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January 2017 Archive


COFI Dips Near Record Low
A minuscule monthly decline in the Cost of Funds Index during the final month of last year left it at the second-lowest level on record.

Fannie Eases Appraisal Requirements
Policy updates and clarifications made by the Federal National Mortgage Association will make appraisal reports easier to complete.

Another Illegal Fee Settlement at Prospect Mortgage
A little more than a year after Prospect Mortgage LLC settled allegations of illegal fees received by an appraisal affiliate, it has reached another illegal fee settlement.

Churchill Mortgage Lending Fades, Staffing Expands
Quarterly home-lending activity receded at Churchill Mortgage Corp. as the residential servicing portfolio held steady. But the company increased its headcount.

Respite From Deteriorating CMBS Delinquency
After ascending to a 14-month high, the rate of past-due payments on securitized commercial real estate loans took a turn for the better.

FHA Delinquency Rises
Monthly residential Federal Housing Administration business was little changed, as was its book of business. But deterioration was reported in the rate of single-family delinquency.

Fannie's Book at 3-Yr High, Lates at 8-Yr Low
The Federal National Mortgage Association's book of business climbed to a nearly three-year high, while delinquency fell to a nearly eight-year low.

Freddie Lifts Q1 Mortgage Refinance Forecast
The outlook for refinance production during the first-three months of this year has been raised by Freddie Mac, though at the expense of subsequent quarters.

Chicago Bank is 2nd Bank Failure of 2017
The demise of a Chicago bank was the second bank failure this year. Another recent casualty was that of the seventh-largest reverse mortgage originator.

Pending Home Sales End Year on Positive Note
The nation's supply of residential homes for sale expanded last month, though it's not clear if the improvement will continue into 2017.

Refis Drag Down New Mortgage Business
Although weekly home purchase financing activity moved higher, a reduction in the volume of refinance business pulled down overall new activity.

Mortgage Market Index down 7%
Citi Exiting Mortgage Servicing Business
Citigroup Inc.'s home-lending unit has reached two separate agreements that will effectively get it out of the mortgage servicing business.

Quicken Originations, Servicing and Staffing Up
Quicken Loans Inc.'s home lending volume, servicing portfolio and employee count moved up both on a quarter-over-quarter and year-over-year basis.

Mortgage Executive and Board Changes
A couple of big mortgage players have made changes to their boards of directors. Meanwhile, several regional manager appointments were among recent executive changes.

Home Point Making Major Mortgage Acquisition
Home Point Financial Corp., which has already recently made multiple mortgage investments, has agreed to acquire a publicly traded lender.

HAMP Modification Volume Increases
The government's program for modifying home loans saw a month-over-month rise as well as a year-over-year increase in volume.

EverBank's Home Lending Down, to Drop More
Mortgage originations at EverBank Financial Corp. tumbled during the final-three months of last year and are likely down further in the current quarter.

Freddie's Book Tops $2 Tril, New Biz at 4-Yr High
In addition to pushing its book of business past $2 trillion, Freddie Mac lifted secondary mortgage activity to a four-year high and cut delinquency to an eight-year low.

Mortgage Rates Rise, Could Climb More
Fixed interest rates on residential loans turned sharply higher this past week. Short- and long-term forecasts have rates increasing even more.

CMBS Delinquency Up, Further Deterioration Ahead
The rate of past-due payments on securitized commercial real estate loans increased last month and is expected to worsen further this year.

Radian's Quarterly Biz Slows, But Annual Record
Although quarterly business slowed from an all-time high at Radian Group Inc., annual activity ascended to a record as delinquency fell.

New Penn CEO: Opportunity in Millennials, Immigrants
The founder and chief of New Penn Financial LLC says that the current economic environment has created an opportunity for mortgage lenders.

Annual New Home Sales Rise, Supply Expands
Despite a month-over-month decline in new home sales, annual activity ascended, and the supply of homes for sale expanded.

Chase Mortgage Loan Originator Indicted
A former loan originator at JPMorgan Chase & Co.'s banking subsidiary has been federally indicted over allegations of mortgage fraud.

