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February 2018 Archive

Another Auditor Settles Over Taylor Bean Fraud
A second financial auditing firm has reached a settlement that is tied to the failure of Taylor, Bean & Whitaker Mortgage Corp.

MSRs on Over $700 Million in Loans For Sale
Bids are being solicited for mortgage servicing rights on more than $700 million in agency home loans with a three-state concentration.

Fannie's New Business Lowest in 8 Months
It has been eight months since new business at the Federal National Mortgage Association was as low as it was in January. Delinquency, meanwhile, improved.

Risk Of Mortgage App Fraud Up
Over the past year, the risk of bad information being submitted on mortgage applications has worsened. Florida high-rise condominiums are an especially risky category.

Pending Home Sales Plunge to 3-Year Low
With the Northeast leading the way, the inventory of single-family properties that were under contract last month fell to the lowest level in over three years.

23-Month Low for Freddie's New Business
New monthly business fell to the lowest level in nearly two years at the Federal Home Loan Mortgage Corp. Serious delinquency on residential loans, however, improved.

PHH Mortgage Production Sinks, Servicing Down
Quarterly home-lending activity at PHH Mortgage tumbled, while the servicing portfolio has been cut to just a fraction of its year-earlier size. Good news is that losses were slashed.

Home Purchases Drive Up Mortgage Applications
New weekly applications for home loans increased, and the escalation in activity was due to an increase in home purchase financing. Government share was the widest it's been in five weeks.

Berkshire Units Make 2nd Mortgage Acquisition
For the second time in the past six months, a unit of Berkshire Hathaway is making an acquisition that includes a home-lending operation.

Ocwen Acquiring PHH
A deal has been reached for Ocwen Financial Corp. to acquire the parent of PHH Mortgage Corp. The merger is intended to bring more scale to Ocwen.

Several Mortgage C-Suite Changes
Several mortgage banking firms have reported turnover in their C-suites. In addition to changes at the top, several other companies have made some mid-level management changes.

Fannie Improves HomeStyle Renovation Program
Enhancements have been made to the Federal National Mortgage Association program for purchase and refinance loans that include funds for home improvements.

Q4 2017 Mortgage Origination Estimate Increased
The latest economic projection has residential loan originations during the final-three months of last year $30 billion higher than previously thought.

CO, NV & NY See Big Home Price Gains, Seattle Most
While Washington's largest city continues to dominate home-price gains, Colorado, Nevada and New York are all showing signs of strength.

Prison for Mortgage Broker
A former Texas mortgage broker has received a prison sentence for his role in deceiving wholesale lenders on more than a dozen transactions.

Jobs Driving Rising Mortgage Rates
Conventional wisdom suggests that rising interest rates on home loans will drive some prospective home buyers from the market.

Credit Union Largest Mortgage Originator in E CT
A credit union in The Constitution State has been recognized as the largest single-family lender in Eastern Connecticut.

Northeast Leads New Home Sales Slump
New home sales in the Northeast led a national month-over-month decrease last month. While opinions vary on why sales were down, the outlook is optimistic. The supply of new homes for sales was the greatest since 2014.

Citizens' Home Lending Drops, Servicing Grows
Although quarterly and annual mortgage production was down at Citizens Financial Group Inc., the residential asset and servicing portfolios have grown.

Mortgage Bankers Nudge Up Q1 Refi Forecast
Over the past month, mortgage bankers have grown more optimistic about the volume of refinances that will be originated during the first-three months of this year.

Pool of Investor Mortgages Being Auctioned
A pool of non-owner occupied home loans with a three-state concentration are being auctioned off to the highest bidder.

Mortgage Biz Up From Yr Ago, Rate-Term Share Sinks
Compared to a year ago, more borrowers locked in rates on their home loans this holiday week. A slowdown in refinance activity continued, with rate-term transaction share at its most narrow point on record. Government business also saw a big decline.
Government business tumbles
Mortgage Delinquency Sinks, Foreclosure Starts Soar
As last year's hurricanes continue to have an impact on the performance of mortgages, delinquency tumbled and new foreclosure filings soared.

