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April 2018 Archive


2-Year Low for Fannie's New Business
It has been more than two years since secondary activity at the Federal National Mortgage Association was as slow as it was last month. Serious delinquency turned lower.

Pending Home Sales Up, But Northeast Tumbles
With the South leading the way, national pending home sales moved up last month. But weather conditions were blamed for a big drop in the Northeast.

Staffing, Servicing Expand at Guild Mortgage
In addition to increasing the size of its loan servicing portfolio, Guild Mortgage Co. grew its payroll thanks to an acquisition. Originations were off from the prior quarter.

Fraud Risk Up on Refis, Down on Purchases
Although the risk of fraud decreased last month on loans to finance a home purchase, an increase was recorded for refinances. Overall risk was lower.

N.Y. Judge Admits to Mortgage Fraud
A municipal judge in the Empire State has admitted that she lied to a residential lender and law enforcement officials.

Rise in Purchases More than Offset by Refi Plunge
A big decline in weekly mortgage refinance business more than offset a modest gain in home purchase financing activity. The share of rate-term refinances descended to a new record low.
 /stories/Mortgage-Market-Index-042718.asp

Hilltop Swings to Loss in Mortgage Business
Quarterly earnings deteriorated at the parent of PrimeLending. In just the mortgage business, the company swung to a loss as sequential home-lending volume was lower.

Freddie Offering New 3% Down Program
A new program being offered by the Federal Home Loan Mortgage Corp. enables first-time buyers to obtain a conventional home loan with a tiny down payment.

CFPB Relaxes TRID Requirement
Home lenders will have a little more flexibility when loan costs change thanks to an update from the Consumer Financial Protection Bureau.

Freddie's New Business Jumps, Delinquency Drops
Monthly secondary activity at the Federal Home Loan Mortgage Corp. was sharply higher, while delinquency was sharply lower. Multifamily lates haven't changed for four months.

Mortgage Rates Surge, Further Increases Ahead
After climbing to the highest level in more than four years, fixed mortgage rates moved even higher. Industry forecasts have long-term mortgage rates ascending another 30 basis points this year.

Tiny Agency MSR Offering on Market
Mortgage servicing rights on a small portfolio of agency residential loans is being marketed for sale. The loans have a three-state concentration.

CFPB Chief's Comments Outrage Democrats
Consumer advocates and legislative Democrats are furious over comments made by the acting chief of the Consumer Financial Protection Bureau.

Radian Q1 Income, Biz Up From Yr Ago, Sink From Q4
Although earnings and new business improved from a year ago at Radian Group Inc., both were down on a quarter-over-quarter basis. The book of business expanded.

Risk Layering, Credit Scores Stable on RMBS
Post-crisis securitized home loans have performed well as risk layering and credit scores have remained constant. But growing cashout share is a concern.

Q2 Refinance Forecast Nudged Up by Mortgage Bankers
The forecast for refinance production during the current quarter has been raised by the nation's mortgage bankers, though the rise was offset by a drop in expected purchase-money lending.

Dozens of FHA Mortgagees Face HUD Actions
Several dozen Federal Housing Administration mortgagees were hit with actions over the past year. Some paid large penalties, and other lost their FHA approval.

5th 3rd Earnings and Servicing Up, Home Lending Off
Quarterly earnings at Fifth Third Bancorp, including mortgage revenues, strengthened. While residential loan originations have slowed, the servicing portfolio expanded.

West to Continue Leading Home Price Gains
Home prices in western areas have led national home values higher. Over the next year, the West is expected to be out front of national gains -- which are predicted to weaken.

Refi Share of Apps Down Further as Rates Rise
As interest rates on home loans have climbed to the highest level in more than four years, the share of applications for refinances has fallen to a decade-low. Government share was diminished again.

Genworth Lowers Mortgage Insurance Premiums
Premiums are being reduced by the mortgage insurance subsidiary of Genworth Financial. Also taking place is the implementation of rate adjustors.

West Drives New Home Sales to Post-Crisis High
Fueled by the West, the number of new homes sold last month was more than during any month since the financial crisis. Sales in the Northeast, however, suffered.

Year-Over-Year Gain in Flagstar Home Lending
With the help of a recent acquisition, Flagstar Bancorp Inc. was able to make a year-over-year gain in mortgage originations. Ongoing reductions continued, though, for the primary servicing portfolio.

HomeStreet Lays Off Dozens of Mortgage Employees
Quarterly home lending tumbled at HomeStreet Inc. Mortgage losses piled up, hurting company-wide profits. Dozens of mortgage jobs were eliminated during the most-recent quarter.

