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March 2016 Archive


Mortgage Investors Warn About TRID Fallout
The TILA-RESPA integrated disclosures are having a chilling effect on investment in non-agency U.S. mortgages, and problems could bleed over into the agency market.

COFI Percolates Higher
For the third consecutive month, the Cost of Funds Index has risen, though not as much as a more widely used adjustable-rate mortgage index.

Mortgage Rates Set to Drop
There was little change in fixed mortgage rates this week, but all indications are that interest rates on home loans will be lower in next week's report.

Freddie's New Business Slow, Delinquency Low
It was the slowest month for new business at Freddie Mac in more than a year. Delinquency, meanwhile, fell to a seven-year low.

Fannie Updates QA System
The Federal National Mortgage Association is making updates that will result in enhancements for its home lending customers.

National M.I. Touts Milestone
A mortgage insurance company that is not quite four years old is touting a milestone in the number of lender clients it has reached.

Fannie's Business Slowest Since Mid-2014
Secondary activity at the Federal National Mortgage Association fell to the lowest level in 20 months, while delinquency hasn't been this low in seven years.

Proposal Would Have Borrowers Order Appraisals
A proposal to make residential real estate appraisals portable would have prospective mortgage borrowers ordering appraisals directly from appraisal management companies.

loanDepot CEO Talks About Growth Strategy
loanDepot Inc. has seen tremendous growth since it opened for business. The mortgage firm's founder and chief executive officer talked about loanDepot's growth strategy.

Freddie Boosts 2016 Purchase Origination Outlook
Economists at Freddie Mac have increased expected home purchase financing for this year and even nudged up projected refinance production.

Mortgage Executive Movement
Among recent activity in the executive suites of home lending firms is the upcoming departure of a president and the death of the founder of a mortgage market service provider.

Banks' Mortgage Servicing, Delinquency Down
The latest gauge of mortgage servicing by federally regulated banks indicates that their servicing portfolios are contracting and delinquency is improving.

Mortgage Complaints Up More than Overall Complaints
Compared to a year ago, complaints filed by consumers against residential loan firms have risen more than complaints filed against all types of financial services providers.

Refinances Remain a Drag on Mortgage Applications
Refinance activity maintained its weakening momentum, pulling down the weekly volume of overall applications for residential loans.

Technology Reads, Analyzes Income Documentation
A new technology designed for lenders in the mortgage industry automatically reads income documentation and calculates the amount.

West Coast Leads in Home Appreciation
Home prices continued to escalate on a year-over-year basis, and among the largest metropolitan areas -- cities on the West Coast are leading the rise.

Home Lending Layoffs Modest
While some companies in the mortgage industry have recently disclosed plans to reduce headcount, the number of layoffs involved is minimal.

Reports Critical of FHFA Oversight
A trio of reports from the watchdog for the Federal Housing Finance Agency are critical of the regulator's oversight of various initiatives.

Mortgage Mergers and Acquisitions
Some or all of the ownership interest in several mortgage firms has been acquired by varying investors, including two bank-holding companies. An upcoming acquisition is being investigated by attorneys.

Midwest Pushes Up Pending Home Sales
Following a sluggish start to the year in January, pending home sales picked up last month. Giving a boost to national activity was a nice bump in the Midwest.

Credit Unions Lobby for Less Dodd Frank
Credit unions say that cumbersome regulations intended for big Wall Street banks is increasing their compliance costs and hurting revenues. So they are lobbying for changes.

U.S. Home Equity Surges
The estimated home equity held by U.S. homeowners was up by more than $1 billion over the past 12 months, a Federal Reserve report indicates.

Guaranteed Rate Loses Lawsuit Alleging Stolen Files
A jury has hit Guaranteed Rate Inc. with a more than $25 million judgment over allegations one of its employees stole data on hundreds of clients from a rival.

Biggest Mortgage Lenders 2015
Despite a weak final quarter, last year's home lending activity improved by nearly a third compared to 2014's mortgage production.

