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March 2018 Archive


Bankers Score Legal Victory Over Credit Unions
The country's bankers are cheering a decision from a federal court that found a regulator went too far in expanding credit unions' fields of membership.

CMBS Issuance Soars, Delinquency Tumbles
Quarterly securitizations of commercial real estate loans have moved sharply higher over the past year. Transactions secured by hotels led an improvement in delinquency.

Dip in Mortgage Rates Could Accelerate
Fixed mortgage rates moved modestly lower over the past week, and a further descension could be ahead during the upcoming seven days.

Non-Performing GSE Mortgage Portfolio Sells
An offering of non-performing government-sponsored enterprise residential loans has been successfully sold through an auction process.

Fraud Less Likely On ARMs Than Fixed-Rate Loans
A report that measures the risk of fraud on home-loan applications says that risk on loans with adjustable rates is lower than on fixed-rate mortgages. The report indicated a year-over-year rise in overall risk.

Barclays Agrees to Subprime RMBS Settlement
Barclays has agreed to a multi-billion-dollar settlement to resolve allegations that it misled investors about the quality of non-prime residential mortgage-backed securities.

Freddie Mac Eases Underwriting Requirements
Improvements to lending guidelines at the Federal Home Loan Mortgage Corp. include expanded loan-to-value ratios and more flexible condominium requirements.

PA Mortgage Servicers to Start License Applications
Residential loan servicers will soon be able to apply for licenses in the Keystone State as required by legislation that became law late last year.

Northeast Leads Bounce in Pending Home Sales
After declining to the slowest pace in more than three years, pending home sales increased last month. Out front of the rise was the Northeast.

Uniform GSE MBS Implementation Date Set
An implementation date for the new uniform mortgage-backed security to be utilized by issuers of both government-sponsored enterprises' MBS has been set by their regulator.

Mortgage Applications Up Led by Refinances
The weekly volume of people applying for a new home loan accelerated, and it was refinance activity that was out front of the week-over-week gain.

Business Sinks to Nearly 4-Year Low at Freddie Mac
It has been nearly four years since secondary activity at the Federal Home Loan Mortgage Corp. was as slow as it was last month. Delinquency, meanwhile, dipped.

$34 Mil in Nonperforming GSE Loans Trading Hands
The sale of more than $34 million in government-sponsored enterprise-backed residential loans that are not performing has closed. The loans are secured by Florida properties.

First Securitization of loanDepot Mortgages
The first issuance of residential mortgage-backed securities solely backed by loans that were originated by loanDepot LLC is in the works.

3 Home Price Indices All Continue Moving Higher
A trio of monthly home price indices indicate that the value of American homes continues to escalate. One forecast has continued growth in house prices.

Performing, Non-Performing Mortgages For Sale
A pool of first and second mortgages are being offered for sale to the highest bidder. Included in the offering are performing and non-performing loans.

Reverse Mortgage Lender Settles With HUD
A settlement has been reached with a reverse mortgage lender that allowed someone to sign loan documents even though he didn't have the authority to do so.

Mortgage Firm Settles Investor Fraud Allegations
A company that purportedly invests in real estate notes has agreed to settle charges that it misled investors and used the capital raised for purposes other than promised.

Surge in Purchase Financing Drives Up Mortgage Biz
A sharp weekly increase in prospective loans to finance a home purchase to the highest level in six months drove new mortgage business to the highest level in more than four months. Conventional business was the best it's been in nine months.
Weekly Mortgage Market Index highest in 4 months
2017 Biggest Mortgage Lenders and Servicers
In the latest ranking of mortgage lenders and servicers, non-bank lenders gave up market share last year as overall mortgage originations turned lower on a quarterly and annual basis.

CMBS Delinquency Declines
The rate of late payments on securitized commercial real estate loans declined last month, though there was deterioration on apartment and retail property loans.