Existing Home Sales Rise Again, NE Most
For the second consecutive month, the sale of pre-owned residential properties escalated. The biggest month-over-month gain was in the Northeast.

Fox News Host Defends HUD Multifamily Loans
As Fox News host Sean Hannity deals with revelations that he shares the president's attorney, he is now addressing questions about his government-insured apartment loans.

Q1 Mortgage Origination Forecast Lifted
The estimate of single-family loan originations for the first-three months of this year has been boosted by 15 percent only to be offset by a lower outlook for the remainig three quarters this year.

SunTrust Mortg Earnings, Lending & Servicing Down
Although company-wide earnings ascended at SunTrust Banks Inc. -- mortgage income, originations and third-party servicing were all down on a quarterly basis.

Mortgage Refi Activity Jumps
A week-over-week decline in new purchase-money activity was more than offset by an increase in refinance business. But the year-over-year tumble in purchases more than offset the surge in refinances.
 /stories/Mortgage-Market-Index-042018.asp
$1 Billion Wells Settlement Finalized
First the president tweeted it. Then the company warned about it. Now it is official: Wells Fargo & Co. has agreed to a $1 billion settlement with federal regulators.

Data Breach at SunTrust
Data on more than a million customers of SunTrust Banks Inc. has been stolen. The heist was an inside job.

Chase DC Expansion Includes Mortgages
A planned expansion in the Washington, D.C., area by JPMorgan Chase & Co. will bring thousands of new jobs, including mortgage positions, to the region.

KeyBank Hires 100s of Mortgage Originators
Following the acquisition of another bank two years ago, KeyBank has hired hundreds of loan originators to build on the home-lending business that came with the purchase.

4-Year High for 30-Year Fixed Mortgage Rates
It's been more than four years since long-term mortgage rates have been as high as they were this week. In the upcoming week, fixed rates are likely to deteriorate even more.

Former ResCap Chief Named Ditech CEO
The former chairman and chief executive officer of a previous ditech.com affiliate has become the CEO and president of the company that now operates as Ditech Holding Corp.

Mortgage Delinquency Plunges
Delinquency on residential loans turned sharply lower last month as the impact from last year's hurricanes shifted to new foreclosure filings.

Ocwen President-CEO Leaving
After spending nearly three decades with Ocwen Financial Corp., the mortgage firm's president and chief executive officer is leaving the company.

US Bank's Mortgage Revenues, Lending & Lates Down
Company-wide earnings improved at U.S. Bancorp, but mortgage income worsened. Home-lending volume was solidly lower. As residential servicing and assets grew, delinquency decreased.

State of Housing, Mortgage Markets
The Great Recession -- and the housing boom and bust that set the stage for it -- are fading into distant memory. But a decade into the recovery, the U.S. housing market continues its frustratingly slow return to normalcy.

Mortgage Originations Shift from FHA to Conv
Compared to a year ago, conventional share has increased at the expense of government-insured share. Rising rates are impacting refinance share and, in turn, closing times.

Business, Delinquency Decline at MGIC
As has been the case for mortgage bankers, new quarterly business fell at MGIC Investment Corp. Also declining was the rate of late payments. But the book of business expanded.

Purchases Out Front of Jump in Mortgage Apps
With purchase-money applications leading the way, weekly applications for home loans made a healthy ascension. Refinance share, however, continued to weaken.

FHA Business Sinks to 3-Year Low
Residential production at the Federal Housing Administration was the lowest it's been in three years. An improvement was reported for single-family delinquency.

3-Year Low for Ginnie Mae MBS Issuance
Securitizations on behalf of the Government National Mortgage Association fell to the lowest level in more than three years. But securities outstanding kept growing.

Massive Judgment Against Founder of Mortgage Firm
Plaintiffs in a lawsuit who were awarded an enormous amount of money for alleged defamation by the founder of a mortgage company are taking steps to collect.

Serious Mortgage Delinquency Down from Year Ago
While there was no month-over-month change in serious mortgage delinquency, there was a year-over-year improvement. Miami saw a significant increase.

Multifamily Const Starts, Permits Up as SF Falls
Despite a surge in new apartment construction and permits, single-family activity weakened. The South led a decline in completed construction.

Earnings Jump at BofA as Originations Sink
Quarterly earnings climbed at Bank of America Corp., while home-lending activity tumbled. The company stopped reporting mortgage earnings and servicing.