Mortgage Executives Move, Service Provider Dies
As residential lending executives are shuffled from one mortgage organization to another, the real estate finance industry is mourning the loss of one of its own.

ARMs, FHA and Purchase Mortgage Biz Climb
In what has been an otherwise quiet week, new purchase financing business jumped, though a more spectacular week-over-week improvement was noted in adjustable-rate and government-insured business.
Mortgage Market Index 163 in week ended March 25
The Mortgage Refinance Economy
Recently falling interest rates on home loans have sparked a refinance wave -- impacting many types of stakeholders like borrowers, originators, investors and financial regulators.

Radian Cuts Pricing for Lower FICO Borrowers
Less than a month after reducing its pricing for borrowers with higher credit scores, Radian Guaranty Inc.  is lowering rates for borrowers with lower scores.

Another Credit Union RMBS Settlement
The regulator for the nation's credit unions has agreed to another settlement that is tied to investments in faulty residential mortgage-backed securities.

Mortgage Rates Improve, Might Hold Lower
Mortgage rates moved lower this past week, and some indications are that there is likely to be little change in fixed rates in the next weekly report.

Q1 Mortgage Conditions Weak, Improvement Expected
Senior mortgage executives say credit standards tightened and demand softened over the past three months, though demand is expected to improve.

Case for Making Appraisals Portable
In the current home finance process, appraisals are ordered by the lender and eventually make their way to the home buyer. But one proposal would shift the reins in the appraisal ordering process to the prospective borrower.

Distressed Assets Unloaded by Freddie
More than $1 billion in mortgages owned by the Federal Home Loan Mortgage Corp. have been sold from its investment portfolio.

Banks' Mortgage Market Share Drops 4 Points
Federally insured banks saw their share of the U.S. mortgage market fall 4 percentage points last year, and non-banks were the beneficiaries.

Rebound in West Drives Up New Home Sales
After plunging in January, sales of new homes in the West made a spectacular rebound -- driving up overall national activity in the process.

Slowing Refis Again Pull Down Mortgage Apps
For the fifth week in a row, fewer borrowers applied for a mortgage refinance. The latest retreat led a decline in overall home loan applications.

Mortgage Delinquency Substantially Lower
After surging in January, the level of delinquency on home loans made a nice improvement last month. Foreclosures were also lower.

Reports Look at Impact of TRID
A pair of reports look at how implementation of TILA-RESPA integrated disclosures has impacted real estate finance. Meanwhile, credit unions are happy with the position taken by their regulator.

Biggest Commercial Mortgage Originators in 2015
Last year, the country's biggest originator of commercial real estate loans during 2014 maintained its grip on the No. 1 spot.

Decision Coming Soon on GSE Principal Reduction
After two years of closely studying principal reduction on residential loans backed by the government-sponsored enterprises, the GSEs' regulator says a decision is coming soon.

FHA Delinquency Deteriorates, CRE Business Sinks
While there was little month-over-month change in government-insured residential business, commercial production tumbled and delinquency took a turn for the worse.

Wholesale Mortgage Lenders Enhance Offerings
Recent activity in wholesale lending includes new non-QM programs, an expansion of states for one lender and the targeting of financial institutions by another.

Fewer Firms NMLS-Registered in 2015, LOs Grow
During 2015, the number of home lending companies registered in the Nationwide Mortgage Licensing System contracted even as the number of residential loan originators expanded.

Existing Home Sales Disappoint
Following a strong start to the year, the sale of existing homes stumbled last month with activity in the Northeast and Midwest leading the disappointing results.

MSRs on Over $6 Billion in GSE Loans on Market
Mortgage servicing rights on more than $6 billion in government-sponsored enterprise loans with a modest California concentration are for sale.

Compliance Weighs Heavily on Mortgage Lenders
Compliance-related issues are among the biggest concerns mortgage bankers have about lending activity this year, according to a new survey.