New Home Inventory Largest in 9 Years
Even though there was little change in national new home sales, sales sank in the West and soared in the Northeast. The inventory of new homes for sale reached a 9-year high.

Mortgage Servicing Profits Worsen, Efficiency Down
Earnings at independent mortgage servicers deteriorated as loans serviced per employee moved lower. Small servicers were hurt the most.

Mortgage Production Profits Sink With Originations
As waning refinances negatively impacted overall single-family loan originations, quarterly production profits at independent home lenders sank.

Mortgage Jobs, Servicing Grow at Lake Michigan CU
Although quarterly and annual home lending retreated at Lake Michigan Credit Union, the servicing portfolio and mortgage staffing both expanded.

Mortgage Rates Could Move Lower
While monthly interest rates on residential loans headed north, weekly rates held steady. But stock market volatility could have fixed rates falling in next week's report.

FHA Technology Fee Proposed
In order to fund planned technology investments in the Federal Housing Administration, a per-loan fee on newly originated mortgages is being proposed.

Freddie Lifts Refi Forecast, Cuts Purchase Outlook
Economists at the Federal Home Loan Mortgage Corp. have raised the outlook for refinances and lowered expected purchase financing for this year  -- dragging down the overall forecast.

Foreclosure Inventory Plunges to Post-Recession Low
Mortgage delinquency retreated last month thanks to a foreclosure inventory that has plummeted to the lowest level since the Great Recession.

MSRs on Fannie Mae Loans Up for Bid
Mortgage servicing rights on nearly $2 billion in home loans backed by the Federal National Mortgage Association have been put up for auction.

UBS Agrees to RMBS Settlement
Two units of UBS have agreed to settle allegations that they misled investors about the quality of toxic mortgage securities.

Mortgage Closings Speed Up as FHA Share Falls
As government-insured mortgage share has diminished over the past year, the time to close has shortened. But it has become slightly more difficult to qualify for a home loan.

Wells Fargo Wants to Expand MN Mortgage Office
An expansion sought for a mortgage facility in the Twin Cities would enable Wells Fargo & Co. to house more than an additional thousand employees there.

West Leads Rise in Existing Home Sales
A jump in the sale of pre-owned homes last month in the West led an overall national gain. In the Northeast, however, there was a significant slump amid brutal weather conditions.

Refis Pull Down Mortgage Apps, Share at Decade Low
Although there was a modest rise in purchase-money applications, a drop in refinances drove down overall mortgage applications. Refinance share was the thinnest it's been in a decade.

FHA Biz and Delinquency Improve, HECM Biz Spikes
Monthly residential production picked up at the Federal Housing Administration, with reverse mortgage endorsements spiking. Single-family delinquency was down, and commercial mortgage endorsements jumped.

Mortgage Bankers Cut Q2 Purchase Forecast
Mortgage bankers have lowered their outlook for the second-quarter volume of loans made to finance a home purchase, though there was a slight bump in projected refinances.

Growing Non-QM Wholesaler Adding TX Staff
A wholesaler that has capitalized on the origination of loans that don't meet the requirements for Qualified Mortgages has opened a new Texas facility with plans to hire dozens of new employees.

Serious Mortgage Delinquency Holds Steady
Despite recent escalation in mortgage interest rates, serious delinquency held steady last month. Current conditions suggest further continued strong performance.

GNMA Jumbo Issuance at 3-Yr Low, HMBS at 6-Yr High
Monthly securitizations retreated at the Government National Mortgage Association. As jumbo issuance fell to a three-year low, reverse mortgage securitizations were the most in at least six years.

Wells Mortgage Employee Gone After Racist Activity
A mortgage employee is no longer working for Well Fargo & Co., which says it has a "tradition of diversity and inclusion," after he was accused of racist activities.

Mortgage Refi Outlook Rises for 1Q, 4Q-2017
Refinance production during the final-three months of last year and the first-three months of this year is stronger than previously thought. The improvement carried up overall originations.

