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June 2012 Archive


3rd Consecutive COFI Record
Borrowers whose adjustable-rate mortgages are tied to the 11th District Cost of Funds Index again were treated to new record-low index. It was the third month in a row that the index has established a new low.

Stellar Performance at Fannie
Monthly secondary marketing activity at the Federal National Mortgage Association jumped and stands at nearly double year-earlier levels. Home-loan delinquency fell to the lowest level in more than three years and hasn't increased for more than two years. Past-due payments on apartment loans have declined each of the last six months.

FHA Mortgagees Terminated
Three firms have lost their ability to originate or underwrite mortgages for the Federal Housing Administration.

HEL Underwriting Easing at Banks
A survey of U.S. banks found that residential mortgages are the most popular type of retail loan that banks like to originate for sale, while home-equity loans wind in their investment portfolios more often than any other retail loan type. The share of banks to ease their HEL standards doubled from the prior year, while the share that tightened home-equity requirements was down by more than half. Indirect retail lending saw similar trends.

FHA Business Slows
Government-insured mortgage business led an overall decline in new weekly loan inquiries. While refinance business slowed, it still stands at nearly double the level of a year ago. Mortgage rates were mixed this week but could inch higher by the next report.

Mortgage Market Index end week ended June 29 at 216

Nationstar Now a Top-10 Servicer; Staffing Soars
With the closing of its latest servicing rights acquisition, Nationstar Mortgage LLC has joined the ranks of the 10-biggest residential servicers in the country. In anticipation of the growth, the company has increased its staff by more than a third from the end of last year.

Mortgage Insurers Step Up New Business Again
New policies written by private mortgage insurers have been on the rise for four consecutive months now, and the latest data suggests that another monthly gain is ahead. But the news wasn't quite as good for defaults on existing policies.

Mortgage Groups Warn About Use of Eminent Domain
Officials in one of the worst housing markets in the country are considering seizing negative-equity mortgages held in private-label mortgage-backed securities in order to provide principal reduction to constituents -- a notion that is sending shockwaves through the investment community. Industry groups are warning that such moves will likely only exacerbate problems in the struggling markets.

More Can be Done With Modifications
Housing finance agencies are being called on to step up the effectiveness of their foreclosure mitigation efforts. In addition, more analysis is needed to determine which factors contribute to the success of loan modifications.

Full Appraisals Still Rule
While several less expensive alternatives exist, traditional appraisal reports are still required for nearly all residential loan originations. Recent legislation and regulations have required stepped-up oversight of the appraisal industry, though regulators have yet to implement many of the requirements. But regulators are being pressured to move forward with increased oversight of appraisal management companies.

Fixed Rates Beat, Match All-Time Lows
Fixed mortgage rates stood their ground in record territory this week. Treasury market movements suggest rates could even be lower by the next report. Meanwhile, a criminal investigation is in process over the manipulation of an index used on adjustable-rate mortgages.

Quicken Hiring Hundreds in Arizona
Quicken Loans Inc. is on its way to employing 6,000 people thanks to demand for its origination services. The latest round of recruiting is taking place at an online center in the Grand Canyon State.

Court Decision Could Have Big Impact on MA Foreclosures
A decision last week in Massachusetts on a foreclosure case could have a big impact on future foreclosures in the state.

Report Warns about Reverse Mortgages
The federal regulator for consumer financial products is warning that borrowers on reverse mortgages often aren't aware about how the product works or many of the pitfalls associated with taking out such a loan. The regulator predicts growth in upcoming reverse originations despite a sharp decline in recent government-insured volume and the exit of the biggest players.

400 Chicago Area Mortgage Jobs Being Created
A new mortgage center opening in the Chicago area by a bank based in Kansas is expected to create 400 new jobs within three years -- including 150 during 2012. Veterans are being wooed by the organization.

NMLS Reporting Webinar
Mortgage licensees are getting help with completing required reports through an educational webinar.

FHA Lenders Approving Ineligible Borrowers
A government study found that some consumers who received government-insured mortgages were ineligible due to unpaid income taxes. Foreclosure rates are more than double on such borrowers. The report indicated that mortgagees already have the tools they need to identify ineligible borrowers and recommended changes to government lending policies.

Hotel Delinquency Surges
Thanks to a 270-basis-point leap in past-due payments on securitized hotel loans, overall delinquency on securitized commercial real estate loans was worse.

