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May 2016 Archive


COFI Climbs Higher
A month-over-month increase was recorded for the 11th District Cost of Funds Index -- the fifth month in a row that it has escalated.

Mobile Mortgage Lending Insights
Several recent reports provide insight into how consumers are using their phones for financial services. Meanwhile, mobile applications are being designed for mortgages.

HUD Secretary Still Contender for Dem VP Slot?
Department of Housing and Urban Development Secretary Julian Castro was a rising star four years ago as the keynote speaker at the Democratic National Convention.

Mixed Reviews for TRID
Although residential loans take longer to close and cost more to process following the implementation of TRID, mortgage borrowers feel more informed about home financing.

LOS Advancements Made
Several of the top loan origination system providers have updated their products, integrated with other technology systems and touted new mortgage lender customers.

Homeownership Varies by Age, Income, Race
The results of a survey published by the nation's central bank looks at homeownership variances by demographics.

Fannie Delinquency Descends Further, Business Up
Serious mortgage delinquency, which was already lower than at anytime since mid-2008, fell further at Fannie Mae. New business, meantime, also improved.

Beverly Hills LO Fined, Banned from Industry
A loan officer who operated from an office in Beverly Hills, California, has been fined and banned from the mortgage industry for a year over alleged fee shifting.

Refinances Lead Weekly Mortgage Activity Down
Interest rates on residential loans migrated solidly north this past week, driving down demand for home-loan refinances as well as for overall new mortgage activity.
Mortgage Market Index 172 in week ended May 27
Freddie Unloading More Distressed Loans
Another sale of distressed residential loans for nearly $800 million is being offered by the Federal Home Loan Mortgage Corp.

Further Improvement in Freddie's Delinquency
While monthly new business deteriorated at the Federal Home Loan Mortgage Corp., serious delinquency again declined to a new 7-year low.

Mortgage Rates Jump, Could Retreat
The release of the Federal Reserve minutes pushed up interest rates on home loans this past week. But there are some indications that fixed rates could ease.

Wells Fargo Debuts Low Down Payment Program
A new program from Wells Fargo & Co. promises to make it easier for prospective borrowers to apply and qualify for a low-down payment residential loan.

DTIs Likely to Rise Post-Closing
New research indicates that mortgage borrowers are more likely to increase their debt-to-income ratios after they close on a home loan.

Decade High for Pending Home Sales
Following reports of surging new home sales and rising existing home sales last month, national pending home sales soared to the highest level in more than a decade.

Caliber Making Significant Acquisition
The planned acquisition of a California-based company will add $1.5 billion to Caliber Home Loans Inc.'s annual originations and hundreds of employees to its payroll.

New Wholesale Programs Launched
Among several new programs recently offered by wholesale lenders are non-QM loans, reverse mortgages and jumbo mortgages. Commercial mortgage products also hit the market.

OCC Terminates Wells Fargo Consent Order
A federal consent order against Wells Fargo Bank, N.A., over its mortgage servicing practices has been terminated -- though not without a penalty.

Ocwen Touts Results from Independent Analysis
Challenges by hedge funds to Ocwen Financial Corp.'s handling of distressed loans it serviced have been answered with a satisfactory report from an independent consultant.

Home Purchase Financing Applications Climb
Fueled by an acceleration in purchase financing activity, the volume of overall applications for new residential loans moved higher on a week-over-week basis.

Lenders Tout Mortgage Originations
Several mortgage firms recently released data on their home-lending volume, while commercial mortgage lenders also reported activity.

Recent Decline in Mortgage Complaints
Although the volume of mortgage complaints has worsened compared to a year ago, mortgage firms are making progress on a month-over-month basis.

Mortgages Outstanding Up Even as Lending Down
Quarterly home lending has fallen, as has the rate of serious mortgage delinquency. But mortgages outstanding have grown.

Northeast Leads Jump in New Home Sales
The annual rate of the nation's new home sales increased last month, and it was the rate in the Northeast the led the month-over-month gain.

Mortgage Lates Up, Foreclosure Starts at 10-yr Low
Despite an increase in 30-day delinquency, the foreclosure rate declined and foreclosure starts descended to the lowest level in 10 years.

Events Tackle Mortgage QC, Originations
Among several upcoming mortgage-related events are an investor conference, a Fannie Mae quality-control boot camp and another boot camp for loan originators.