Non-performing GSE Portfolio Sells
A Freddie Mac offering sold through an auction process had three residential pools with over $300 million in non-performing mortgages.

Real Estate Services Giant Being Acquired
A title insurance giant that has been a fixture on the American real estate landscape since the 1800s has agreed to be acquired by a larger peer.

Fannie Addresses Layered Risk High DTIs
A growing share of loans with high debt-to-income ratios and other high risk factors has recently concerned mortgage insurers and prompted a policy change at Fannie Mae.

M.I. Firms Warn About Freddie Pilot
The nation's mortgage insurance companies are warning about a new pilot program that enables Freddie Mac to bypass traditional mortgage insurance.

Refi Share Wider Despite Record Low Rate-Term
A modest weekly drop in new mortgage business was led by adjustable-rate mortgages. Government share widened, as did refinance share thanks to a gain in cashouts that more than offset a record-low rate-term share.
Mortgage biz off, gov share broader
Fee Simple: Understanding CA's New Recording Fees
On Sept. 29, 2017, California Gov. Jerry Brown signed Senate Bill 2, the Building Homes and Jobs Act, authored by Senator Toni Atkins (D-San Diego).

Multifamily Drives Down Permits, New Construction
Multifamily activity drove down overall housing permits and new construction last month, though there was an increase in completed apartment buildings. Construction activity in the Northeast was exceptionally strong.

GSE Refinances Sink to 6-Month Low
Monthly refinances of government-sponsored enterprise mortgages plunged to the lowest level in six months as government-supported refinance volume fell to a new low.

Fixed Mortgage Rates Retreat First Time Since 2017
For the first time this year, fixed interest rates on residential loans turned lower. But the story was different for adjustable-rate mortgages.

Mortgage Subservicer Hiring Hundreds in Missouri
A company that subservices residential loans has opened a new office in Missouri and plans to add hundreds of new employees by the end of this year.

Massive Judgment Against Quicken Title Affiliate
A massive judgment has been awarded by a jury in a lawsuit accusing a title insurance company affiliated with Quicken Loans Inc. of misappropriating valuation technology.

4-Month Low for Home Builder Confidence
Slowing buyer traffic drove U.S. home builder confidence to the lowest level in four months, though the degree of confidence still remains solid. The Midwest deteriorated most.

Millennials Ascend to Top Home-Buying Group
The nation's real estate agents and brokers are reporting that millennials are finally starting to make the transition from renters to owners en masse.

Wells Fargo CEO Compensation Jumps 35%
In his first year in the role, Wells Fargo & Co.'s chief executive officer saw his total compensation rise more than 35 percent -- earning him nearly 300 times the firm's median compensation.

Regulatory Relief Legislation Passes Senate
Over the objections of consumer groups and liberal Democrats, legislation to provide regulatory relief to home lenders has made its way through the Senate.

Management Shakeup As Impac Swings to Loss
Earnings swung to a loss at Impac Mortgage Holdings Inc., and the company's chief is out. Retail lending led a plunge in originations even as non-QM business soared.

Churchill Mortgage Adds Wholesale Originations
Home lending activity turned lower at Churchill Mortgage Corp., as did headcount. The company has started reporting originations through the wholesale channel.

Over $1 Billion in Non-Performing GSE Loans Sold
Winning bids have been announced for a pool of more than $1 billion in government-sponsored enterprise residential loans that are not performing.

Mortgage Applications Up on Purchase-Money Surge
A weekly decline in refinance mortgage applications was more than offset by a surge in purchase-money activity. The jumbo-conforming spread, meantime, ballooned.

Offering of MSRs On Over $6 Billion in GSE Loans
An offering of mortgage-servicing rights on more than $6 billion in government-sponsored enterprise loans with a California concentration has just hit the market.

