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February 2017 Archive


CMBS Delinquency Rises, More Deterioration Ahead
Performance on securitized commercial real estate loans worsened for the second consecutive month, and the outlook is for more deterioration.

6-Month Low for Freddie Business
Secondary activity sank to the slowest level in six months at the Federal Home Loan Mortgage Corp. Delinquency, meantime, fell to a new post-crisis low.

Mortgage Risk Rises as Cashout Transactions Grow
An increase in the volume of cashout originations is creating more risk for mortgage investors, according to a new ratings agency report.

Appraisal Services Integrated Into LOS Systems
Appraisal services have been integrated into multiple loan origination systems. Meanwhile, an update has been issued for government appraisals.

Coasts, Mountain Region Lead Home Price Gains
Multiple home price indices continue to ascend. Leading the gains are coastal locations, though the Mountain Region is faring well.

2017 Home Purchase Financing Forecast Boosted
The volume of home purchase financing expected this year has been lifted. In addition, last year's overall origination estimate also increased.

12-Month Low in Pending Home Sales
A drop in the nation's pending home sales last month is a bad sign for upcoming home sales. The West led the decline.

Regions Servicing, Annual Mortgage Originations Up
Last year's home-lending volume at Regions Financial Corp. increased as servicing grew. But mortgage delinquency turned higher.

Refinances Overcome Holiday
Despite a four-day holiday week, there was a healthy ascension in new refinance business. New jumbo activity had the strongest week-over-week increase.


Mortgage Market Index up 5%
MSRs For Sale on Over $1 Billion in GSE Loans
Mortgage servicing rights are for sale on over $1 billion in government-sponsored enterprise loans with a California concentration.

Hilltop 2016 Mortgage Earnings Down, Lending Up
Last year, mortgage production moved higher at Hilltop Holdings Inc. But earnings from the home-lending business turned sharply lower.

Waning Refinances Drive Up Mortgage Fraud Risk
As the share of refinance mortgage originations continues to subside, more risky financing for home purchases is driving up the level of mortgage fraud risk.

Former Executives of Big Mortgage Firms Recruited
Some smaller and younger mortgage banking organizations have recruited former executives from large, more established home lenders.

New Home Sales Accelerate, Northeast Leads
The annual pace of new home sales strengthened last month. The Northeast led the rise, though the Midwest was close behind.

Impac Originations Tumble, Could Plunge in Q1
Quarterly home lending sank by over a fourth at Impac Mortgage Holdings Inc. and is likely plunging during the current quarter.

Mortgage Rates Little Changed 4 Weeks, Could Fall
For the fourth week in a row, interest rates on residential loans moved little. But it looks like a decline could be ahead in the next report.

Appraiser Fraud Alert Issued
A rash of cases have been uncovered where the identity of appraisers approved for government mortgages have been stolen.

Risk of Default Down on Mortgages
A quarter-over-quarter and year-over-year decline was recorded for the level of risk on new mortgage originations.

Jumbo Leads Quarterly Rise in RMBS Issuance
Non-agency mortgage securitization volume accelerated during the final-three months of last year, with jumbo activity leading the way.

Ocwen Losses, Servicing and Originations Down
Ocwen Financial Corp. cut its quarterly losses. Also retreating was residential lending volume and the mortgage servicing portfolio.

Mortgage Delinquency Down in January
The first month of this year was a good one for home-loan performance, with delinquency and foreclosures retreating.

Growth in Caliber Home Loans' Servicing, Staffing
As has been the case for many lenders, quarterly originations slipped at Caliber Home Loans Inc. But servicing and staffing expanded.

Ocwen Executes Major Compliance Overhaul
The executive who oversees compliance at Ocwen Financial Corp. has had his work cut out for him since taking the job nearly two years ago. In an interview, he talked about overhauling compliance.

Existing Home Sales Start 2017 Strong, West Leads
Last month, the annual rate of pre-owned residential home sales accelerated from the final month of last year. The improvement was led by sales in the West.

Nationstar Earnings Soar, Servicing Portfolio Grows
Despite a drop in quarterly loan production, Nationstar Mortgage Holdings Inc.'s servicing portfolio grew and earnings exploded.

Purchase Financing Leads Drop in Mortgage Apps
A weekly decline was recorded for new mortgage applications. Purchase financing activity was out front of the slowdown.