Mixed Performance for Portfolio Loans
While residential loans owned by banks and thrifts perform worse than agency loans, modified mortgages owned by the banks perform better, according to mortgage data from the biggest federally regulated banks. The report also found that a bigger share of government-supported loan modifications remained current than proprietary modifications.

Non-Agency Loans Drive Decline in Distressed Balances
Since topping out in early 2010, the aggregate amount of severely delinquent mortgages has fallen by more than half. The improvement has been primarily concentrated in non-agency loans. Outstanding distressed loans are expected to return to pre-crisis levels within two years.

Michigan Lender Continues Expansion
Hirings at a mortgage banker based in Michigan had already been brisk as annual originations increased by half last year. But now the company's recruiting campaign has gone into overdrive.

Secondary Investors Cheated
A Utah man and his company are accused of raising $100 million from investors for mortgage note investments and falsely promising 12 percent annual returns in what turned out to be a classic Ponzi scheme.

Volume Limit Changes Made to Fannie's Selling Guide
Changes are being made to the Federal National Mortgage Association's selling guide that clarify the government-controlled lender's volume limitations with sellers.

Mortgage Fraud Reports Retreat from Year Ago
While overall reports from banks and credit unions about suspicious financial activity have increased by 10 percent over the past year, the reports related to mortgage fraud tumbled by nearly a third. But activity still remains over-inflated compared to four years ago.

Residential Metrics Strengthen at Freddie
New business was better last month at Freddie Mac even when compared to the same month last year. While residential delinquency has not increased during any month since the start of 2012, late payments on apartment loans again crept higher.

Chicago Company Claims to be Country's Fastest Growing Lender
An Illinois firm proclaims that it is the fastest-growing U.S. mortgage company. Business at the corporation, which operates in most states, has more than doubled since 2006.

BPO Fee Up for Vote in NC
The North Carolina Association of Realtors is sponsoring Senate Bill 521, which would allow real estate brokers in the state to perform broker price opinions for a fee. The legislation would cut valuation costs on some transaction types, but it would also cut into the business of real estate appraisers.

Civil, Criminal Actions Continue Against Foreclosure Rescue Firms
Criminal and civil actions are being taken by state and federal agencies against foreclosure-rescue firms. Many of the defendants illegally collected up-front fees and made promises about stopping the foreclosure process or obtaining loan modifications that they couldn't deliver. Other tactics involved debt-elimination schemes or touting services provided by lawyers though no licensed attorneys were actually used. Mortgage fraud was used in at least one case.

Radian Enhances Pricing, Jumbo
Mortgage insurance premium options are being expanded on high loan-to-value transactions at Radian Guaranty Inc. In addition, the mortgage insurer is enhancing it non-agency jumbo program.

Florida Worst State in Mortgage Fraud Index
Although mortgage fraud continues to tie up law enforcement and judicial resources, the latest data indicate that activity is leveling off. But the worst state in the country -- Florida -- saw an increase. Several states with the biggest foreclosure problems are the same states with the highest levels of mortgage fraud.

Texas Bank, 2 Groups Sue CFPB
A Texas bank, a senior citizen advocacy group and a public policy group have filed a lawsuit in an effort to overturn the creation of the Consumer Financial Protection Bureau and prevent its director from using his powers. They claim that the agency was given too much power.

Mortgage Business Declines, Record Rates Ready to Rise
A new low for mortgage rates wasn't enough to stimulate new loan activity. But jumbo business managed a gain despite continued deterioration in the premium for jumbo financing. Record rates are set to rise in the next report.

Mortgage Market Index 223 for week ended June 22

Counties Threaten to Reject GSE Property Transfers
Mortgage Association and the Federal Home Loan Mortgage Corp. that they won't be able to file documents that transfer ownership of properties to or from the two companies if they don't start paying transfer taxes. So the regulator of the secondary lenders has filed a federal lawsuit in an attempt to block the counties and state from attempting to collect the taxes.

BofA Forced to Complete Permanent Modification
A state appeals court has ruled that Bank of America Corp.'s mortgage servicing subsidiary must complete a loan modification even though the company claims that "there was never a meeting of the minds" on the modification.

3 of 5 Biggest Lenders Impacted by Bank Downgrades
Some of the nation's biggest mortgage lenders were among more than a dozen banks that were downgraded. Notably missing from the list, however, was the biggest U.S. mortgage lender: Wells Fargo & Co.