Weekly, Monthly Rates Up Again, Likely to Continue
Mortgage rates increased on a weekly and monthly basis to the highest level since 2014, and more ascension is expected. Rising rates are driving more borrowers into adjustable-rate mortgages.

Record Purchase Lending at Guild, Staffing Grows
(updated Feb. 26) Annual home lending held up at Guild Mortgage Co., which reported an all-time high for purchase-money volume. Staffing and the servicing portfolio expanded.

Some Credit Scores Rise After Changes to Reporting
Changes to the reporting of public records on credit bureaus last year have begun to yield improvements to credit scores for some consumers.

Trade Group Chief Apologizes to Quicken Loans
The president of a state mortgage trade group has apologized to Quicken Loans Inc. for statements he was quoted as making for a news story about discrimination.

IRS Clarifies Home Equity Interest Deductibility
A clarification has been issued by the Internal Revenue Service about the deductibility of interest that is paid on home-equity and junior-lien products.

Refi Share Surges as Lenders Relax Requirements
Last month saw a significant surge in refinance share. While loan-to-value ratios tightened, other metrics were more flexible. Turn times have sped up over the past year.

Dismal Month for Existing Home Sales
Monthly sales of pre-owned homes fell to the lowest level in two years, while the annual rate was down from a year earlier by the most in three years.

Ditech CEO Leaves, Interim Replacement Named
The chief executive officer of the company formerly known as Walter Investment Management Corp. has left, and an interim replacement has been named from within the company.

Mortgage Apps Slump, Gov Share Down Again
Although mortgage applications turned lower last week, purchase activity has improved on a year-over-year basis. For the fifth consecutive week, the share of government applications has fallen.

MSRs On $2 Bil in Agency Loans Being Auctioned
Bids are being accepted for an offering of mortgage servicing rights on nearly $2 billion in agency residential loans. The deal has a three-state concentration.

Best Mortgage Employers of 2018
Five mortgage-related companies were rated among the country's 100-best employers by their workforce. The top-rated mortgage firm has made the list each of the last 15 years.

Mortgages O/S Up, Post-Recession Low for Lates
The collective balance of residential loans outstanding increased in the final quarter of last year, while mortgage delinquency fell to the lowest level since the recession.

Supreme Court Deals Blow to GSE Investors
The Supreme Court has denied a request by speculative investors in the government-sponsored enterprises to reconsider a case against the government. The decision could open the door to an initial public offering.

Alternative Valuations Could Hurt RMBS Quality
Increased utilization of alternative real estate valuations could have a negative impact on the quality of residential mortgage-backed securities. But there are some positives to the shift.

Serious Mortgage Delinquency Deteriorates
First mortgage serious delinquency moved higher last month. Recently rising interest rates on residential loans have not yet impaired consumers' ability to qualify for new mortgages.

Frmr Trump Campaign Chair Accused of Mortgage Fraud
The former chairman of President Donald J. Trump's presidential campaign has been accused of mortgage fraud.

Several Dozen Being Laid Off at Movement Mortgage
Several dozen employees are being laid off at Movement Mortgage LLC. The staffing reduction comes even as the lender plans further hirings.

Employees Take Over USA Mortgage
Employees of USA Mortgage have become the owners of the company, though the current owner will stay on as chief executive officer.

Jury Convicts Former Judge of Mortgage Fraud
A federal jury has found a former judge guilty of mortgage fraud. The conviction comes less than a month after a loan originator agreed to testify against her.

C-Suite Guilty Pleas at Defunct Mortgage Banker
Guilty pleas have been given by two of three former top executives of defunct mortgage banking firm who are accused of defrauding warehouse lenders on nearly $9 million in draws.

2-Year Outlook for Home Lending Cut
The expected volume of residential loan originations has been cut by $56 billion for this year and next year. Last year's refinance estimate, meanwhile, has been boosted.

Hilltop Holding's Home Lending Falling
Home lending volume turned lower in the final quarter of last year at Hilltop Holdings Inc., and a more sharp decline is likely ahead. Overall earnings increased, but mortgage income fell.

