite a quarter-over-quarter production slump at Quicken Loans Inc., annual originations increased. Also growing was the size of the company's mortgage servicing portfolio.

Monthly Government Mortgage Share Drops
During the final month of last year, mortgage originators shifted more of their business from government-backed financing to conventional loan transactions.

Building Permits Down, Completed Construction Up
Weaker apartment construction dragged down residential building permits last month. But a surge in the Midwest led completed construction higher.

Refinance Apps Surge as Apps for Purchases Slump
Initial refinance activity was solidly higher last week as prospective borrowers acted on falling rates. But purchase activity slowed.

Quarterly Business Slows at Stearns, Full Year Up
Quarterly mortgage originations were down by a fifth at Stearns Lending Inc., though annual production, servicing and staffing all moved higher.

Retail HECM Volume Rises, Wholesale Drops
In the reverse mortgage market, retail originators of government-insured loans lifted monthly business even as wholesale slowed. Proprietary volume weakened.

Current Sales Instill Confidence in Home Builders
Although buyer traffic and expected sales have weakened for home builders, current sales are strong enough to help the sector maintain confidence.

Mortgage Servicer Cutting Texas Jobs
Over a hundred mortgage servicing jobs in North Texas are impacted by an office closing, and it's not yet clear if the employer will remain open.

Mortgage Delinquency Mixed, Dallas Deteriorates
First mortgage performance worsened from the previous month, while the second-mortgage rate rose from a year earlier. Dallas saw significant deterioration.

BofA Bucks Trend, Lifts Quarterly Home Lending
With several of its early-reporting peers claiming quarter-over-quarter declines in new home lending activity, Bank of America Corp. bucked the trend with a slight gain.

Prosperity Home Mortgage Originations Down, Up YOY
Compared to three months earlier, business was down at Prosperity Home Mortgage LLC. But lending activity has improved compared to 12 months earlier.

Annual Movement Mortgage Originations Double
Despite a quarterly slowdown in home lending at Movement Mortgage LLC, annual business more than doubled. Staffing expanded proportionately.

PNC Says Regulations Impacted Q4 Mortgage Lending
Quarterly home lending slowed at The PNC Financial Services Group Inc., and part of the reason was the implementation of new regulations.

Mortgage Rates Move in Unexpected Directions
Just when it seemed rates on residential loans were going up, they fell. Such has recently been the journey for bond yields and mortgage rates.

Quarterly Wells Fargo Mortgage Lending Off, Year Up
In step with its early reporting peers, Wells Fargo & Co. slowed home-loan production on a quarter-over-quarter basis but had an annual gain.

Weekly Mortgage Activity Highest Since Last Year
An improvement in the interest rates charged on home loans had existing borrowers rushing to lock in lower rates on prospective refinances.
Mortgage Market Index 130 in week ended Jan. 15
Quarterly Drop in US Bank Home Lending, Year Up
Quarterly mortgage lending fell at U.S. Bancorp, and new applications suggest the trend might continue. Full-year volume improved, though.

Fannie Cuts 2015, 2016 Industry Lending Estimates
After months of improved expectations, economists at Fannie Mae have pulled back slightly on their outlook for home lending volume.

Citi 2015 Mortgage Lending Up Despite 2-Qtr Slump
For the second consecutive quarter, Citigroup Inc. came in well below its prior-period mortgage production activity. Annual activity, however, was stronger.

Huge MBS Settlement at Goldman Sachs
The Goldman Sachs Group Inc. has agreed to settle for more than $5 billion allegations tied to residential securitizations.

Lower Mortgage Rates Could Hold
For the second week in a row, home lending rates were lower -- and there are no indications that rates will rise over the next week.

BankUnited Exits Retail Mortgage Originations
BankUnited Inc. has made a decision to stop originating residential loans, and the level of loan volume played a role.

33-Year Employee Named to Top BBT Mortgage Post
The new president of BB&T Corp.'s residential lending unit has already spent in excess of three decades at the financial institution.