Appeals Court Rules for BofA in "Hustle" Case
A federal judge's ruling requiring Bank of America Corp. to pay more than $1 billion in penalties over agency loans originated by Countrywide Financial Corp. in its "Hustle" program has been reversed on appeal.

Condo Financing Might Get FHA Boost
Industry consultants say that condominium homeowners associations have increasingly been seeking Federal Housing Administration certification recently.

goodmortgage.com Hiring 100s
Now that it has been acquired by another company, goodmortgage.com has plans to add hundreds of employees in its hometown of Charlotte, North Carolina.

Weekly ARM, FHA Business Climbs, Jumbo Sinks
As new adjustable-rate and government-insured business moved higher, jumbo activity retreated. Overall mortgage business, however, was little changed.
Mortgage Market Index 179 in week ended May 20
Correspondent Executives Find New Homes
In addition to at least one C-Suite appointment, recent executive activity in home lending includes multiple correspondent lending executives who have found new jobs and a new retail lending leader.

FDIC Wins Appeal in RMBS Case
A lower court's ruling against the Federal Deposit Insurance Corp. has been overturned on appeal, paving the way for the regulator to pursue losses from residential mortgage-backed securities.

Homes Sales Up Again as Midwest Vibrant
Sales of the nation's pre-owned homes turned higher for the third month in a row. Sales and home prices in the Midwest are seeing the most improvement.

Small Round of Carolina Layoffs at Wells Fargo
A handful of mortgage employees at locations in the Carolinas have been advised by Wells Fargo & Co. that their positions are being eliminated.

CMBS Delinquency See Saws Lower
After worsening in March, performance improved on securitized commercial real estate loans. Industrial property loans led the decline.

Mortgage Rates Forecasted to Rise
Both short-term economic forecasts and long-term forecasts have fixed interest rates on home loans moving in a northerly direction.

Government Sues Guild Mortgage Over FHA Loans
Guild Mortgage Co. has become the latest target of the government in its witch hunt against lenders it claims improperly originate and underwrite government-insured loans.

Trump, GOP Proposing Dodd-Frank Rewrites
Donald Trump says he will deliver a plan that's "close to a dismantling" the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010.

HECM Program Updates Proposed
Changes that are being proposed to the home-equity conversion mortgage program include new consumer protections for borrowers and new lender requirements.

Freddie Lifts Est Q1 Refi, Government Production
First-quarter refinance production and government share of overall mortgage originations turned out to be better than previously thought by economists at Freddie Mac.

Mortgage Closing Rate Diminishes
A smaller share of mortgages in process closed last month compared to March, though the closing rate improved versus the same month last year.

Proprietary Reverse Mortgage Production Up
Unlike government-insured reverse mortgage production, proprietary reverse mortgage originators saw a gain in volume from a month and year earlier.

Purchases Pull Down Mortgage Applications
Despite an increase in applications to refinance home loans, overall mortgage applications softened due to a slowdown in home purchase financing.

Mortgage Firms Recognized as Best Employers
Several mortgage banking firms and two mortgage service providers have been recognized by local news publications as being among the best employers in their region.

FHA Loan Sale Auction Set
An auction to sell residential loans that were originally insured by the Federal Housing Administration is taking place this week.

Fannie Improves Purchase Financing Forecast
Economists at Fannie Mae have increased projections for originations this year and next year by more than $100 billion, and purchase financing got the biggest boost.

Serious Delinquency Improves on 1st Mortgages
As the rate of serious delinquency on consumer credit dropped to a new low last month, the rate of past-due payments on first mortgages improved nicely.

Completed Construction Slows on Multifamily
While issuance of building permits accelerated last month, the volume of completed housing units declined thanks to a tumble in multifamily construction.

Builders Far More Optimistic in West Than East
While there are far more homebuilders in the West who are optimistic than pessimistic, the numbers are reversed in the East.

GSE Refinances Soar
Monthly refinance volume of Fannie Mae and Freddie Mac mortgages soared to the highest level in eight months, and activity could pick up as rates continue to fall.

Bank of America Cutting Servicing Jobs
As part of an ongoing strategy to reduce overall costs and streamline its operations, Bank of America Corp. has announced plans to layoff employees.

Wells Fargo Fighting Whistleblower Lawsuit
A former employee of Wells Fargo & Co. is suing the home lender in a whistleblower action. He claims he was fired for not lying to distressed borrowers.

Buffett, Quicken's Gilbert Team Up for Yahoo Bid
Two billionaires -- Quicken Loans Inc. founder Dan Gilbert and Berkshire Hathaway Chairman Warren Buffet -- have teamed up to bid on Yahoo! Inc.'s assets.