Brokers Drive Up Banks' Mortgage Market Share
Home lending retreated last year. Non-banks lost quarterly market share to financial institutions as a surge in quarterly wholesale lending drove up banks' share.

Huge Reperforming GSE Loan Offering
Nearly $2 billion in residential loans that were previously classified as delinquent are being offered for sale to the highest bidder.

11-Month High for Mortgage Delinquency
Mortgage delinquency ascended to the highest level in 11 months as loan performance continues to be impacted by last year's hurricanes. Foreclosures held steady, though.

S. 2155 Amendment Boon for Credit Bureaus
An amendment proposed to the bill to overhaul the Dodd-Frank Wall Street Reform and Consumer Protection Act would prohibit lawsuits against the credit bureaus.

More Mortgage LOs Leave Banks for Non-Banks
As the number of residential loan originators grew last year, a bigger share of the group found themselves working at non-bank lenders for the second year in a row.

Worst Wholesale Mortgage Lenders
A ranking of wholesale mortgage lenders has the likes of Freedom Mortgage Corp. and Stearns Lending LLC listed among the worst wholesalers.

NAACP Warns Bill Threatens Anti-Discrimination
Community banks say that a warning from a civil rights group about pending legislation to overhaul the Dodd-Frank Wall Street Reform and Consumer Protection Act is much ado about nothing.

Warren Warns About Dodd-Frank Overhaul
The architect of the Consumer Financial Protection Bureau is warning that pending legislation to ease regulations for financial institution could lead to more government bailouts.

Mortgage Service Provider Hiring
A mortgage service provider has some aggressive hiring plans -- with around a hundred positions expected to be filled in the next month.

Guaranteed Rate Lays Off Production Employees
More than a hundred employees have been laid off by Guaranteed Rate Inc. But the company says that it still has plans to hire more new employees this year than in any other previous year.

Consumer Bankruptcies Rise Last Month
More consumers resorted to bankruptcy last month than in the first month of the year, though a year-over-year decline was reported.

Refinances Restrain Weekly Mortgage Activity
An improvement in weekly purchase-money business wasn't enough to offset a drop in refinances. Meantime, the share of activity for loans to veterans fell to the lowest level in seven months.
Purchases rise, VA share lowest in 7 months
Mortgage Branch Manager Says Employees Set Him Up
The manager of a mortgage branch that was ordered to temporarily shut down by Illinois regulators is blaming his employees for setting him up.

Texas Mortgage Servicing Layoffs at Wells Fargo
Dozens of positions in the Lone Star State have been eliminated by Wells Fargo & Co. The affected employees work in mortgage servicing.

Mortgage Staffing Slashed Amid Strong Jobs Report
A strong employment report has already driven up interest rates. Despite the strength, the number of non-bank mortgages jobs declined by nearly 4,000 positions.

Weekly Mortgage Rates Climb to 4-Year High
Monthly mortgage rates climbed to the highest level in two years, while the weekly average was the highest it's been in more than four years.

Report Warns About Non-Bank Mortgage Firms
A warning siren has been sounded about the risk from the growth in market share of non-bank mortgage originators and servicers.

1 Billboard Inside Wilmington, North Carolina
A delinquent borrower has paid for a billboard in Wilmington, North Carolina, in his effort to avoid a foreclosure on his delinquent loan with SunTrust Mortgage Inc.

Final Servicing Rule Addresses Industry Concerns
A mortgage servicing rule has been finalized that addresses concerns that the industry has about communicating with bankrupt borrowers.

Home Lenders More Restrictive Last Month
The ability for prospective borrowers to qualify for a single-family loan was more elusive last month, and jumbo credit tightening led the contraction.

Mortgage Events Include Workshops, Tech Conference
In addition to two private-lending conferences, people in the mortgage industry will also be attending a credit risk workshop and a technology convention over the next 90 days.

Dem Split Enables Dodd-Frank Overhaul to Advance
A split between liberal and moderate Democrats enabled the Republican-controlled Senate to move forward legislation that would overhaul the Dodd-Frank Wall Street Reform and Consumer Protection Act.

