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April 2016 Archive


Another Increase for COFI
For the fourth consecutive month, the Cost of Funds Index has risen over the previous month. Another index, though, has been falling.

Tennessee Bank Fails
A bank out of Tennessee has been seized by state regulators and closed down. Meanwhile, it was recently revealed that United Wholesale Mortgage's retail unit previously closed down.

Fannie's New Business at 5-Month High
Business rose to the highest level in five months at the Federal National Mortgage Association, while delinquency fell to a nearly eight-year low.

PrimeLending's Mortgage Closings, Servicing Down
Residential loans originations softened on a quarter-over-quarter basis at PrimeLending. Also declining was the lender's mortgage servicing portfolio.

New Mortgage Refinance Business Plunges
New refinance business took a dive this past week, driving down overall new mortgage activity in the process. Adjustable-rate mortgage activity ascended, though.
Mortgage Market Index 157 in week ended April 29
Solid Quarter at Genworth M.I.
Despite a dip in new business at Genworth Mortgage Insurance Corp., income improved, the book of business grew and delinquency declined.

Sharp Seasonal Decline in CRE Lending
Commercial real estate loan production took a sharp turn lower during the first-three months of this year -- though the decline was seasonal.

Mortgage Rates Could Reverse Rise
Long-term fixed rates on residential loans turned sharply higher this past week. But indications are that all of the increase could be reversed in the next rate report.

Industry Optimistic About Proposed TRID Rule
The Consumer Financial Protection Bureau plans to provide more certainty to mortgage bankers and service providers about the TILA-RESPA integrated disclosure rule.

Down Payments Diminish on Home Purchases
Home lenders are taking bigger risks on the mortgages they are funding, with the average down payment declining on a quarterly basis.

Huge Ocwen Loss as Originations, Servicing Off
Quarterly home lending slipped at Ocwen Financial Corp. but is likely way up for the current period. The company reported a huge loss, while servicing subsided.

Government Mortgages Drive Up Fraud Risk
Defects on mortgage applications rose for the first time in eight months, and it was deterioration on government mortgages that was behind the increase.

Ocwen Can't Foreclose on Some Loans
Ocwen Financial Corp. has been told to hold off on foreclosures for a group of distressed borrowers who weren't properly notified about loan modification denials.

New Business, Losses Down at National MI
National Mortgage Insurance Corp. cut its losses in the latest quarter. But the mortgage insurance company also saw a reduction in its new business.

EverBank Home Lending Drops, Could Bounce Up
Like most home lenders so far this earnings season, quarterly mortgage originations declined but could rise based on new application volume at EverBank Financial Corp.

New Business, Book Down at Radian
The quarterly amount of new insurance written was down at Radian Guaranty Inc., as was its book of business. But delinquency improved.

Freedom Mortgage Has Biggest Jump in Complaints
Mortgage complaints have risen at a faster pace than complaints for all financial services, and Freedom Mortgage Corp. had the biggest increase.

Pending Home Sales Highest in 10 Months
The number of existing U.S. homes that are under contract climbed to the highest level in 10 months, and the Northeast led the gain.

FHA Applications Jump
Despite a drop in home loan applications for both refinancing and purchase financing, there was a notable increase in government-insured applications.

HomeStreet Origination Slip, Servicing Up
Residential loan originations during the first quarter declined from the final-three months of last year at HomeStreet Inc. But the servicing portfolio grew.

Appraisal Services Technology Enhanced
Several mortgage service providers that offer appraisal technology have recently announced enhancements that are designed to help residential lenders increase efficiency, maintain compliance and meet new government mortgage requirements.

Guild Mortgage Fundings Fall, Servicing Grows
Even though home-loan production was down on a quarter-over-quarter basis at Guild Mortgage Co., the lender's residential loan servicing portfolio continued to expand.

Flagstar Mortgage Originations Up, Servicing Slips
Quarterly home lending grew at Flagstar Bancorp Inc., and indications are that further improvement is ahead. The mortgage servicing portfolio decreased.

Despite Reforms, Reverse Mortgage Risks Remain
While there have been many reforms made to protect borrowers on reverse mortgages, some consumer groups say more needs to be done.