MBA Chief Outlines Mortgage Industry's Challenges
As players in the secondary mortgage market meet in the Big Apple this week, the leader of the industry's prominent trade group talked about the industry's challenges.

Mortgage Staffing, Servicing Up at Navy FCU
Although mortgage originations subsided at Navy Federal Credit Union, the financial institution reported that its home lending staff expanded and its mortgage servicing portfolio increased.

2016 Mortgage Refinance Forecast Boosted $50 Bil
The overall outlook for this year's U.S. mortgage originations improved as forecasted refinance production increased by $50 billion.

M&T Agrees to FHA Settlement
M&T Bank Corp. said it has become the 16th residential lender to settle claims of not meeting requirements on Federal Housing Administration mortgages.

Weekly Mortgage Business Slips, Rates Falling
Originators weren't quite as busy in the week that included Mothers Day even though mortgage rates were lower and are likely to fall further in the next report.
Mortgage Market Index 180 in week ended May 13
Freddie Selling Distressed Loans
The Federal Home Loan Mortgage Corp. is auctioning off distressed mortgages that are currently being held in its investment portfolio.

Mortgage Rates Likely to Remain Near 3-Year Lows
Long-term fixed rates on home loans dropped to the lowest level in almost three years, and all signs point to similar rates in the next report.

Staffing Up, Originations Off at PRMI
Headcount finished the latest quarter higher at Primary Residential Mortgage Inc. But mortgage originations were lower, and the loan servicing portfolio was little changed.

Mortgage Performance at Pre-Recession Levels
Delinquency and foreclosures declined to levels not seen since before the Great Recession. Foreclosure starts haven't been this low since the turn of the century.

Quicken Loans Hiring 100s in 4 States
Hundreds of employees are being recruited by Quicken Loans Inc. The job openings, which include a variety of positions, are for jobs in four states.

Mortgage Originations Rise, Subprime Lending Grows
A trio of reports on mortgage production generally indicates growth. Even subprime originations have experienced an increase in closings.

Dozens of Firms Face FHA Actions
Actions recently taken against dozens of Federal Housing Administration mortgagees include civil penalties and the temporary or permanent loss of FHA approval.

Mortgages Outstanding, Delinquency Drop
While the number of mortgages outstanding has fallen, the average loan balance stands at a record high. Quarterly delinquency improved.

Ditech Adding Production Jobs in MO
Over a hundred employees impacted by Ditech Financial LLC's decision to shutter a servicing unit are being offered jobs in production, and more hirings are ahead.

Mortgage Applications Edge Higher
Originators were slightly busier as more prospective borrowers completed applications for home loans during the latest seven-day period.

Online Lenders Among Mortgage Mergers
Two online residential lenders, including a startup and a newly acquired firm, hope to shake up the home-lending process. Another recent mortgage-related transaction involves a correspondent rural lending business.

1st Mortgages Outstanding Up as HELs, HELOCs Off
Although the nation's quarterly book of first mortgages outstanding expanded, contraction continued for home-equity products.

Ditech Laying Off Servicing Employees
Following recently announced plans to cut hundreds of jobs, Ditech Financial LLC revealed that more than a hundred servicing employees are being let go.

U.S. Mortgage Firms Listed in Panama Papers
Nestled among the entities that were recently exposed from a year-long investigation of millions of documents that contained details about secret offshore holdings by companies and prominent individuals are a trio of inactive U.S. mortgage firms.

Serious Mortgage Delinquency Down, REOs Up
The rate of serious delinquency on home loans was lower again. But a month-over-month up tick in the number of repossessions was reported.

100s of Mortgage Jobs Being Filled
Recent hirings and planned recruiting by home lenders and mortgage service providers across the country have created opportunities and new jobs for hundreds of people.

Events Target LOS Users, Financial Institutions
Upcoming mortgage-related conferences and events are targeted at banks, credit unions and and rural lenders. One of the events is for users of a loan origination system.

Jumbo MBS Issuance Soars at Ginnie Mae
A month-over-month gain in securitizations was made by the Government National Mortgage Association, and jumbo activity led the improvement.

Mortgage Servicing, Assets Up at Regions
Regions Financial Corp. reported growth in its residential loan servicing and investment portfolios, while delinquency fell. But quarterly mortgage production was off.

Huge Portfolio of Agency MSRs For Sale
Mortgage servicing rights on more than $4.7 billion in agency loans with a Golden State concentration are being marketed for sale to the highest bidder.