Housing Starts Strongest Since 2016 on Multifamily
As multifamily dragged down completed construction, it was responsible for pushing up new housing permits and driving housing starts to the highest level since 2016.

Purchase Mortgage Surge Overcomes Refi Slump
New purchase-money lending activity accelerated this past week, lifting overall business despite that refinances slowed to the lowest level since last year. Adjustable-rate prospects grew.
Weekly ARM business strengthens
Nonperforming GSE Loans For Sale
Bids are currently being accepted on more than $400 million in non-performing government-sponsored enterprise home loans.

Mortgage Rates Jump to Nearly 4-Year High
Interest rates on residential loans continued to rise, this time to the highest level in nearly four years. The outlook is for continued escalation over the next week.

Record Business at National M.I.
Quarterly business ascended to an all-time high at National Mortgage Insurance Corp. As the book of business grew, so did delinquency.

MBA Disputes Mortgage Discrimination Analysis
A analysis of the rate some minorities are turned down for a home loan versus their white counterparts reflects badly on lenders. So one trade group has retorted.

Northeast Holds Back Builder Confidence
Increased sales expectations among home builders offset diminished confidence about current sales conditions. The Northeast was the only region with deterioration.

Freddie Finances Fewer Housing Units in 2017
The Federal Home Loan Mortgage Corp. provided financing for 110,000 fewer housing units last year than it did in 2016. Quarterly earnings deteriorated.

Ginnie MBS Issuance Slowest in 10 Months
Securitizations on behalf of the Government National Mortgage Association decreased to the lowest level in 10 months. The company's book of business is nearing $2 trillion.

Mortgage Debt Continues to Expand, HELOCs Contract
America's book of single-family loans expanded last year, though the balance of home-secured credit lines outstanding declined. Serious mortgage delinquency dropped.

GSE Refinances Climb to 10-Month High
The final month of last year saw refinances of government-sponsored enterprise loans climb to a 10-month high. But annual refinance production tumbled.

Little Impact on Home Purchases From Rising Rates
A pair of reports suggest that sales of single-family properties this year are not likely to be impacted much from the rising trend for interest rates.

Fannie to Request Funds from Treasury on Loss
After-tax losses at the Federal National Mortgage Association will result in a request for funding from the Department of the Treasury. Single-family refinance volume sank last year.

Stearns Lending Letting North Texas Employees Go
Several dozen positions are being eliminated by Stearns Lending LLC at a mortgage facility that is located in North Texas.

Purchases Lead Weekly Mortgage Applications Lower
With home-purchase activity leading the way, the volume of new mortgage applications faltered last week. The share of applications for government loans thinned for the fourth week in a row.

Arch M.I.'s Annual Business More than Doubles
Annual business more than doubled at Arch Mortgage Insurance Co. thanks to a huge acquisition. Quarterly business slowed as defaults deteriorated.

Over $1 Bil in Non-Performing GSE Loans For Sale
More than $1 billion in non-performing residential loans backed by a government-sponsored enterprise are being sold.

Serious Mortgage Delinquency Up in Hurricane Areas
No monthly change was recorded for the non-current rate on mortgages. But serious delinquency intensified due to deterioration in areas impacted by hurricanes.

Trump Budget Raises G-Fees
Private home lenders are expected to benefit from a proposed increase in the fees for the government-sponsored enterprises to back home loans.

CFPB Strategic Plan More Fair for Regulated Firms
While the acting chief of the Consumer Financial Protection Bureau says the regulator will fulfill its statutory responsibilities, it won't go any further than that.

Nationstar Merging With Former WaMu Bank Parent
The former parent of Washington Mutual Bank is merging with Nationstar Mortgage Holdings Inc. The transaction follows the sale of Nationstar's primary shareholder.

Bids Sought for Agency MSRs
An auction is being conducted for the sale of mortgage servicing rights on agency single-family loans that have a West Coast concentration.

Mortgage Broker Group Launches
A new trade group was launched for mortgage brokers with plans to bolster wholesale market share. Over a thousand people joined the first morning. The group's inaugural convention takes place in Sin City.

Quarterly CRE Lending Highest in Over Decade
Annual commercial real estate lending moved up last year, while quarterly production ascended to the highest level in over a decade.