Mortgage Conference News
Several recent and upcoming mortgage-related events tackle U.S. politics, legal and regulatory issues and financial technology. One government workshop will focus marketplace lending.

How Mortgage Lenders Can Do Better
A survey of current borrowers found the lending process was a mostly positive experience, though three areas of needed improvement were identified.

Movement Mortgage Reports Growth
Residential loan originations ascended, the mortgage servicing portfolio grew and staffing expanded during the most-recent quarter at Movement Mortgage LLC.

FHA Delinquency Sinks, New Applications Jump
Although monthly government-insured mortgage production was little changed, new loan applications surged and mortgage delinquency tumbled.

New Home Inventory Biggest in Over 6 Years
Despite last month's West-led drop in the annual rate of new home sales, a persistently tight inventory was bigger than it's been in more than six years.

FHA Leads Bump in Weekly Mortgage Business
Weekly mortgage activity edged higher as demand for government-insured products strengthened. Government activity soared by more than half from a year ago.
Mortgage Market Index 189 in week ended April 22
Raised Refinance Forecast from Freddie
Freddie Mac raised its expectations for this year's refinance production. Even the annual purchase financing outlook was nudged higher.

Mortgage Firm Looks to Reverse Mortgages
One mortgage business is embracing a history of local art at its new location while looking to reverse mortgages for its future.

GSF Mortgage Executives Tout Employer
A home lender from the Milwaukee area relies on a close-knit environment to maintain harmony among its 230 employees.

100s of Mortgage Jobs Cut at Wells Fargo
Among hundreds of mortgage layoffs this past week at Wells Fargo & Co., a big share were in the Charlotte, North Carolina, area.

NC Bank Settles Alleged Discrimination
A North Carolina financial institution has reached an agreement to settle allegations that it discriminated against prospective borrowers because of their race.

SunTrust Originations Hold, Servicing Grows
SunTrust Banks Inc. maintained its quarterly pace of mortgage originations while expanding its servicing portfolio and growing its residential assets.

Mortgage Bankers Raise Refinance Outlook
Mortgage bankers have an improved outlook about refinance volume and overall origination activity for the current three-month cycle.

Mortgage Delinquency Sinks
A greater than 40-basis-point reduction was made during last month in the total ratio of delinquent payments on residential loans.

Offices, Hotels and Retail Drive Up CMBS Lates
A decline in the performance of securitized commercial real estate loans was led by loans backed by offices, hotels and retail properties.

Mortgage Rates Might Climb
Interest rates on home loans edged up over the past week, and multiple forecasts have fixed rates making a more significant move north over the next week.

BBT Originations Edge Up, Servicing Slips
Quarterly mortgage originations were slightly higher than three months prior at BB&T Corp., though the mortgage investment and servicing portfolios were slightly lower.

Quicken Loans Reports Solid Growth
Quicken Loans Inc. reached a milestone in residential loan servicing, added over a thousand employees and stood alone in its quarter-over-quarter increase in lending volume.

Existing Home Sales Surge in Northeast, Midwest
A healthy month-over-month national rise in existing home sales was bested by even bigger increases in the Northeast and Midwest.

Staffing Up at Prosperity Home Mortgage
Although residential lending was off at Prosperity Home Mortgage LLC, the mortgage organization reported an expansion of its human resources.

Mortgage Turnaround, Closing Rate Improve
Mortgage originators shaved a couple days off of processing time for home loans and lifted the closing rate on last month's closings.

US Bank Home Lending Dips, Assets, Servicing Up
Despite a quarterly dip in mortgage originations at U.S. Bancorp, the financial institution's mortgage servicing portfolio and residential assets expanded.

Mortgage Refinance Apps Tick Up
Weekly mortgage applications for refinance transactions moved slightly higher even as purchase financing activity slipped.

Senior Mortgage Managers Shuffled
A new top executive was recently named to a government-sponsored enterprise. Outside the c-suite, a number of mid-sized and small mortgage firms have filled a variety of executive positions across the country.