Chase's Mortgage Business Spirals Downward
For the first time in six quarters, JPMorgan Chase & Co. failed to surpass its prior-quarter mortgage production. Mortgage earnings and servicing also came up short.

Foreclosure Filings Fall in 2015, But REOs Rise
Although the number of mortgage borrowers who were hit with a foreclosure filing last year was lower, more foreclosures were completed.
Nearly 570k foreclosure starts in 2014
Freddie Leads GSE Refinances Again
For two months in a row, an increase in government-sponsored enterprise refinances was led by the Federal Home Loan Mortgage Corp.

Billion Dollar Mortgage Fraud Schemer Sentenced
Prison time is ahead for a defendant in a smaller residential lending fraud case and an exponentially larger case involving distressed commercial real estate loans.

GSE MSRs On the Block
Bids are being taken for the mortgage servicing on nearly $1.7 billion in government-sponsored enterprise residential loans.

New Mortgage Applications Surge, Purchases Strong
More mortgage applications were completed by prospective borrowers on a weekly basis, and purchase business was especially strong.

Delinquency Up on HELs, Down on HELOCs
The quarterly performance of bank-owned closed-end home-equity investments worsened. But an improvement was reported for open-end home-equity assets.

$3 Billion in Ginnie MSRs On the Market
Mortgage servicing rights on more than $3 billion in Ginnie Mae loans are being auctioned off to the highest bidder.

Fannie Selling Distressed Loans
More than $1.3 billion in distressed home loans are being offered for sale by the Federal National Mortgage Association.

TRID Compliance on Construction Loans
Loans that are utilized to finance the construction of new residential properties are subject to Know Before you Owe disclosures.

Freddie Claims Top Apartment Lender Spot
A more than two-thirds annual increase in apartment lending has the Federal Home Loan Mortgage Corp. claiming the top spot in the sector.

Online Lender Dumps Credit Scores
An online lender that originates home loans claims that it has become the first large lender to abandon credit scores in its credit decisions.

TRID Non-Compliance Risk Low on Non-Agency RMBS
Investor risk on non-agency residential mortgage-backed securities for non-compliance with the TILA-RESPA Integrated Disclosure Rule is likely to be minimal.

Monthly Mortgage Delinquency, Foreclosures Down
Serious mortgage delinquency stands at its lowest level since 2007, while a year-over-year decline has been made in the foreclosure inventory each month the past four years.

Berkshire Unit Denies Lending Discrimination Claims
The mobile home unit of Berkshire Hathaway has issued a statement denying that it or its lending subsidiary use discriminatory practices.

Record MBS, Treasury Bond Profits at Fed
The Federal Reserve has reported that it handed over a record amount of bond investment profits to the Department of the Treasury.

Ginnie MBS Issuance Down Again, Jumbo Up
Although mortgage securitizations at the Government National Mortgage Association fell for the fifth month in a row, jumbo activity accelerated.

Agency Loans Could Exceed $1 Bil in MSR Offerings
Mortgage servicing rights on as much as $1.4 billion in agency loans are being offered for sale through two different offerings.

MGIC Delinquency Inches up, New Biz Rises
For the first time in a year, the number of delinquent loans insured by MGIC Guaranty Insurance Corp. increased. But new business improved for the first time in six months.

Association President Talks About Mortgage Market
The new president of the Minnesota Mortgage Association talked about compliance challenges and what he sees ahead for the industry.

Biggest Mortgage Firms Q3 2015
Mortgage firms saw quarterly volume slow as non-banks continued to take market share from banks. One bank, however, grew its market share.

Only Half of TARP Housing Funds Disbursed
Less than half of the funds from the Troubled Asset Relief Program that were designated for housing assistance have actually been disbursed.

MSRs on 2 Agency Portfolios Up for Bid
A financial institution is unloading mortgage servicing rights on agency home loans with a concentration in the Southeast.