Fairway's Annual Lending, Servicing and Staffing Up
Fairway Independent Mortgage Corp. experienced a year-over-year expansion in its home-lending volume, servicing portfolio and employee count.

Biggest 2016 Commercial Mortgage Servicers
When it comes to servicing the country's commercial real estate loans, there has been a shakeup among the biggest players versus a year earlier.

2018 Home Purchase Financing Forecast Lowered
The expected volume of lending to finance home purchases next year has been lowered, as was the estimate for last year's production.

1st Mortgage Delinquency Worsens Again
For the second month in a row, the rate of seriously past-due payments on residential loans in first-lien position moved higher. The second-mortgage rate also rose.

Up Tick in Annual HAMP Volume as Proprietary Down
Although overall loan modification volume was down in 2016, an increase was recorded for the government-supported program.

CMBS Issuance Down as Multifamily, GSE Lending Up
Driven by the government-sponsored enterprises, multifamily lending rose last year, as did office loan originations. But issuance of commercial mortgage-backed securities tumbled.

Mortgage Bankers Raise Q1 Refinance Forecast
The volume of refinances expected by the country's mortgage bankers during the first-three months of this year has increased.

MGIC Relaxes Program Requirements
MGIC has relaxed some of its underwriting guidelines. Among the changes are higher loan-to-value ratios, increased loan amounts and reduced credit scores.

Ocwen Reaches $225 Million Settlement With CA
A $225 million settlement with the state of California resolves a consent order that was reached in early 2015 with an Ocwen Financial Corp. unit.

Mortgage Business Down Heading Into Holiday
Heading into the Presidents Day holiday weekend, new refinance activity sank -- driving down overall mortgage business. But adjustable-rate business soared.

Mortgage Market Index down 17%
Nearly $800 Million in GSE Loans for Sale
Nearly $800 million in distressed government-sponsored enterprise residential loans have been put on the auction block.

CFPB Wins Round in PHH Lawsuit
The Consumer Financial Protection Bureau has won a round in a contentious lawsuit that was previously filed by PHH Corp.

Buyer Found for PHH's Jacksonville PLS Unit
A buyer has emerged for PHH Mortgage Corp.'s private-label services operation that is located in Jacksonville, Florida.

Potential Enforcement Action Against Altisource
Altisource Portfolio Solutions S.A. has disclosed that it faces a potential enforcement action over technology services that it has provided to Ocwen Financial Corp.

MSRs For Sale On Ginnie Loans
Bids are being taken for a portfolio of mortgage servicing rights on Ginnie Mae loans that have a concentration on the East Coast.

Fannie's Annual Business and Earnings Increase
Income, mortgage-backed securities issuance and the book of business all grew last year at the Federal National Mortgage Association.

Mortgage Rates Poised For 4th Week of Little Change
Mortgage rates have hardly moved over the past three weeks, and at least one forecast suggests that fixed rates might continue to stay frozen.

FHA's Role Uncertain in Trump Era
With the Trump administration's recent reversal of premiums on government-insured mortgages, it's uncertain how the Federal Housing Administration will evolve.

Decline in Home Construction Started, Completed
The annual rate of building permits soared to the highest level since 2015. But weakening was reported for construction started and completed.

Servicing Systems Go Mobile
A new application enables mortgage servicers to offer their borrowers access to their accounts from their phones and tablets.

Annual Earnings, Business Up at Freddie
Annual earnings, secondary lending activity and loans outstanding all increased in 2016 at the Federal Home Loan Mortgage Corp.

PHH Mortgage Fundings Fall, Losses Balloon
Quarterly losses at the parent of PHH Mortgage soared past $200 million as home-lending volume fell. The company is transitioning into a smaller business.

National MI's New Business Slips, Book Expands
While there was a year-over-year rise in quarterly business at National Mortgage Insurance, a quarter-over-quarter decline occurred. The book of business grew.

GSE Refinances Down Despite HARP Up Tick
Although there was a monthly increase in government-supported refinances, overall government-sponsored enterprise refinances slowed.

Mortgage Lates Surge, Foreclosures at 9-year Low
Even though the foreclosure rate fell to a nine-year low and foreclosure starts sank to a 28-year low, quarterly 30-day mortgage delinquency spiked.

Home Lenders Take More Risk, Gov Share Shaken Up
There was a significant change in the share of government home-loan originations last month. Meanwhile, lenders took more risk with credit scores and debt-to-income ratios.