Record Rates Likely to Linger
The benchmark 30-year mortgage fell to a new low and doesn't appear to be headed higher anytime soon. Also establishing a record low was the hybrid adjustable-rate mortgage. Dragging mortgage rates lower was downbeat economic news.

Taylor Bean Founder Loses Appeal
An appeal in one of the most high-profile convictions to come out of the mortgage crisis has been shot down by a federal appeals court.

Short Sales Available for Military Members
Borrowers who are in the military are often ordered to quickly pick up and move to another location. But current market conditions leave some service members with negative equity and few alternatives to deal with their properties. So federal regulators have come up with a solution.

Borrowers Eating Up HARP 2.0
Thanks to changes made to the requirements of the Home Affordable Refinance Program, refinances completed through the program have jumped by more than a third.

Appraisals Continue to Frustrate Sellers, Realtors
In some housing markets, the inventory of homes available for sale has fallen, and multiple bids are being made on some properties. But the fair market values determined through real estate appraisals are falling short.

Benefits of Modifications Go Beyond Mortgage
A new study found that borrowers who have completed a loan modification have lower delinquency rates on other consumer loan products than similar borrowers whose mortgages haven't been modified. It also found a much better performance level for borrowers who defaulted on their mortgages but not on other consumer credit.

Mortgage Meetings and Conferences
Topics to be covered at upcoming mortgage industry conferences include home valuations, class action lawsuits and consumer bankruptcies. Technology firms are also hosting events for their clients. Other meetings will include a variety of stakeholders and take a hard look at how to improve real estate finance. A branch-network company recently hired the Disney Institute for its annual event.

3 Straight Months of Ginnie Gains
Despite a decline in multifamily activity, the Government National Mortgage Association eked out a gain in overall monthly securitizations. Business has improved each of the last three months.

Jumbo RMBS Coming to Market
Nearly $0.3 billion in jumbo mortgages are being securitized in one of the few private-label issuances since the financial crisis began.

Transfer Fee Deadline Looms
The regulator of the Federal National Mortgage Association and the Federal Home Loan Mortgage Corp. earlier this year announced that the two housing finance agencies would no longer buy loans secured by properties subject to certain private transfer fees. Approved sellers have a limited amount of time to deliver mortgages that fall into this category.

Credit Quality, Closing Ratios Fall
Driven by deterioration in overall refinance transactions, loan originators closed a smaller share of their applications last month. But the closing rate on loans to finance home purchases improved. With government-insured refinances leading the way, average credit scores on funded loans were lower.

Loan Performance Continues Deterioration
Home-loan defaults have risen each of the past two months, while the foreclosure rate now stands higher than it did a year ago. But the number of non-current loans was lower.

Extension of Operation Twist Expected
Faced with a weakened economic outlook, the Federal Open Market Committee is expected to announce Wednesday an extension of Operation Twist. The move would bode well for mortgage rates.

Enormous Liability Poses Problem for FHA Lending
A wave of lenders recently scaled back on Federal Housing Administration streamline refinances. Several of the mortgagees have publicly indicated that the moves are being made due to secondary market conditions or a desire to maintain service to existing borrowers. But what is really behind the retreat are emerging government actions and potentially enormous liability in originating and servicing FHA-insured business.

Freddie's Forecast Blows Away Other Outlooks
First it was the Mortgage Bankers Association increasing this year's origination outlook to nearly $1.3 trillion. Fannie Mae followed, pushing projected production past $1.3 trillion. Not to be outdone, Freddie Mac has now topped both forecasts by more than $100 billion.

$2.5 Billion Servicing Portfolio on Market
Mortgage servicing rights on a nearly $2.5 billion agency portfolio are up for bid.

CFPB Provides Details on Mortgage Complaints Received
Nearly 20,000 mortgage complaints have been submitted by borrowers and loan applicants to the Consumer Financial Protection Bureau during the last six months. Most common are complaints from delinquent borrowers.

Dramatic Change in Mortgage Outlook Over Past Year
Twelve months ago, the projection for 2012 mortgage originations was just $1 trillion -- with more than three quarters of the volume coming from purchase financing. Fast forward one year and the purchase origination forecast has been slashed by 37 percent while the refinance forecast has increased more than 250 percent.

County Considers Use of Eminent Domain for Mortgages
A consortium of venture capitalists out of San Francisco hopes to cash in on a proposed strategy for local governments to use the power of eminent domain to seize control of private-label residential mortgage-backed securities and cut the principal balances of negative-equity borrowers. The proposal was set for a vote Monday in San Bernardino County, Calif.