Tax Law Cuts Into PACE Loan Demand
Changes in the tax law could reduce demand for the controversial Property Assessed Clean Energy Loans, according to a new ratings agency report.

Agency MSR Offering Has NY Concentration
An offering of servicing rights on a portfolio of nearly $800 million in agency home loans has a concentration of properties that are located in the Empire State.

HUD Funding Up In Trump's Budget Proposal
President Donald J. Trump's federal budget proposal moves some expenses to the states and has deficits continuing to expand over the next two years. Funding for the Department of Housing and Urban Development has been increased from last year's proposal, while more activity is expected from the Government National Mortgage Association.

Regulation Reduction Continues at CFPB
The latest request for information from the Consumer Financial Protection Bureau marks the third in the past month as the Trump administration continues to reduce regulation on financial services providers.

Mortgage Events Added to Conference Calendar
Several mortgage-related conferences, events and meetings have been added to Mortgage Daily's Mortgage Conference Calendar. The housing finance system, regulation and reverse mortgages are among the topics to be covered.

Walter Investment Emerges from Bankruptcy
Walter Investment Management Corp. has successfully emerged from bankruptcy. The surviving organization is a restructured entity with a new name for the parent.

Small Banks, CUs That Survived Great Recession
Bank failures, especially in Florida, seemed like a daily occurrence during the recession. A few smaller surviving financial institutions attribute several factors to their endurance.

Share of Cashout Mortgage Refinances at Record
New mortgage activity moved higher this week, and refinances saw the biggest gain. Cashouts accounted for a bigger share of business than during any week on record.
New business rises with refis leading way
Originations Fall, Servicing Grows at PennyMac
Home-lending activity slowed at PennyMac Financial Services Inc. But the company reported growth in both its servicing and staffing.

Mortgage Rates Jump to Highest Level Since 2016
Weekly fixed interest rates on residential loans escalated to the highest level since 2016. The outlook for next week's report is a further ascension.

Name Change Ahead for Walter Investment
In addition to changing its chief executive officer, Walter Investment Management Corp. will change its name. The company has updated the date it expects to emerge from bankruptcy.

Hurricanes Continue to Hurt Mortgage Delinquency
Mortgage delinquency continued to deteriorate as servicers are still managing the fallout in states impacted by last year's hurricanes. Foreclosure activity has yet to be affected.

Ginnie Warns Some Issuers About Churning
A small group of issuers have been warned by the Government National Mortgage Association about rapidly refinancing home loans to veterans.

Mortgage Bankers Report Originations
A variety of sources reveal a range of quarterly and annual mortgage origination statistics for several mortgage banking firms. The lenders include banks, credit unions and wholesalers.

Fiserv Selling Majority Interest in Lending Unit
The planned sale of a majority of Fiserv Inc.'s lending unit will include its mortgage servicing software but will exclude its mortgage origination system.

New Business, Delinquency Worse at Genworth M.I.
Genworth Financial Inc.'s mortgage insurance unit saw increased income despite higher delinquency and losses at its parent. New business fell, but the book of business expanded.

Biggest Reverse Mortgage Lender Opens Forward Biz
The country's largest originator of federally insured reverse mortgages has begun offering traditional mortgages for its mostly older customers. Dozens of hirings are planned.

Gov Share of Mortgage Apps Down 3 Weeks in Row
While prospective borrowers completed more mortgage applications last week, the share applying for government loans has fallen each of the preceding three weeks.

Quicken Originations Up in Q4 But Down for 2017
Quicken Loans Inc., which last week touted itself as America's biggest retail mortgage lender, reported a quarter-over-quarter increase in originations but a year-over-year decline.

FHA Res Business Down, Delinquency Up
Monthly and annual residential business at the Federal Housing Administration retreated as delinquency deteriorated. But in its commercial real estate business, activity ascended.

New Penn Names New President
The new president of New Penn Financial LLC was promoted from within the company. The move comes in the midst of the home lender being acquired.

Jumbo Out Front of Loosening in Mortgage Credit
Credit conditions in home lending relaxed last month to the most accommodative levels since the financial crisis. The loosening, led by jumbo, came just one month after contracting to the tightest level in five months.