Robo Signing Debacle Costs ServiceLink $65 Million
Federal banking regulators have fined ServiceLink Holdings LLC $65 million over robo signing abuses that were committed several years ago.

Nonprime RMBS Issuance Expected to Accelerate
Mortgage securitizations backed by nonprime loans are expected to see a substantial increase this year as lenders move away from prime refinances.

Senator Criticizes Fannie's Spending on TX Office
A Republican senator had critical words for the Federal National Mortgage Association and its regulator about a new office facility in Texas.

Huntington Grows Mortgage Investments, Servicing
Home lending slowed from the prior quarter but rose from the prior year at Huntington Bancshares Inc. The mortgage servicing and investment portfolios grew.

Purchase Financing Drives Up Mortgage Applications
Although new refinance applications were little changed in the last week, an increase in purchase-money business pushed up overall activity.

Ginnie Mae MSRs Up for Auction
An offering of mortgage servicing rights on Ginnie Mae loans has hit the market. The portfolio has a wide geographic disbursement.

2016 Existing Home Sales Highest in a Decade
Despite a drop in the rate of pre-owned home sales last month, 2016 turned out to best year for the nation's existing home sales in a decade.

Movement Mortgage Hiring Hundreds
Hundreds of hirings are planned by Movement Mortgage LLC as the rapidly growing company expands its South Carolina headquarters.

Mortgage Metrics Decline at 5th 3rd
Mortgage production, servicing and revenues all declined on a quarter-over-quarter basis at Fifth Third Bancorp. Residential assets, though moved slightly higher.

Foreclosure Settlement for Citi Units
Citigroup Inc.'s home-lending and finance company servicing units have agreed to settle allegations of improperly handling distressed borrowers.

YOY Increase in Flagstar Home Lending, Servicing
Despite a quarter-over-quarter drop in mortgage originations, Flagstar Bancorp Inc. lifted lending and servicing on a year-over-year basis.

HomeStreet Mortgage Staff, Servicing Up
HomeStreet Inc.'s residential servicing portfolio and mortgage staffing expanded. But quarterly home lending activity slipped and is likely to fall further.

Tozer Recounts Time as President of Ginnie Mae
As he prepared to leave his post along with the rest of the Obama administration, the former president of Ginnie Mae talked about his wild ride over the past seven years.

Originations Down at PRMI as Servicing, Staff Up
Although there was a quarter-over-quarter decline in lending volume at Primary Residential Mortgage Inc., employee count and servicing expanded.

Mortgage Bankers Trim 2017 Refinance Outlook
For the third month in a row, the nation's mortgage bankers have reduced the volume of refinance production they expect to generate this year.

Improvement in Foreclosures, Mortgage Delinquency
Delinquency on residential loans improved both on a month-over-month and year-over-year basis, as did the rate of foreclosures.

Q1 total originations projected at $350 billion
This and next year's expected origination of loans to finance home purchases was modestly elevated. But projected 2017 refinances, however, retreated.

Democrats Hammer Mnuchin on One West Bank
President Donald Trump's nominee for secretary of the Department of the Treasury took a beating yesterday from Senate Democrats over OneWest Bank.

MLK Holiday Drags Down Mortgage Business
With refinances leading the way, new mortgage activity moved lower in the week that included the Martin Luther King holiday.higher.

Mortgage Market Index down 7%
Rising Mortgage Originations at Citizens to Slow
Home lending inched up on a quarter-over-quarter basis and soared on a year-over-year basis at Citizens Financial Group Inc., though a slowdown is in the offing.

Trump Administration Suspends FHA Premiums Cut
One of the first acts by the administration of the newly inaugurated President Donald J. Trump was to suspend a reduction in premiums on government-insured mortgages.

Mortgage Originations, Servicing Grow at SunTrust
In addition to increasing the quarterly volume of its home lending, SunTrust Banks Inc. expanded the size of its residential loan servicing portfolio.

Mortgage Rates Dip But Likely to Jump
Interest rates on residential loans turned modestly lower over the past week. But the next report is likely to reflect a significant surge in rates.