The Foreclosure Lawsuit Journal
From New York to California, mortgage servicers are battling foreclosure litigation with varying degrees of success. In many cases, the lawsuits drag on for years.

Ohio Foreclosure Lawsuits Dog Lenders
The Buckeye State continues to be tough on mortgage servicers, with courts frequently ruling for borrowers in foreclosure litigation. However, lenders are having some luck at the appellate level.

Florida is Its Own Worst Enemy
Florida has more foreclosure problems than most other states, and its problems are being exacerbated by judges who continue to obstruct lenders in their efforts to liquidate distressed inventory. Many of the foreclosure battles in the state are being fought by Deutsche Bank National Trust Co.

Fannie, Freddie Directed to Report Fraud by Seller-Servicers
Mortgage firms approved as seller-servicers with the Federal National Mortgage Association and the Federal Home Loan Mortgage Corp. who are found by a court of law to have committed fraud will now be reported the government. Employees of the firms are also impacted.

HUD Rescinds Updates to Credit Requirements
Recent updates to credit requirements on loans insured by the Federal Housing Administration have been rescinded.

Lost Fees Litigated
Much of the litigation being filed against the Mortgage Electronic Registration Systems Inc. and its members has challenged the ability of servicers using the registry to foreclose. But a growing number of cases seek to collect lost recording fees. In yet another twist, an Alabama probate judge has taken MERS to court in a class action lawsuit.

Nearly $100 Million in Losses from Week's Bank Failures
Federal banking regulators project almost $100 million in losses from three bank failures last week. One of the financial institutions was more than a century old.

New Business Slows
A week after surging by more than a third, new mortgage business dropped. Declining activity was most impacted by inquiries for adjustable-rate mortgages, jumbo loans and refinance transactions. Rates rose but could retreat by the next report.

Mortgage Market Index 229 for the week ended June 15

PrimeLending Jumbo Originations Perform Well
A new report on jumbo mortgages originated by PrimeLending indicates that performance of the loans has been strong. Among the company's strengths are its origination process, technology and quality control functions. But weakness was noted in it appraisal oversight and financial strength.

UG Updates Requirements
United Guaranty has issued clarifying guidelines for verbal employment verifications, self-employed borrowers and borrower with prior bankruptcies.

Volatile Outlook for Mortgage Rates
Mortgage rates bounced off their record lows established last week. While rates are currently poised to hold at their current levels, possible Euro-drama this weekend could create significant market volatility.

GSEs Assess Fees for Servicers With Excessive Foreclosure Timelines
Mortgage servicers for the Federal National Mortgage Association and the Federal Home Loan Mortgage Corp. are being assessed fees when foreclosures exceed time limits established by the two government-controlled enterprises.

Quicken Completes Recruiting Campaign for Interns
A recruiting campaign launched earlier this year by Quicken Loans Inc. included hundreds of temporary jobs being filled by summer interns. All of the intern openings have now been filled.

Serious Delinquency Turns Higher
Driven by mortgages that are at least four months past due, serious delinquency took a turn for the worse last month. Meanwhile, mortgages outstanding are falling, and loan modifications might be having an impact.

Diminishing Shadow Inventory Helps Home Prices
Nearly 100,000 properties have been eliminated from the nation's shadow inventory during the latest three-month period -- bringing the inventory to a three-year low and helping home prices in some of the worst markets.

Sellers Cutting Prices Due to Low Appraisals
Even after a seller and a buyer agree on a sales price, low appraisals are frequently forcing sellers to lower the price or prompting buyers to come up with bigger down payments.

Sharp Rise in Foreclosure Filings
After tumbling in April, foreclosure filings jumped back up last month. Hurt by deterioration in Georgia, the foreclosure rate worsened. But Nevada showed an improvement.

205,990 foreclosure filings in May

Jumbo Issuer's Loans Perform Well
Out of all the jumbo mortgages included in residential mortgage-backed securities issued by Redwood Residential Acquisition Corp. during the last two years, none have become significantly past due.

Multifamily Lenders Dominate Recent Mortgage M&As
Mergers and acquisitions continue to be strong among smaller mortgage companies, pushing some above $500 million in annual originations. Other M&As involve multifamily lenders that are now or will be soon doing more than $1 billion in annual originations.

Correspondent Field Continues to Grow
A growing national lender has joined the expanding ranks of newly launched correspondent lenders. The move follows last year's launch of an online retail division and a branch recruiting arm.