Mortgage Professionals Get Educated
Opportunities to get educated about the mortgage business are being provided both by trade groups and private businesses. One program is targeting millennials who are being recruited to replace the aging loan originator population.

Mortgage Bankers Lift 2016 Origination Outlook
For the third month in a row, the country's mortgage banking sector has grown more optimistic about new lending activity for this year.

Mortgage Refi Biz Ascends, Purchases Descend
A nice week-over-week gain in new refinance and jumbo business was offset but a decline in new adjustable-rate, purchase and government-insured business.
Mortgage Market Index 151 in week ended March 18
AZ Appeals Court Rules in Favor of HOA
An appeals court in the Grand Canyon State has ruled that home owners associations can redeem a residential property even though it has already been through a foreclosure sale.

The TRID Journal
As some mortgage firms still struggle to comply with the TILA-RESPA Integrated Disclosure requirements, service providers offer some solutions.

Mortgage Rates Rise But Could Retreat
Although fixed rates on home loans ascended ahead of the Federal Open Market Committee meeting, they are likely to be lower in next week's report.

Fannie Raises Origination Forecast
Fannie Mae has lifted its expectations for this year's refinance originations and additionally increased its estimate of last year's purchase production.

Mortgage Servicers Profitable, MSR Losses Subside
Independent mortgage servicers grew their servicing portfolios in the fourth quarter of last year and swung to a per-loan profit in the process.

Mortgage Production Profits Fall as Volume Drops
Quarterly profits fell at the nation's mortgage bankers as originations declined, production expenses rose and lenders grappled with new integrated disclosures.

Firm Settles Allegations of Fraud FHA Payments
A company accused of making fraudulent payments on government-insured mortgages to avoid repurchase liability has agreed to settle with the government.

Firm Successful in 80% of Bids on TRID Kickbacks
A North Texas firm claims that it is successful in four-out-of-five bids it makes on loans that don't meet TILA-RESPA Integrated Disclosure requirements.

Multifamily Drives Down Housing Construction
Although single-family construction started last month reached an eight-year high, multifamily activity drove down new permits and completed construction.

Record High Mortgage Closing Rate
The share of mortgage applications to close reached the highest level on record last month. In addition, the time it took to process and close a loan improved by four days likely as a result of increasing familiarity with new TRID disclosures.

Refinances Drive Down Mortgage Applications
Although originators slightly boosted their weekly intake of applications for home purchase financing, waning refinance activity more than offset the gain.

HARP Volume Accelerates
Despite monthly slowing in refinances of government-sponsored enterprise mortgages, government-subsidized refinance activity accelerated.

Revised FHA Certifications Released
In an effort to provide more clarity for Federal Housing Administration mortgagees, new loan-level and lender-level certifications have been released.

Women Better at Credit Than Men
A new report indicates that female consumers are better than their male counterparts at managing their credit scores, bill paying and finances.

W.J. Bradley to Wind Down
W.J. Bradley Mortgage Capital LLC has decided to call it quits after 17 years in business. Hundreds of employees are potentially impacted.

Builder Optimism Drops for Future Home Sales
Optimism among the nation's home builders remained at the lowest level in 10 months. Holding back an improvement was a drop in confidence about how strong future sales will be.

Lates Down on 2nd Mortgages, Hold on 1sts
The rate of serious delinquency on first mortgages last month held steady, while the late-payment rate on second mortgages improved. Miami has seen a dramatic turnaround.

Mobile Mortgage Tech Targets LOs, Clients
Recently released enhanced technology for mobile devices is intended to benefit mortgage originators, prospective borrowers and real estate agents.

Retail HECM Originations Tumble
Although monthly government-insured reverse mortgage originations dipped at wholesalers, volume tumbled at retail originators of reverse mortgages.

Events Help Banks With Mortgage Lending
Three upcoming events will offer attendees from banks insight about issues including home lending and compliance, while another conference scheduled for next month will cover online lending.