Refis Nudge Mortgage Applications Higher
A slight up tick in weekly mortgage applications was driven by increased refinance activity. Meanwhile, veterans' share of applications was thinner than it's been in four months.

RBS Reaches Another RMBS Settlement
A unit of the Royal Bank of Scotland has agreed to settle allegations that it misrepresented the quality of residential mortgage-backed securities to investors prior to the financial crisis.

HUD Selling Vacant Property Loans
More than $100 million in formerly government-insured mortgages secured by the vacant properties of deceased borrowers are being auctioned.

Dodd-Frank Overhaul Bill Advances in Senate
Legislation that could roll back some of the more burdensome provisions of the 2010 Dodd-Frank Wall Street Reform and Consumer Protection Act could be approved as early as this week.

CMBS Delinquency Sinks
While there was little change in performance on commercial real estate loans owned by life insurers, securitized CRE loan delinquency plunged. The rates were mixed for loans backed by the government-sponsored enterprises.

Radian Relaxes Mortgage Insurance Requirements
Improvements to requirements at Radian Guaranty Inc. include lower mortgage insurance premiums and the insuring of three- and four-unit residential loans.

Compliance Tech Addresses HMDA, TRID and QC
Mortgage service providers are helping home lenders with quality control and complying with the Home Mortgage Disclosure Act and the TILA-RESPA Integrated disclosures. One product is targeting California per-diem restrictions, while another addresses New York's new security requirements.

Mortgage Originators Reach $1 Billion Milestone
Although overall annual home lending volume slowed last year, several mortgage originators report achieving the billion-dollar milestone.

Former Stearns CEO Named Mortgage Chief at Builder
The former chief executive officer at Stearns Lending LLC has joined a home builder and will oversee two joint mortgage ventures as well as develop new business lines.

Refi Surge Leads Mortgage Business Higher
New mortgage activity ascended from the holiday week, and a sudden surge of strength in refinance business was out front of the improvement. Adjustable-rate activity also accelerated.


ARM activity improves
Reverse Mortgage Volume Eases Off 7-Yr High
Government-insured reverse mortgage production decelerated last month after achieving a nearly seven-year high. Changes to premiums are behind the see-saw activity.

HMDA Compliance Among LOS Enhancements
Innovations in loan origination systems include a new interview platform, compliance with changes to Home Mortgage Disclosure Act reporting requirements and lots of new integrations.

Fed Chair Grilled by Sen Warren About Wells
The new chairman of the Federal Reserve Board of Governors has provided some insight into when the central bank might lift growth restrictions on Wells Fargo & Co.

Nationstar Mortgage Originations Holding Up
Quarterly loan originations are holding up at Nationstar Mortgage Holdings Inc., and signs point to more of the same. Servicing, however, was down.

Former Head of Mortgage Firm Faces Possible Prison
The former head of a mortgage banking firm who previously admitted criminal conduct and avoided incarceration might now face prison time because of unpaid restitution.

Mortgage Rates Up But Could Tumble
Mortgage rates made a modest weekly ascension. While the long-term economic outlook has interest rates on residential loans climbing, the short-term forecast is for a sharp drop.

Hotels Lead CMBS 30-Day Rate to Nearly 2-Year Low
A sharp decline in hotel late payments led overall delinquency on securitized commercial real estate loans to the lowest level in nearly two years. Apartment loan performance, however, deteriorated.

24-Month Low for Ginnie MBS Issuance
Ginnie Mae mortgage securitizations tumbled to the slowest pace in 24 months, dragging down overall monthly agency issuance also to a 2-year low.

Retail, Reverse Overcome Lending Slump at Ocwen
Total mortgage originations weakened last year at Ocwen Financial Corp. But retail lending and reverse mortgage production both significantly increased. Also improving was delinquency.

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