Bank CEO Sentenced to 6 Years
The former chief of a $2.7 billion Florida bank has been ordered to prison after admitting that he led a conspiracy to defraud banking regulators by making fraudulent loans and cooking the books.

Fraudulent Use of Warehouse Line Lands Lender in Jail
A New Mexico mortgage banker has been sentenced to more than a year in prison for defrauding his warehouse lender and using the proceeds to pay debt owed to the Federal National Mortgage Association.

Refi Forecast Lifted Further
Less than three weeks after raising this year's outlook for refinance originations by nearly $0.2 trillion, mortgage bankers have lifted the forecast again. But the prediction for purchase production was pared.

PNC Warns of Elevated Repurchase Demands
An increase in repurchase demands has been disclosed by The PNC Financial Services Group Inc. The latest activity is expected to push its repurchase losses past $1.5 billion.

CoreLogic Chairman Pushed Out
The chairman of CoreLogic Inc., an ailing offshoot of The First American Corp., has been forced out by an investor group.

Reverse Mortgage Business Dips
Fewer federally insured reverse mortgages were originated last month, though the biggest lender -- which is in the process of shutting down operations -- managed a gain.

Lenders Defend Mortgage Compliance Practices
A legal theory for finding fault that has long been used in employment law has found its way into housing litigation. A federal appellate court has bucked the trend of imposing a three-year statute of limitations in TILA cases, while a landowner -- tasked with paying a prepayment penalty of close to $450,000 on a $1.6 million California property -- is fighting in court.

Serious Delinquency Eases, Foreclosures Hold
Serious delinquency on home loans improved and has not worsened in five months. The foreclosure rate, meanwhile, has not seen an increase in seven months.

Brutal Week for Banks
Among Friday's quartet of bank failures were two financial institutions that survived the Great Depression, a bank that had been converted from a credit union and an $0.5 billion entity.

Refinance Business Explodes
Following the holiday week, refinance activity leapt to the highest level since early February. All categories of lending strengthened, including purchase transactions. The powerful performance was fueled by record-low mortgage rates -- though rates are likely to be higher in the next report.

Mortgage Market Index 267 for the week ended June 8

Maternity Settlements Pile Up
Yet another settlement is being touted by the Department of Housing and Urban Development over violations of the Fair Housing Act as a result of alleged lending discrimination against women on maternity leave.

Distressed FHA Loan Sale Program Enhanced
Enhancements to a distressed note sale program launched two years ago by the Department of Housing and Urban Development is expected to reduce the nation's shadow inventory and benefit thousands of delinquent borrowers.

Monthly Improvement Continues at MGIC
The inventory of delinquent loans has fallen each month for nearly two years at MGIC Investment Corp., while it was the third consecutive month that new business improved.

BofA Laying Off Hundreds of Modification Employees
Hundreds of employees in Florida who handle loan modifications are being laid off by Bank of America Corp. The move is in line with previous plans to reduce expenses and staffing.

Rates Likely to Bounce Off Lows
It was the same old story again this week; fixed-rate mortgages came in at the lowest levels on record. But rates are likely to bounce of their lows in the next report.

Correspondent Growth Prompts PennyMac Hirings
Business has been so good in the correspondent lending division of Private National Mortgage Acceptance Company LLC that the company is opening a new Florida facility and recruiting new production personnel.

LOs Migrate to Banks
Nearly a half million loan originators are registered in the country's national database, and around 15 percent of them operate out of California. Since the end of last year, the number of state-licensed originators has fallen while an increase was reported for originators working at financial institutions.

Lenders Seek FHA Home Improvement Financing for Investors
Mortgage bankers are trying to convince the Department of Housing and Urban Development to allow investors to utilize a government-insured program that finances property improvements. Rental properties had previously been banned from the program due to abuse by non-profit organizations, crooked lenders and other players.

Servicers Can Skip M.I. Approval on Some Default Activities
Mortgage servicers approved by the Federal National Mortgage Association no longer have to seek mortgage insurance company approval for certain default servicing activities. While the latest delegation of authority was granted by one mortgage insurer, other mortgage insurance companies are already on board with varying levels of delegation.

HAMP Volume Tumbles
The monthly growth of government loan modifications tumbled and has slowed by more than two thirds over the past year. Hurting the latest month was JPMorgan Chase Bank, N.A. Proprietary activity was also on the decline.