Orange County Real Estate Sector Adding Jobs
As home prices and office construction soar in Orange County, California, job growth in the sector has also seen strong growth.

Growing Mortgage Firms Add to Executive Ranks
Several up-and-coming non-bank mortgage lenders have made some strategic additions to their management teams. Among the recently filled positions are chief executive officer and president as well as chief digital officer and chief product officer.

Nearly $4 Billion in Agency MSR Offerings
A pair of deals that are currently being offered for sale includes mortgage servicing rights on nearly $4 billion in agency residential loans.

Jumbo Leads Drop in Mortgage Business as Rates Up
The volatile jumbo category led a weekly decline in new mortgage activity as rates ascended. Adjustable-rate activity, however, accelerated.


Mortgage Market Index 153 in week ended March 11
Ellie Donates to Non-Profit Housing Organization
Self-Help Enterprises, a nationally-recognized community development organization, is receiving 40 Encompass seats from Ellie Mae Inc. to speed their loan processing.

Mortgage Rates Could Rise Again
For the second week in a row, interest rates on residential loans have moved higher. And for the second week in a row, they could rise further.

TX Mortgage Firm Ordered to Cease and Desist
An order was issued against a real estate group in Texas accused of saddling borrowers with balloon payments that they didn't understand and couldn't afford.

Moody's Settles CalPERS MBS Lawsuit
Moody's Corp. has agreed to pay more than $100 million to settle a state retirement fund's allegations of negligence in rating mortgage securities.

Average Mortgage LTV Improves from Year Earlier
An apparently seasonal weakening in the average equity position on financed residences was overshadowed by strengthening on a year-over-year basis.

3 Mortgage Firms Hiring
A trio of residential lenders from across the country have announced that they are expanding their home lending staffs in states from the East Cost to Colorado.

GSE Expenses Up Since FHFA Approval Instituted
A new inspector general report indicates that the approval process at the Federal Housing Finance Agency for budgets at the government-sponsored enterprises was inadequate.

Credit Union Regulator Stepping Down
The person in charge of the federal regulator that oversees the nation's credit unions will step down after more than six years in the post.

SunTrust Has Mortgage in 50 Cent Bankruptcy
SunTrust Banks Inc. has a mortgage that is tangled in the Chapter 11 bankruptcy case previously filed by rap artist 50 Cent.

Applications for Home Purchase Loans Up
While overall applications for new home loans barely changed last week, more prospective borrowers were applying for purchase financing.

Lenders Tout Mortgage Origination Statistics
Whether it's government-backed lending, wholesale lending or purchase financing -- several mortgage banking firms have recently been touting their residential loan production both on a national basis and at a more local level.

Genworth Cutting Rates for Higher Credit Scores
Following the lead of a competitor, Genworth Mortgage Insurance is cutting its rates for borrowers with higher credit scores.

Best Network Lenders
A mortgage firm out of Southern California has been designated as the best by customers who shopped online for a residential loan.

Home Equity Lending Up, Outstandings Down
While increased production helped push up the nation's book of first mortgages, it wasn't enough to grow home-equity outstandings.

Monthly REO Filings Rise Again
Even though serious mortgage delinquency and the foreclosure rate remained low, completed foreclosures continued to rise.

Mortgage Firms Struggle in Consumer Bankruptcies
The intersection of bankruptcies and mortgages can be an unwieldy mess, as much for consumers who find themselves needing bankruptcy protection as for lenders. In several cases involving bankruptcy and mortgages, lenders are losing because of violations of the basic requirements of bankruptcy such as heeding the automatic stay and discharge.

Modified Loans For Sale
A portfolio of seasoned residential loans that have been through the loan modification process is being marketed for sale to the highest bidder.

MTA Highest Since Mid-2010
It was the summer of 2010 when the Monthly Treasury Average was last as high as it was last month. Another index also moved higher.

Realtors Frustrated by TRID Disclosures
The list of players in the home buying process who are frustrated with TILA-RESPA Integrated Disclosure Rule requirements continues to grow.