Mortgage Lending Tumbles at Lake Michigan CU
Quarterly mortgage production tumbled at Lake Michigan Credit Union, while mortgage staffing was unchanged. But loan servicing expanded.

New Business, Income Off at MGIC
Quarterly new business and pre-tax income were both down at MGIC Guaranty Insurance Corp., though delinquency improved and the book of business grew.

1st Mortgage Delinquency Tumbles
A nice improvement was made in the rate of serious first-mortgage delinquency last month, though the second-mortgage rate remains higher than a year ago. Delinquency in Dallas sank.

Multifamily Again Drags Down Building Permits
New building permits have failed to rise for four consecutive months now, with activity tumbling 8 percent last month thanks to multifamily.

Implications of PHH v. CFPB
If PHH Corp. wins its appeal of a Consumer Financial Protection Bureau order, it could impact both the regulator's structure and other Real Estate Settlement Procedures Act issues.

Fairway Independent Mortgage Grows
Not only did quarterly loan originations increase at Fairway Independent Mortgage Corp., but the servicing portfolio grew and human resources expanded.

Share of Non-QM Lending Grows at Banks
Although new mortgage regulations continue to hamper home lending at the country's banks, a growing share are willing to step out of the box. The share of originations from third parties diminished.

New CEO at Stonegate Mortgage
A permanent replacement has been found for Stonegate Mortgage Corp.'s top executive position after more than six months with an interim leader.

Home Builders Less Optimistic About Current Sales
Current sales conditions in the market for new single-family homes is restraining home builder optimism. Both coasts saw the most deterioration.

Borrowers Sue FHA Lenders Over Interest Charges
Federal lawsuits filed in Florida and Georgia accuse four big banks of improperly disclosing interest on government-insured mortgages that were paid off.

Mortgage Originations Rise at First Republic
First Republic Bank is among the only lenders so far to report a quarterly increase in mortgage production. In addition, assets and servicing grew.

HAMP Modifications Increase
A monthly increase in government-supported modifications of residential loans overcame a modest decline in the number of proprietary loan modifications.

Purchase Forecast Trimmed, Refi Raised
The outlook for purchase financing has been trimmed for this year and next year. But this year's expected refinance production has been raised.

Another Investment Banker Settles With NCUA
Just one day after disclosing a settlement with an investment banker over toxic residential mortgage-backed securities, the National Credit Union Administration is at it again.

Big FHA Settlement at Freedom Mortgage
Freedom Mortgage Corp. has agreed to settle for more than $100 million allegations it falsely certified government-insured mortgages over a five-year period.

Single Women Buying More Homes Than Single Men
New research about America's homebuyers indicates that single women make up a bigger share of people buying homes than their male counterparts.

Mortgage Business Slows at Citi
Home lending activity was down at Citigroup Inc., especially on a year-over-year basis. Mortgage servicing shrank, and delinquency improved.



Mortgage Business Slows Despite Jumbo Surge
Even though jumbo business leapt and was up for the third consecutive week, overall new mortgage activity turned lower during the past week.


Mortgage Market Index 153 in week ended March 11
PNC Mortgage Originations Down, Servicing Up
Like its peers that have so far reported quarterly results, home lending retreated at The PNC Financial Services Group Inc. Servicing, however, grew.

BofA's Mortgage Metrics Contract
In addition to slower mortgage originations, Bank of America Corp.'s mortgage servicing and investment portfolios were down, as was its legacy asset staffing.

Mortgage Rates Fall to 3-Year Low
Fixed interest rates on residential loans were lower this past week than they've been in nearly three years. But one short-term outlook is for rates to increase.

New Mortgage Firm Launching
A financial institution out of the Midwest is investing in a joint venture to establish a mortgage banking firm, and hirings begin in less than two months.

Credit Suisse RMBS Settlement Bumped Up
A settlement between Credit Suisse and the federal regulator of credit unions has been increased by more than $20 million.

FHFA Implements GSE Principal Reduction
A long, anticipated decision has been made by the regulator and conservator of Fannie Mae and Freddie Mac about principal reduction on their loans.