801,538 HAMP modifications completed in April

Former LO Finds Life in Death
In the 1990's, Neil Smither was making a killing from his job as a loan originator brokering loans through Countrywide Home Loans. But a scene from the movie Pulp Fiction involving the grizzly cleanup of a dead body would inspire him to find a new career.
Neil Smither inspired by "Pulp Fiction"

HARP Service Provider Makes Progress on Recruiting Campaign
Digital Risk disclosed in February plans to grow its staff from 1,300 to 2,300 by the end of 2012. The open positions include underwriters, attorneys and appraisers.

2012 Bankruptcies On Pace to Decline from 2011
Although there was a slight increase in new bankruptcies last month, filings fell compared to a year earlier and are expected to diminish as the year goes on. Bankruptcy filings are on pace to finish the year at 100,000 less than in 2011.

CRE Delinquency Improves at Fannie as Freddie, CMBS Deteriorate
Securitized commercial real estate loans saw the worst quarterly performance of any investor type. While delinquency on apartment loans financed by Fannie Mae declined more than any other category, rival Freddie Mac saw its rate of late payments on multifamily loans increase -- and the deterioration is continuing.

Fannie Announces New CEO
The executive who was fired by Bank of America Corp. after calling for the disclosure of Merrill Lynch & Co. losses before the bank completed the acquisition of the investment banker has been chosen to run the Federal National Mortgage Association. The selection of the former BofA executive is unlikely to improve a contentious relationship between the two financial firms.

Former BofA general counsel named to post

5 Months of Lower Delinquency at Radian
The rate of delinquency has been better each month this year at Radian Insurance Inc., while new business improved for the second consecutive month.

Over 2 Dozen Mortgage Executives Find New Homes
More than two dozen senior and mid-level executives have been hired for leadership positions, including president, at several mortgage firms. Many of the new hires were recruited from top-10 residential lenders, and some worked at now-defunct companies.

Nationstar Continues to Expand Servicing Portfolio
With its latest planned acquisition of mortgage servicing rights, Nationstar Mortgage LLC has secured its place among the eight-biggest U.S. residential servicers. If all goes well with its bid to acquire servicing assets from Residential Capital LLC -- then its ranking will improve three notches.

Lender and 4 Mortgage Insurers Sued
Four mortgage insurance companies and a mortgage banking firm face a federal lawsuit over allegations of an illegal kickback scheme.

MTA Doesn't Set New Record
For the first time in more than three years, the Monthly Treasury Average failed to establish a new record low. It's been more than five years since the index hasn't fallen from the prior month.

FHA Business Set to Slide
After inching higher, Federal Housing Administration-insured business is headed lower. The rate of seriously delinquent FHA mortgages has not increased for three months in a row -- a good sign given the spike in new FHA foreclosure filings.

Fair Lending Actions Expected to Grow
Two high-profile discrimination lawsuits were recently settled, and experts predict that more such actions are ahead. But there are steps that mortgage firms can take to avoid the costly repercussions from related regulatory actions and litigation.

World Savings Co-Founder Dies
The co-founder of World Savings Bank has died. The philanthropist was considered a pioneer by some, while others considered her to be among those responsible the demise of Wachovia Corp.

Purchase Financing Tumbles Despite Plunging Mortgage Rates
With purchase financing and adjustable-rate business leading the way, mortgage activity dropped during the holiday week. Meanwhile, mortgage rates continued their descent to depths not previously seen and are poised to establish even more new records.

Mortgage Market Index 199 for the week ended June 1

SunTrust Settles YSP Lawsuit
A lawsuit filed by the government against SunTrust Mortgage Inc. alleging that its retail originators and mortgage brokers increased pricing to minorities has been settled for $21 million.

Record Low COFI (Again)
It was the second consecutive month that the Cost of Funds Index established a new record.

Fannie Drives Agency Issuance Up
Thanks to improvement at the Federal National Mortgage Association, agency issuance climbed last month. Business at the Government National Mortgage Association was mostly unchanged, while the Federal Home Loan Mortgage Corp. saw another decline.

Mortgage Jobs Drop Despite Broker Strength
While mortgage broker jobs posted a 4 percent monthly gain, overall mortgage employment was still lower. Although there wasn't much change in the year-over-year activity, the numbers from a year earlier were significantly revised higher. The data was also disappointing for the country as a whole -- sending the stock market spiraling to the lowest level this year and dragging down the 10-year Treasury yield to a level never seen before.

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