Yellen Has Harsh Words, Actions for Wells Fargo
The outgoing Federal Reserve Board chair had some harsh words -- and harsh actions -- for Wells Fargo & Co. on her way out the door.

Residential Lending Demand Weakens at Banks
Demand for residential loans at the nation's banks has weakened over the past three months. Meanwhile, credit standards on most residential products were mostly unchanged.

SunTrust Announces New Mortgage Chief
The head of the home-lending business at SunTrust Banks Inc. is leaving the company, and a mortgage executive from a rival company has been hired as her replacement.

LO Allegedly Used Own Bank Statements on FHA Loans
A New Jersey loan officer is accused of altering his own personal banks statements to use for prospective borrowers on over 20 government-insured mortgages.

IN Firm Aims to Be Biggest Midwest Mortgage Lender
A residential lender in Indiana, which already claims to be the biggest mortgage originator in the state, has aspirations to become the largest home lender in the Midwest.

Quicken Loans Expanding Charlotte Operation
Quicken Loan Inc.'s chief executive officer says that the online lender plans to bulk up its operations in Charlotte, North Carolina.

Big Drop in CMBS Delinquency
The monthly rate of delinquency on securitized commercial real estate loans moved lower and stands 420 basis points below the peak. Multifamily delinquency was lowest -- especially apartments located in business districts.

Another Mortgage Insurer Tightens DTI Requirements
Following the lead of two of its peers, another mortgage insurance company has released more restrictive requirements for loans with high debt-to-income ratios.

CEO Leaving Bankrupt Walter Investment
Walter Investment Management Corp., which revealed that it will linger longer in bankruptcy than originally planned, has disclosed the upcoming departure of its chief executive officer.

Mortgage Biz Up, ARM Activity Soars to 3-Yr High
As mortgage activity increased last week, a surge was recorded for adjustable-rate mortgage business -- which leapt to the highest level in more than three years thanks to rising fixed rates.
Rising fixed rates drive up ARM business
HECM Endorsements Highest in Nearly 7 Years
Thanks to a steep increase in up-front mortgage insurance premiums, federally insured reverse mortgage production surged last month to the highest level in nearly seven years.

Mortgage Staffing Expands as US Jobs Report Strong
New employment data, which has been revised for the past couple years, indicate job growth turned higher last month. Monthly mortgage jobs took a unexpected turn higher.

Wells Fargo CEO Talks About Scandals, Mortgages
The chief executive officer of Wells Fargo & Co. sat down to talk about a number of issues -- including the bank's recent scandals and home lending to minorities.

Deutsche Bank, Ocwen & Altisource Sued
A federal lawsuit has been filed against Deutsche Bank and affiliates, Ocwen Financial Corp. and Altisource Portfolio Solutions Inc.

Mortgage Rates at 11-Month High, Could Rise More
Mortgage rates moved to an 11-month high this past week thanks to expectations about Federal Reserve rate hikes. Some signs point to another increase in mortgage rates over the next week.

CMBS Delinquency Down 6 Months in Row to 8-Yr Low
In addition to retreating for six consecutive months, delinquency on securitized commercial real estate loans now stands at the lowest level in more than eight years. Retail loans led the latest drop.

Annual Biz Down at Fannie Despite Monthly Gain
Despite three consecutive months of increases, annual secondary activity at the Federal National Mortgage Association retreated. Serious delinquency jumped to a 15-month high.

Record Radian Biz in 2017 as Book Passes $200 Bil
As annual business ascended to an all-time high at Radian Group Inc., its book of business surpassed $200 billion. But quarterly business slowed, and defaults rose.

Freddie, Ginnie MBS Issuance Lowest in 9 Months
Although securitizations have risen for three consecutive months at Fannie Mae, issuance at its two agency counterparts fell to the lowest levels in at least nine months -- pulling down overall activity.

Former Fannie Employee Accused of Taking Bribes
A former Fannie Mae employee has been charged with taking bribes on real-estate owned properties. It's the second time an employee from the same office has been accused of such crimes.

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