Jumbo Leads Bounce in Weekly New Mortgage Business
New mortgage activity rebounded from the holiday week, and it was jumbo business that was out front of the gain.
Mortgage Market Index 110 in week ended Jan. 8
Hardest Hit Funds Help Distressed KY Borrowers
A crisis-era program designed to help mortgage borrowers in hard-hit states is still helping borrowers in Kentucky -- though a deadline is looming.

Mortgage Banker on Trial for $30 Million in Fraud
A federal prosecutor delivered his opening statement to a New York jury in a criminal case alleging $30 million in secondary and mortgage fraud.

Mortgage Jobs Slip Despite Strong US Employment
Although employment across all U.S. industries made a healthy gain last month, monthly staffing in the home lending business moved modestly lower.

Mortgage Rates Drop, Further Decline Possible
Interest rates on home loans moved lower this past week and are likely to drift down further if tomorrow's employment report isn't too robust.

UCDP Update Enables Appraisal Sharing
Changes to the data portal used by Fannie Mae and Freddie Mac will enable the sharing of appraisal reports among aggregators.

Feedback Sought on HMDA Resubmissions
Feedback is sought on the resubmission of new data required by a recently finalized rule under the Home Mortgage Disclosure Act.

6-Month Low for Mortgage Credit Availability
It's been six months since credit conditions in home lending were this tight. But it was a technical issue with affordable loans that hurt the most-recent results.

Chase Appoints New Chief of Mortgage Servicing
The promotion last month of JPMorgan Chase & Co.'s mortgage chief set in motion two subsequent senior appointments at the home lending unit.

Ditech Dumping Branch Originations
The retail branch system at Ditech Financial LLC is being dismantled as the lender focuses its efforts on other origination channels.

Monthly, Annual Consumer Bankruptcy Filings Drop
Not only did the number of new bankruptcy filings by consumers decline last month, but it was lower for all of last year.

HECM Endorsements Rise From Prior Month, Year
The final month of last year saw more reverse mortgages insured by the government, while full-year 2015 volume also ascended.

GSE MSRs On the Market
The servicing rights on more than $1.5 billion in government-sponsored enterprise mortgages are on the market for sale.

Loan Sale Involves Mostly Conventional Mortgages
A small portfolio of performing first mortgages is being marketed for sale. Conventional loans make up much of the portfolio.

Mortgage Apps Sink, But Government Share Widens
Although new mortgage applications slumped as 2016 began, government programs accounted for a bigger share of the overall market.

Mortgage Firms Tout 'Best Employer' Status
Several mortgage-related organizations have recently touted their status among local businesses as those considered to be the best employers.

Fannie Improves Whole Loan Process
Whole-loan sellers at the Federal National Mortgage Association are being provided with benefits previously limited to mortgage-backed securities clients.

Consent Orders Against Servicers Terminated
A pair of federally regulated banks that were among several to be hit with consent orders for bad servicing practices have been found to be in compliance with the orders.

Houston Has Highest Chance of Home Price Declines
As a whole, U.S. real estate has a low chance of experiencing a drop in prices. But energy-dependent areas are more vulnerable.

MTA ARM Index Jumps to 5-Year High
Borrowers whose adjustable-rate mortgages change with the Monthly Treasury Average were stung with a surge in the index.

Multifamily, Retail Hurt CMBS Delinquency
Deterioration in the performance of securitized loans backed by multifamily and retail properties hurt overall commercial real estate loan performance.

Quicken's Lawsuit Dismissed in Point for DOJ
A preemptive lawsuit filed last year by Quicken Loans Inc. against the Department of Justice has been dismissed by a federal judge in a point for the government.

Ginnie Leads Annual Growth in Agency MBS Issuance
The issuance of agency mortgage-backed securities was up by 38 percent last year, and a nearly one-half gain at the Government National Mortgage Association led the growth.

Borrowers Move to ARMs Following Fed Rate Move
During the second week since the Federal Reserve lifted rates, mortgage activity was slower than it's been in at least six years, and adjustable-rate business surged.


Mortgage Market Index 86 in week ended Jan. 1
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