Potential Refinance Wave Weakens
Despite an improved outlook for refinance mortgage originations earlier this year, recently rising rates are cutting into a potential refinance wave.

Ginnie Issuance Down, Though HMBS Up
Loan securitizations on behalf of the Government National Mortgage Association declined last month, though reverse mortgage activity ascended.

Monthly Mortgages Modified Move Higher
Home loans modified through mortgage servicers' own proprietary programs and through the government-funded program rose in December.

Purchase Mortgage Biz Up, Jumbo Jumps
Even though overall new mortgage business was weaker this past week, new purchase financing activity accelerated and the jumbo sector soared.
Mortgage Market Index 171 in week ended March 4
Mortgage Jobs Contract Despite Robust US Payrolls
Government data indicate that although their was healthy growth in jobs for all industries last month, staffing in the home lending business weakened.

CMBS Lates Down, GSE CRE Delinquency Up
Delinquency on securitized commercial real estate loans fell. But CRE performance deteriorated at the government-sponsored enterprises.

Mortgage Rates Rise, Could Go Higher
A small increase was recorded for rates on home loans this past week, and rates could go higher if there are no surprises in an upcoming economic report.

Best Mortgage Employers
Among all types of firms considered to be the nation's best employers, a technologically advanced one ranks highest among mortgage-related entities.

Multifamily Drives Down CMBS Delinquency
Driven by multifamily performance, the past-due rate on securitized commercial real estate loans fell to the lowest level in more than six years.

Lending Eases on Conforming, Gov Mortgages
Although overall mortgage credit conditions remained at their tightest levels in eight months, they eased on conforming and government programs.

New Chairman, COO at Walter Investment
The chairman of the board of directors and the chief operating officer of Walter Investment Management Corp. have been replaced.

Office Loans Lead Improvement in CMBS Delinquency
Out front of a 20-basis-point improvement in delinquency on securitized commercial real estate loans were loans that are backed by office buildings.

Consumer Bankruptcy Filings Worsen
The number of U.S. consumers who resorted to bankruptcy took a sharp turn for the worse last month, surging by nearly a quarter on a month-over-month basis.

Reverse Mortgage Originations Turn Higher
After sinking to a 16-month low, the origination of government-insured reverse mortgages rose to the highest level in five months.

Refis Lead Retreat in Mortgage Applications
Fewer prospective mortgage borrowers applied for a new home loan last week, and it was applications to refinance that took the biggest hit.

New Business Creeps Up at Fannie Mae
Secondary volume at the Federal National Mortgage Association was slightly improved in January, while delinquency held at a seven-year low.

M.I. Mobile App Promises Speed
A new mortgage insurance application for wireless phones promises to provide the fastest rate quotes in the mortgage insurance business.

Mortgage Complaint Increase Worse Than Overall
A 13-percent acceleration in the number of mortgage complaints filed was worse than the increase for complaints for all financial services.

Warehouse Lending Activity Increases
Last year saw greater warehouse lending volume, larger average funding facilities and a higher ratio of warehouse line usage than a year earlier.

Banks Cut Programs Due to TRID
A survey of banks found that some have eliminated product offerings as a result of unclear integrated disclosure requirements.

Slow Start to 2016 for Pending Home Sales
Weather conditions, increasing home prices and a limited inventory all contributed to a weak monthly showing for the nation's pending home sales.

Warren Buffett Addresses Vanderbilt Mortgage
Warren Buffet says that it is just not true that borrowers are steered into more costly financing at Berkshire Hathaway's Vanderbilt Mortgage unit.

Agency MBS Issuance Lowest Since 2014
Monthly securitizations on behalf of the housing finance agencies tumbled to the lowest level since 2014. Volume was highest at Ginnie Mae.

MO Bank Settles Charges of Redlining
A bank out of Missouri has agreed to a multi-million dollar settlement to resolve allegations of redlining against black applicants for residential loans.

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