Government Backing of 30-Year Mortgage at Risk
With a sea change about to take place in Washington, the elimination of government backing for 30-year mortgages has become a possibility.

Fidelity National Title Briefly Suspended in CA
The title insurance unit of Fidelity National Financial Inc. was suspended in California, though the situation has just been rectified.

Mortgage Fraud Risk Grows, Could Rise More
Quarterly mortgage fraud risk increased and is expected to go higher. Communities in New York and Florida are at the most risk.

MGIC Earnings Soar as Business Slows
Even though new quarterly business fell at Mortgage Guaranty Insurance Corp., quarterly earnings at its parent improved.

Completed Construction, Housing Permits Decline
The annual rate of building permits and completed construction turned lower last month, though more new construction was started.

Mortgage Business Diminishes at BB&T
Quarterly home-lending volume at BB&T Corp. turned lower as the size of both the mortgage servicing and investment portfolio was reduced.

Over $4 Billion in Freddie MSRs For Sale
Mortgage servicing rights are on the market for more than $4 billion in residential loans that are backed by the Federal Home Loan Mortgage Corp.

Mortgage Closing Rate Improves
A bigger share of home loan applications closed last month -- especially compared to a year ago. Purchase and conventional loans had the best closing rate.

Mortgage Business Shrinks at Citi
In addition to a quarterly and annual decline in home lending, Citigroup Inc. reduced its mortgage servicing portfolio and residential investments.

Government Finalizes 3 Mortgage Actions
With just two days left in office, the Obama administration is close to bringing three mortgage-related actions to a conclusion.

Current Conditions Hurt Home Builder Confidence
With current sales conditions weakening, home builders are feeling less optimistic in the first month of the new year about new construction.

Mortgage Originations Fall at U.S. Bank
Quarterly home lending activity retreated from the previous period at U.S. Bancorp. In addition, new applications taken point to a further slowdown this quarter.

Mortgage Refinance Applications Outpace Purchases
While weekly home-purchase activity descended, an increase in mortgage refinance business led overall residential loan application volume higher.

KleinBank Fires Back on Redlining Allegations
Allegations that were made in a government lawsuit alleging a Minnesota bank engaged in redlining are being vigorously disputed by the 110-year-old organization.

Genworth Revises M.I. Premium Refund for Fannie
Genworth Mortgage Insurance's policies for premium refunds on defaulted residential loans varies between Fannie Mae and Freddie Mac.

Few Mortgage Layoffs Precede Potential Job Cuts
Staff reductions at mortgage firms have been relatively mild over the past few months. Conditions appear ripe, however, for an acceleration.

Freddie Drives GSE Refinances to 3-Year High
Refinances of Federal Home Loan Mortgage Corp. loans drove overall government-sponsored enterprise volume to the highest level in three years.

1st Mtg Delinquency Up, 2nd Mtg Rate Tumbles
Despite a small month-over-month up tick in the rate of serious delinquency on first mortgages, loan performance on junior liens was much improved.

Acting President Named at Ginnie
The president of the Government National Mortgage Association will depart with the outgoing administration, and an acting replacement has been named.

DOJ Sues MN Bank Over Mortgage Redlining Charges
The federal government has filed a lawsuit against a bank out of Minnesota alleging housing discrimination against minorities.

NJ Bank is First to Fail in 2017
The nation's first bank failure of 2017 was located in the Northeast. Two other financial institutions to go down were further west.

HomeStreet Hurt by Market Forces, Settles w/SEC
HomeStreet Inc. revealed a small settlement with the Securities and Exchange Commission and said income was disrupted by the mortgage market.

Moody's Reaches RMBS Settlement
Moody's Investor Services Inc. and some Moody's affiliates have agreed to settle allegations of misleading investors about mortgage-backed securities.

Home Lending Slows at PNC
A quarter-over-quarter slump in mortgage lending at The PNC Financial Services Group Inc. was met with annual production that managed to keep up with the prior year.