Sinking Homebuyer Traffic Hurts Builder Confidence
A plunge in homebuyer traffic for new homes drove down the level of confidence among the nation's home builders for the second month in a row.

Refinance Share Sinks to 8-Year Low
It's been almost eight years since the share of refinance applications was as low as it was last week. Overall activity fell.

Mortgage Servicing Technology in Play
A recent report indicates that, driven by regulations, loan servicing technology is migrating to the cloud. One service provider seems to recently be dominating the market.

Wholesale Lenders Offer Nonprime, High LTV Jumbo
New programs recently being offered by wholesale mortgage lenders include nonprime programs, high loan-to-value jumbo loans and a product for foreign national borrowers.

$1.8 Billion in GSE Loans for Sale
A nearly $1.8 billion portfolio of government-sponsored enterprise mortgages is being auctioned off to the highest bidder.

HomeBridge Closes on Prospect Acquisition
With the closing of an acquisition announced last year, two mortgage banking firms have combined to create one of the nation's 20-largest lenders.

Home Repossessions Return to Pre-Crisis Pace
For the first time since the national housing crisis, the monthly pace of completed foreclosures has fallen back to pre-crisis levels.

Mortgage Originations Up at loanDepot
While many of its peers saw residential loan production weaken during the final quarter of last year, loanDepot LLC reported a healthy gain in new business.

Dramatic Increase in Arch M.I.'s Book of Business
With the recent completion of a major acquisition, Arch Mortgage Insurance Co.'s book of business skyrocketed and delinquency deteriorated.

Mortgage VP, SVP and EVP Appointments
Among a host of recent appointments at mortgage banking firms are a pair of regional vice presidents and variety of other home-lending executives.

Large Northeast Credit Union Fails
A federally insured credit union that is operating in the Empire State with nearly $2 billion in assets has gone belly up.

Best LendingTree Network Mortgage Lenders
Residential finance firms that participate in the LendingTree network have been rated by their customers, an the results are in.

Mortgage Disparity Between Operating Systems
In what appears to be a case of disparate impact, users of Windows and Android operating systems pay higher mortgage rates than Apple users.

$1.3 Billion in Ginnie MSRs Up for Auction
A successful bidder will pick up mortgage servicing rights on over $1.3 billion in Ginnie Mae loans with a 10 percent concentration in Florida.

New Mortgage Business Up 2nd Consecutive Week
For the second week in a row, new residential lending activity accelerated, with government business out front during the most-recent seven-day period.

Mortgage Market Index rises 12%
New CEO at Quicken Loans
An insider has been named to head up Quicken Loans Inc.'s management team. A domino effect impacted three high-profile executives.

BofA Operates Automated Branch Network
Automated bank branches have become a reality at Bank of America Corp., enabling customers to video chat with employees at other locations.

2nd Week No Change in Mortgage Rates, 3rd Possible
For the second week in a row, interest rates on residential loans didn't change much. It's possible that the trend could extend to three weeks.

Ginnie MBS Outstanding at All-Time High
Despite a decline in monthly securitizations guaranteed by the Government National Mortgage Association, its book of business reached a record.

New CEO Named at Radian
The top executive at the parent of Radian Guaranty Inc. is retiring, and a successor has been named to run the mortgage insurance company.


S.A. Ibrahim retiring
Mortgage Complaints Improve More than Overall
Trends in mortgage complaints are far more favorable than trends for those filed for all types of financial products on a monthly and annual basis.

Mortgage App Targets Millennials
A proprietary application developed by an Illinois mortgage lender is intended to appeal to millennials who want to research loan programs anonymously.

Annual Mortgage Lending Up at Prosperity
Even though quarterly originations moved lower at Prosperity Home Mortgage LLC, an up tick was recorded for annual activity.

Mortgage LOS Improvements, Integrations
One of the industry's most popular loan origination systems has been upgraded. Other LOS enhancements involve technology integrations.

FHA IT Improvement Cost Estimates Deficient
A new government report indicates that cost estimates for the automation and modernization of the Federal Housing Administration have been deficient.

East Leads Month-Over-Month Home Price Gains
While the most-impressive year-over-year gains in residential property values have been on the West Coast, the East leads month-over-month appreciation.

Mortgage Apps Up Even as Refi Share at 7-Year Low
Prospective mortgage borrowers were busier last week initiating the loan process even though refinance share was cut to its thinnest level in seven years.