Mid-Level Mortgage Managers Make Moves
A host of mid-level executives at real estate finance firms have found new homes or been promoted to better positions. There was even some activity in the c-level executive suite.

New Business Creeps Up at McLean Mortgage
McLean Mortgage Corp. managed to generated more loan production in the first-three months of this year than it did in the final three months of last year. Headcount also increased.

New Mortgage Business Surges to 1-Year High
As falling interest rates drove up refinance and jumbo business, overall new mortgage activity soared to the highest level in more than a year.
Mortgage Market Index 200 in week ended May 6
Mortgage Jobs Rise Despite Weak US Employment
Although new government data indicates that monthly job growth was sluggish among all U.S. industries, the number of mortgage jobs expanded.

PennyMac Mortgage Lending Slips, Servicing Up
Quarterly residential loan production dipped at PennyMac Financial Services Inc. But the company's mortgage servicing portfolio managed to eke out an increase.

Mortgage Rates Drop, Could Fall Further
Fixed mortgage rates took a tumble this past week and, barring an exceptionally strong employment report, are likely to improve further.

Fannie's Earnings Drop
A decline in long-term interest rates drove quarterly earnings lower at the Federal National Mortgage Association. Dividend payments are nearing $150 billion.

PHH Cutting Correspondent, Reducing MSRs
As quarterly home lending slowed and the servicing portfolio contracted, PHH Mortgage revealed plans to get out of correspondent lending and reduce its mortgage servicing rights.

Mortgage Credit Tightens 5 Out of Last 6 Months
It's been seven months since credit conditions in home lending have shown any signs of easing. Jumbo programs led the latest tightening.

Delinquency Sinks at Freddie, Business Rises
As secondary lending climbed higher at the Federal Home Loan Mortgage Corp., serious delinquency fell to the lowest it's been since August 2008.

Mortgage Lending Down, Servicing Up at Alaska USA
As the size of the residential loan servicing portfolio ascended at Alaska USA Federal Credit Union, the volume of quarterly mortgage production descended.

Mortgage Demand Up at Banks, CRE Stds Tighten
While bank lending standards on home loans have changed little recently, guidelines tightened on commercial real estate loans. Demand was up for both types of loans.

Nationstar Mortgage Originations Increase
Although Nationstar Mortgage LLC swung to a huge quarterly loss on mortgage servicing rights valuations, home-loan production improved.

Refinances Drive Down Mortgage Applications
New applications for mortgages moved lower on a week-over-week basis, and refinance applications were behind the deterioration.

Impac Mortgage Originations Improve
New residential loan originations improved at Impac Mortgage Holdings Inc. In addition, the mortgage banking firm's servicing portfolio expanded.

United Guaranty's Biz, Delinquency Tumbles
New quarterly business slowed at United Guaranty, while earnings at the mortgage insurance company were also down. Delinquency, however, was improved.

Fewer Monthly Consumer Bankruptcies
Last month, there were fewer consumers that resorted to bankruptcy -- with new case activity slowing both on a month-over-month and year-over-year basis.

Mortgage Originations, Earnings Worse at Walter
Quarterly mortgage originations slumped, losses widened and staffing was down at Walter Investment Management Corp. But the servicing portfolio inched up.

Monthly HECM Production Slips
Last month was a little slower both on a month-over-month and year-over-year basis for originators of federally insured reverse mortgages.

No Draw Needed Despite Loss at Freddie
Although it suffered a first-quarter loss, the Federal Home Loan Mortgage Corp. will require no taxpayer funds. Delinquency fell to the lowest level since the summer of 2008.

Churchill Mortgage Grows Business
Business metrics moved higher at Churchill Mortgage Corp. -- with home loan originations, residential loan servicing and staffing all expanding.

CMBS Delinquency Inches Up Again
For two consecutive months now, the rate of late payments on securitized commercial real estate loans deteriorated from a month earlier.

6-Year High for MTA
More than six years have elapsed since the Monthly Treasury Average has been this high even as a more widely utilized index has retreated.

Stonegate Mortgage Servicing Up, Lending Off
Although quarterly loan production and staffing descended at Stonegate Mortgage Corp., the lender managed to grow its mortgage servicing portfolio.

Ginnie Leads Rise in Agency MBS Issuance
A jump in mortgage securitizations at the Government National Mortgage Association led a month-over-month improvement in overall agency issuance last month.

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