First Republic Grows Mortgage Business
Mortgage production, servicing and assets at First Republic Bank all increased on a quarter-over-quarter and year-over-year basis.

MSRs Being Auctioned on $1.4 Billion in GSE Loans
A bulk offering of mortgage-servicing rights on government-sponsored enterprise originations includes rights on more than $1.4 billion in loans.

Falling Rates Drive Up Mortgage Refinance Biz
A recent decline in mortgage rates has driven up demand from borrowers who missed out on the last refinance opportunity, though home buyers were also busier.

Mortgage Market Index up 32%
BofA 2016 Mortgage Originations Beat 2015
More residential loans were originated last year at Bank of America Corp. than in the prior year. A quarterly improvement was also made by the home lender.

Chase's Staff, Mortgage Originations Increase
Quarterly home-lending volume accelerated at JPMorgan Chase & Co., while the financial institution's human resource assets have been expanding.

3-Year High for Wells Fargo Mortgage Originations
The country's biggest U.S. residential lender and servicer, Wells Fargo & Co., pushed up annual home-loan production to a three-year high.

Senate Hearing Held for Carson as HUD Secretary
President-elect Donald J. Trump's choice to the head of the Department of Housing and Urban Development testified before senators Thursday.

Mortgage Firms Report Hirings
Several real estate finance firms have reported hundreds of hirings they have recently made, while a number of other organizations still have plans to expand their payrolls.

Declining Mortgage Rates to Hold
Pricing on residential financing products was better this past week, and all of the latest indications are that they will be similar in the next rate report.

Wells Fargo MN Borrowers Surprised by Notice
The home-lending subsidiary of San Francisco-based Wells Fargo & Co. had some Minnesota borrowers briefly worried about paid property taxes.

Treasury Nominee Reports Holdings, Divestiture Plan
President-elect Donald J. Trump's nominee to head the Treasury Department revealed a divestiture plan that includes the firm that acquired OneWest Bank.

Lake Michigan CU Originations Off, Servicing Up
Quarterly mortgage originations were down from the prior period at Lake Michigan Credit Union, as was annual lending. The servicing portfolio grew, though.

Record Annual MBS Issuance, Outstandings at Ginnie
Annual loan securitizations ascended to an all-time high last year at the Government National Mortgage Association, as did the company's book of business.

Purchase-Money Mortgage Milestone for Arvest Bank
The volume of loans made to finance home purchases at a bank operating from Arkansas has surpassed the billion-dollar milestone.

Post-Holiday Mortgage Apps Ascend
Moving on from the latest holiday season, loan originators initiated more new business during the latest seven-day period.

Senators Want Trump's Swift Firing of CFPB Chief
Two Republican senators are calling on President-elect Donald J. Trump to quickly tell the director of the Consumer Financial Protection Bureau 'you're fired' after taking the oath of office.

Post-Crisis Mortgage Success Stories
Several non-bank home lenders have risen from the ashes of the financial crisis to become some of the biggest players in the nation's new mortgage banking sector. Here are their stories.

HEL, HELOC Delinquency Improve
The quarterly rate of delinquency on home-equity loans that are owned by banks tumbled. Also dropping was the rate on home-secured credit lines.

Home Repossessions Nearing Pre-Crisis Pace
The monthly rate of real-estate-owned filings has fallen to a level that is very near the pace of completed foreclosures prior to the housing crisis.

Private M.I. Firms Unhappy With FHA Premium Cuts
Private mortgage insurance companies are annoyed at the Federal Housing Administration's decision to lower mortgage insurance premiums.

HAMP Tab Reaches $23 Billion
Government funds used to pay for the Home Affordable Modification Program have reached nearly $23 billion as the program neared its sunset.

Servicing Consent Order Against HSBC Terminated
Five years after a consent order was issued against, HSBC Bank USA, N.A., it has been terminated -- though the bank still was hit with a penalty.

FHA Cuts M.I. Premiums
As a result of ongoing economic improvement, mortgage insurance premiums on government-insured loans have been reduced.

Biggest Q3 Mortgage Companies
As the country's mortgage lenders boosted quarterly production, there were some changes among the top-ranked originators and servicers.