FHA Settlement for Firm, Senior Executives
Franklin First Financial LTD and top executives have settled allegations of concealing loan defaults on government-insured mortgages.

Genworth's U.S. M.I. Business Grows in 2016
New insurance written and the book of business at Genworth Mortgage Insurance Corp. both expanded last year.

Mortgage Standards Sustained at Banks
For most depository institutions, credit standards for a range of residential lending programs haven't changed much over the past three months. Demand was mixed.

Acquisition Creates No. 4 Correspondent Originator
With an acquisition deal negotiated, Flagstar Bancorp Inc. will be able to claim the title of the fourth-largest correspondent mortgage originator.

Mortgage Credit Eases 5 Months in Row, Jumbo Leads
Lending conditions in real estate finance were more relaxed for the fifth consecutive month. Jumbo lending loosened most.

Investments Made in Mortgage Firms
Deals have been negotiated, and some closed, to acquire residential lenders. In addition, capital investments have been made in some mortgage firms.

Growth in Guild Mortgage Servicing, Staff
Despite slowing loan production at Guild Mortgage Co., the company experienced growth in its servicing portfolio and its staffing.

Dodd-Frank Rollback No Easy Task
The process of rolling back restrictive financial regulations that have been implemented over the past seven years faces a number of obstacles.

California Leads Mortgage Job Expansion
A healthy quarterly expansion was recorded for employment in the residential lending industry. Faring best was the Golden State, though the Lone Star State also made impressive gains.

Flow MSR Offering Could Exceed $2 Bil in Loans
A concurrent flow servicing offering could work out to mortgage servicing rights on as much as $2.250 billion in government-sponsored enterprise loans.

Bankruptcy Filings Slip But Up from Year Earlier
Fewer of the nation's consumers resorted to bankruptcy last month, though activity was heightened compared to the first month of 2016.

Trump Signs Exec Order to Scale Back Dodd-Frank
President Donald J. Trump has signed an executive order in a move intended to scale back the Dodd-Frank Wall Street Reform and Consumer Protection Act.

Options for GOP Lawmakers to Dismantle Dodd-Frank
While Republicans lack enough votes in the Senate to pass legislation to dismantle the Dodd-Frank Wall Street Reform and Consumer Protection Act, there are other options.

Jumbo Leads Weekly Mortgage Activity Higher
New home-lending activity strengthened during the past week, with both refinancing and home-purchase financing showing a gain. Jumbo business gained the most.


Mortgage Market Index up 12%
Mortgage Jobs Continue to Expand
For the 10th month in a row, the size of the nation's mortgage workforce has expanded. Healthy job growth was reported for all industries.

Record Mortgage Originations at PennyMac
Quarterly and annual home-lending volume at PennyMac Financial Services Inc. climbed to the highest level ever achieved.

Mortgage Rates Unchanged, Could Hold Longer
Over the past week, there was hardly any change in fixed rates on residential loans. More of the same is likely during the upcoming week.

Flagstar Bancorp Mortgage President Departing
After just a year-and-a-half on the job, the head of Flagstar Bancorp Inc.'s mortgage banking division is leaving the financial institution.

Home Lending Slows at Alaska USA FCU
Quarterly and annual mortgage production fell from the prior period at Alaska USA Federal Credit Union. Servicing and staffing, meanwhile, were little changed.

HECM Endorsements Up From Year Earlier
Although there was a month-over-month decline in federally insured reverse mortgage production, activity accelerated on a year-over-year basis.

Movement's Annual Originations, Staffing Climb
In addition to boosting its annual home-lending volume by more than half, Movement Mortgage LLC added nearly a thousand employees last year.

Several Topics to Be Covered at Mortgage Events
Topics to be covered at several upcoming events tied to home lending include mortgage servicing rights, reverse mortgages and social media. Compliance is also on the agenda.

Fundings and Servicing Down, Staff Up at Navy FCU
While residential loan servicing and quarterly originations were slightly lower at Navy Federal Credit Union, there was an expansion in mortgage staffing.

Fannie MBS Issuance Tumbles
After soaring in the final month of last year, securitizations at Fannie Mae sank in the first month of this year -- leading overall agency issuance lower.

Purchases Pull Down Mortgage Applications
Softening in new loan applications to finance a home purchase were out front of a week-over-week decline in overall new mortgage applications.

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