Q2 Mortgage Refinance Outlook Increases
The second-quarter forecast for refinance originations has been raised -- though the gain came at the expense of expected second-half production.

MN Mortgage Trade Group Chief Talks Tech, Realtors
The head of a Minnesota mortgage trade group has been busy connecting his association with real estate agents and advancing technology among his members.

PNC Mortgage Originations, Servicing & Assets Fall
Company-wide earnings improved at The PNC Financial Services Group Inc. But mortgage originations sank, while residential servicing and assets were diminished.

West Leads Builder Confidence to Lowest Since 2017
With the West leading the way, builder confidence dropped to the lowest level since last year. Much of the weakening was due to current sales conditions.

Mortgage Revenues, Originations Sink at Citi
A marked decline was recorded for quarterly mortgage revenues and originations at Citigroup Inc. The company continued to reduce residential servicing and assets.

First Republic Earnings, Mortgage Assets Increase
Although quarterly home lending was significantly lower at First Republic Bank, residential asset holdings expanded and earnings were stronger.

Chase's Mortgage Earnings Jump on Servicing
Company-wide quarterly earnings soared at JPMorgan Chase & Co., while mortgage income jumped on soaring servicing revenue. Loan originations sank, and servicing dropped.

Increase in Mortgage Business Led by Conventional
Conventional activity led a week-over-week increase in new mortgage business. Rate-term refinance share descended to a new record low, while purchase share was the highest it's been in six months.
/stories/Mortgage-Market-Index-041318.asp
Wells' Mortgage Lending Tumbles, Servicing Down
Quarterly company earnings fell from a year earlier at Wells Fargo & Co., as did mortgage earnings. As home lending volume sank, the mortgage servicing portfolio was reduced.

Mortgage Rates Rise, Could Climb Further
Interest rates on residential loans inched higher this past week, and the outlook -- both short-term and long-term -- is for further ascension thanks to inflation.

7-Month Low for GSE Refinances
Refinances of government-sponsored enterprise home loans fell to the lowest level in seven months, while government-supported refinances sank to an all-time low.

Non-Bank Mortgage Lenders Lead Tech Transformation
The digital transformation of the mortgage process is being led by large non-bank lenders. Title and mortgage insurers could be the biggest beneficiaries of blockchain adoption.

Reperforming Mortgages Trade Hands
The sale of nearly $70 million in single-family loans has been completed. All of the mortgages in the transaction are currently reperforming.

Chase Expanding in Dozen States
An expansion of its branch network in a dozen states will enable JPMorgan Chase & Co. to provide more financial products to its mortgage borrowers.

Over 50 Mortgage Related Events in Q2
Among the more than 50 events on Mortgage Daily's Mortgage Conference Calendar for the second quarter are multiple annual trade group conventions, a roundtable and several workshops. An appraisal conference is set for the third quarter.

Nearly $2 Bil in Reperforming GSE Loans Sold
Winning bidders have been announced in the auction of nearly $2 billion in reperforming government-sponsored enterprise residential loans.

Nationstar Settles Alleged Servicing Abuses
For the second time this year, Nationstar Mortgage LLC has agreed to a settlement with a state located in the Northeast for alleged servicing abuses. Problems with originations were also identified.

Possible CFPB Name, Logo Change Concerns Some
A potential change of the Consumer Financial Protection Bureau's name and logo, especially in light of its revised mission statement, has some consumer advocates concerned.

Weekly Mortgage Applications Decline
Originators of single-family loans were a little less busy this past week. Government share, meanwhile, was the greatest it's been in nearly three months.

Record 2017 Commercial Mortgage Originations
Not only did originators lift annual commercial real estate lending volume last year, they pushed it past the pre-crisis record level. Apartment lending led production.

Wells Fargo Could Face $1 Billion CFPB Fine
A fine of several hundred million dollars -- and possibly as much as $1 billion -- could be assessed against Wells Fargo & Co. by the Consumer Financial Protection Bureau.

Monthly Mortgage Performance Improves
Monthly mortgage performance improved on a national basis. Southern states had the highest delinquency rate, and foreclosure rates were worst in the Northeast.

Huge Agency MSR Portfolio On the Market
A huge offering that just hit the market includes mortgage-servicing rights on more than $6 billion in agency-backed loans. There is a modest Illinois concentration.

New Penn Picks Up Correspondent Lending Unit
New Penn Financial LLC, which itself is being acquired with its parent company, has picked up a correspondent lending operation.

MGIC Cuts M.I. Premiums
Recent changes to the tax law have prompted MGIC to reduce its mortgage insurance premiums on transactions where the borrower pays the premium.