BofA Charged With Discriminating Against Hispanics
Bank of America, N.A., has been charged with treating Hispanic mortgage applicants in South Carolina worse than their non-Hispanic counterparts.

Modest Recovery for Weekly Mortgage Business
Just one week after plummeting to an all-time low, the U.S Mortgage Market Index rebounded, although it still remains well below recent norms.

Mortgage Market Index up 23%
Quicken Parent Getting In Mortgage Lead Business
With a deal reached to make two upcoming acquisitions, the parent of Quicken Loans Inc. will be in the business of mortgage lead generation.

Attorney Who Forged Assignments Only Gets Probation
A Massachusetts attorney who forged mortgage assignments so he could fraudulently collect over $1 million in payoff proceeds has avoided prison.

2016 HECM Originations Slump Despite Monthly Surge
Despite a surge in the final month of last year for federally insured reverse mortgage production, annual production slumped.

US Jobs Report Weak as Mortgage Staffing Strong
Although the employment report for all industries was less than stellar, non-bank mortgage employment has expanded for nine consecutive months.

Mortgage Rates Sink, Further Decline Likely
A nice improvement was recorded this past week for interest rates on residential loans, and the forecast is for a further decline.

Dozens Laid Off at Wyndham Capital Mortgage
Current market conditions are being blamed for dozens of layoffs that took place earlier this week at Wyndham Capital Mortgage Inc..

Over $300 Million in HELOCs Sold
A whole-loan transaction has been executed on the sale of more than $300 million in seasoned home-equity lines of credit.

10-Year Low for Consumer Bankruptcy Filings
Last year, there were fewer consumer bankruptcies filed than in any year during the last decade. Monthly filings, though, rose from a year earlier.

Bank Mortgage Delinquency, Foreclosures Fall
Quarterly delinquency on residential loans serviced by banks moved lower, as did the number of foreclosures that were initiated and completed.

4 Consecutive Months of Easing Mortgage Credit
Credit conditions in residential real estate finance have loosened for four consecutive months. Jumbo lending eased most last month.

Companies Issue Mortgage Production Reports
A variety of mortgage origination statistics have been reported for home lenders, including rural lending and lending in the Big Apple.

Fannie Announces M.I. Updates
Corporate changes at mortgage insurance companies have prompted the Federal National Mortgage Association to issue mortgage insurance updates.

Walter Investment Unloading Insurance Subsidiary
The insurance subsidiary of Walter Investment Management Corp. is being sold. Word of the deal drove up its sagging share price.

eMortgage Warehouse Product Launched
A bank that is operating out of the Lone Star State has unveiled a warehouse lending product that is completely electronic.

Holidays Hamper Mortgage Applications
New applications for residential loans took a turn for the worse during the holidays, though purchase-money activity mostly held up compared to a year previous.

Another Credit Bureau Settlement Reached
Just days after a settlement was disclosed by one provider of credit services, another settlement has been revealed with another credit services provider.

Range of Mortgage-Related Conferences During Q1
A range of mortgage-related events taking place during the first quarter of this year include a pair of commercial real estate conferences, a bankruptcy convention and an independent lender event.

Offering Could Yield MSRs on Up to $1 Bil in Loans
A new offering could provide the successful bidder with mortgage servicing rights on as much as $1 billion in government-sponsored enterprise loans.

Acquisition Creates New Biggest Mortgage Insurer
The recent closing of an acquisition by Arch Capital Group Inc. has created a new behemoth among the nation's mortgage insurance companies.

M.I. Premium Deduction Expires
The ability to write off mortgage insurance premiums has expired, though it is possible that lawmakers could extend the M.I. deduction.

Surge in CMBS Delinquency Led by Office Loans
A wave of maturing securitized commercial real estate loans continued to take a toll on performance. Office delinquency deteriorated most.

Monthly MBS Issuance Surges at Fannie Mae
Issuance of mortgage-backed securities at the Federal National Mortgage Association soared last month, driving up overall agency issuance.

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