Wells Trims Size of its Mortgage Business
The quarterly volume of mortgage production, as well as the size of the residential servicing and investment portfolios, were all down at Wells Fargo & Co.

Foreclosure Starts Spike
A surge in new foreclosure filings by the nation's mortgage servicers last month was behind an acceleration in March's overall national foreclosure activity.

Transitional Mortgage Licensing Bill Opposed
A non-bank mortgage trade group is opposing legislation that would allow former bank loan officers to originate while obtaining a state license.

Freddie Pulls Down GSE Mortgage Refinances
A monthly decline in refinances of loans backed by Freddie Mac pulled down overall government-sponsored enterprise refinancings.

Mortgage Originations Hold Up at Chase
Despite a dip in correspondent mortgage production, residential business at JPMorgan Chase & Co. mostly kept pace with the final quarter of last year.

Mortgage Applications Accelerate
As fixed rates retreated to lows not seen since the beginning of last year, the pool of prospective borrowers applying for mortgages grew.

Retail HECM Biz Up from 2015, Wholesale Off
While both retail and wholesale government-insured reverse mortgage business was up from a month earlier, only retail improved on a year-over-year basis.

$1.5 Billion in Distressed Fannie Loans for Sale
More than $1.5 billion in non-performing loans held by the Federal National Mortgage Association are up for bid.

Mortgage Production Profits Up, Servicing Down
While efficiency improved in both originations and servicing last year, only the production segment saw an improvement in profits.

Serious Mortgage Delinquency, Foreclosures Low
Serious mortgage delinquency is lower than anytime since 2007, while the foreclosure inventory has declined 52 consecutive months.

Goldman Sachs Finalizes Massive MBS Settlement
A $5 billion settlement with the government agreed to earlier this year by The Goldman Sachs Group Inc. has been finalized. At issue are mortgage securitizations.

PHH Losing Significant Business
The loss of business from a private-label client is forcing PHH Mortgage to withdraw its income forecast as it weighs its options. There was some good news, though.

FHFA Examinations of Nonbank Servicers Proposed
The Federal Housing Finance Agency should have the authority to examine non-bank clients of Fannie Mae and Freddie Mac, a government report recommends.

Fannie Enabling Appraisal Sharing
Next month, Fannie Mae is updating its Collateral Underwriter. Among the changes will be a new appraisal-sharing functionality for aggregators.

Quicken Loans to Appeal Labor Board Decision
Detroit-based Quicken Loans Inc. vowed to appeal a decision this past week from a National Labor Relations Board judge on its social media and confidentiality rules.

Wells Fargo Finalizes FHA Settlement
Wells Fargo & Co. has finalized a settlement tentatively reached two months ago with the government over allegations of reckless underwriting and fraudulent loan certifications on government-insured loans.

New Mortgage Business Leaps to 1-Year High
As fixed rates on residential loans sank to the lowest level since 2012, new mortgage business soared to the highest level in more than a year.
Mortgage Market Index 197 in week ended April 8
Mortgage Servicing Technology Advancements
Residential loan servicers have been adopting new mortgage servicing systems, while a default servicing tool has been enhanced to meet an agency policy change.

Squawk Box Broadcast From Mortgage Firm
The new offices of an up-and-coming mortgage banking firm is where the financial news television show Squawk Box broadcasted from on Friday.

Mortgage Rates Sink, Could Fall Further
A nice improvement was made on mortgage rates during the past week, and some signs are pointing to further improvement over the next week.

Near Record for Commercial Mortgage Lending
Commercial mortgage production during last year was up more than a quarter, and volume came close to reaching the highest level on record.

Ginnie MBS Issuance Bounces Up
Mortgage securitizations at the Government National Mortgage Association continued to see-saw last month, with residential activity lifting volume.

Home-Equity Delinquency Tumbles at Banks
The degree of past-due payments on home-equity assets owned by the nation's banks was sharply lower during the final three months of last year.

Why Chase Stays in Mortgage Business
There are lots of reasons for JP Morgan Chase & Co. not be in the mortgage business. But the company's chief sees even more reasons to prudently remain in the sector.