VA Clarifies Construction Lending Guidance
In an effort to overcome lenders' reluctance to construction lending, the Department of Veterans Affairs has clarified its requirements on loans to finance home construction.

FHA Share Balloons, Record Low Rate-Term Refi Share
The share of prospective borrowers seeking loans insured by the Federal Housing Administration was wider than during any week since Mortgage Daily began tracking it, while rate-term refinance share was a record low. Jumbo interest rates deteriorated compared to their conforming counterparts.
/stories/Mortgage-Market-Index-040618.asp
Mortgage Jobs Expand, Bond Yields Decline
Not only did the number of non-bank mortgage jobs expand on a monthly basis, but a weak overall jobs report has bond yields -- and potential home loan rates -- lower today.

Consumer Bankruptcies Surge to Highest Level in Year
It has been a year since the number of consumers who resorted to bankruptcy was as high as it was last month. Rising rates could strain consumers.

Mortgage Rates Fall But Could Escalate
There was a nice decline in average rates for residential loans this past week. But one forecast has fixed rates giving back all the improvement over the next week.

GSE MSR Offering Hits Market
A financial institution is selling mortgage servicing rights on government-sponsored enterprise loans with a three-state concentration.

Mortgage Credit Tightest in 13 Months
The availability of credit for people desiring to finance a residential property was the lowest it's been in more than a year. Leading the contraction were government programs.

Sen Warren Wants Fed Vote on Wells Fargo Plan
The Senate's member most critical of Wells Fargo & Co. is asking the Federal Reserve Board of Governors to hold a formal vote on the firm's reform plan.

2017 1st Lien Lending Down, Home Equity Lending Up
Although refinances were an albatross for last year's first-lien loan originations, home-equity production moved higher. Home-equity assets were diminished, though.

Fannie Lenders Can Contribute Closing Costs
In certain situations, the Federal National Mortgage Association will allow home lenders to help borrowers with some of the cash needed to close on a home-purchase transaction.

Pioneer Working on Mortgage Blockchain
A pioneer in the private-label mortgage-backed securities market has turned his focus to applying blockchain principles to the home-lending industry.

Post-Crisis Low for Mortgage Refinance Share
The last time that refinances accounted for this small of a share of mortgage applications, America was in the midst of a financial meltdown. Overall applications fell.

Delinquency Down on Bank HELs, Up on HELOCs
Even though the quarterly performance of bank-owned installment loans secured by home equity improved, home-secured credit-line delinquency worsened. Mobile-home lates plunged.

CMBS Delinquency Up 1st Time in 9 Months
For the first time in nine months, the performance of securitized commercial real estate loans deteriorated. Loan secured by office building led the increase.

Wells Fargo Names New Retail Mortgage Chief
Wells Fargo & Co. has named an insider to a newly created role that will have him overseeing all of the company's retail home lending operation.

Subprime Mortgage Product Launched
A new residential loan offering is targeted at prospective borrowers with low credit scores, high debt-to-income ratios and significant recent credit events.

LIBOR Replacement Goes Live
As the London Interbank Offered Rate nears retirement, quotes for a preferred replacement index for many of the loans and credit instruments that rely on it are now being published.

Acting CFPB Director Seeks Changes to Dodd-Frank
The controversial acting director of the Consumer Financial Protection Bureau is calling on Congress to defang the bureau before it does too much harm to financial markets.

Citi Overhauls Mortgage Management Team
Citigroup Inc. has appointed a new team of executives to oversee its drastically downsized mortgage banking business. The mortgage chief had only been on the job less than a year.

Purchases Pull Down Weekly Mortgage Business
Although rate-term share fell to a new low, weekly refinance business was slightly stronger. But slowing purchase-money activity was enough to pull down overall business.
/stories/Mortgage-Market-Index-040218.asp

8-Month Low for HECM Endorsements
Following two of the busiest months it has seen in a while, the Federal Housing Administration endorsed the smallest number of reverse mortgages in eight months.

12-Month Low for Fannie's New Business
New business retreated to the slowest pace during the past year at the Federal National Mortgage Association. Meanwhile, serious mortgage delinquency dipped.

Constr Lending Execs Among Mortgage Appointments
In addition to senior management appointments at several mortgage banking organizations, two companies have hired executives to head up their construction lending divisions.

Fannie Leads Agency MBS Issuance to New 2-Year Low
A month-over-month decline to a new 2-year low in agency issuance was led by Fannie Mae, even though Ginnie Mae's securitizations fell to a three-year low.

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