Tighter Mortgage Credit Led by Conventional
The availability of credit for residential lending was slightly tighter last month, and it was conventional mortgage lending that tightened the most.

Production and Pricing Engines Improved
Improvements have recently been made to multiple product-and-pricing engines, some through integrations. One lender's investment in a PPE has reportedly reaped phenomenal returns.

Conferences Cover TRID, Politics
Topics to be covered at upcoming mortgage industry events include the TILA-RESPA Integrated Disclosures and compliance. Politics is also on the agenda at two events.

Credit Unions Report TRID Delays
A survey of credit unions executives across the country indicates that recently implemented TILA-RESPA integrated disclosures have slowed the home-lending process.

Refi Bounce Pushes Up Mortgage Applications
Despite a drop in purchase financing activity, more mortgage shoppers applied for a new loan last week thanks to a bump in refinance loan applications.

6 Credit Unions Shut Down in 1 Day
The nation's credit union regulator has seized six federally insured credit unions and shut them all down. While there was a recent bank failure, credit unions remain the problem.

CA Mortgage Program Eases Income Restrictions
Prospective homebuyers struggling to find an affordable residence in the Golden State might find some relief thanks to changes being made to a first-time homebuyer program.

HEL, HELOC Lending Lags 1st Mortgage Growth
Residential lending moved significantly higher last year, though not so much for home-equity lending -- especially on new credit lines.

Consumer Bankruptcies Increase Again
For the second month in a row, more consumers resorted to bankruptcy than the prior month. On the business side, plunging oil prices are having an impact.

2 Michigan Cities to Receive Hardest Hit Funds
Two cities in Michigan -- the biggest city in the state and one that's been in the news much lately -- will benefit from federal funds for upside-down borrowers.

Nearly 7-Year Low for CMBS Delinquency
An improvement in the monthly performance of securitized commercial real estate loans brought delinquency to an almost seven-year low.

Genworth Loosens M.I. Requirements
Updates at Genworth Mortgage Insurance include new construction programs, higher loan-to-value ratios and lower credit score requirements.

6-Year High for MTA ARM Index
It's been almost a half-dozen years since the Monthly Treasury Average was as high as it was last month, though another adjustable-rate mortgage index eased.

Former AIG Chief Reflects on Financial Crisis
The former chairman and chief executive officer of American International Group recently spoke before a gathering about leading the company during the financial crisis.

Nationstar's New Alter Ego
Nationstar Mortgage LLC has created a new identity: Mr. Cooper. The fresh brand is intended to help the company in its efforts to grow originations.

California Sues Morgan Stanley Over MBS
Investment banking firm Morgan Stanley has been sued by the state of California over allegations it misled investors about the risks of mortgage-backed securities it issued.

FHA Reverse Business Slips
Compared to a month earlier and a year earlier, government-insured reverse mortgage production was slightly weaker. The number of active lenders was also off.

Job Losses Accelerate in Mortgage Business
Quarterly layoffs outpaced hirings in real estate finance, with the net loss of jobs in the industry accelerating over the prior quarter. But the contraction in headcount slowed from a year earlier.

Refinance Activity Accelerates
A bump in refinance activity and a jump in jumbo mortgage business pushed up overall new home lending activity during the latest seven-day period.
Mortgage Market Index 170 in week ended April 1
MERS Wins Appeal in Lawsuit by SC Counties
South Carolina's highest court has ruled in favor of MERSCORP Holdings Inc. in a case where counties in the state were challenging the registry system.

CMBS Delinquency Rises, Office Rate Up Most
With the rate of past-due payments on office buildings leading the way, delinquency on securitized commercial real estate loans rose last month.

Compliance Investments Cutting Mortgage Risk
Investments in mortgage compliance are having a positive effect on the level of risk associated with loan defects and misrepresentations in home loan applications.

Rebound in Agency MBS Issuance
Just a month after tumbling to the lowest level since 2014, issuance of agency mortgage-backed securities jumped to the highest level since last year.

Mortgage Employment Contracts Again
Although employment among all industries continued to expand at a healthy clip, the number of jobs in real estate finance fell for the fifth consecutive month.

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