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June 2016 Archive


Low Mortgage Rates Likely to Stay Down
Interest rates on home loans sank on uncertainty created by the British vote to exit the European Union and are likely to remain low in the next report.

Tougher Distressed FHA Loan Sale Requirements
Investors of distressed Federal Housing Administration loans are facing tougher requirements that will benefit borrowers and avoid neighborhood blight.

GSE Non-Performing Loan Sales Exceed $8 Billion
A new report provides insight into the sale of non-performing loans by the Federal National Mortgage Association and the Federal Home Loan Mortgage Corp.

MSR Offering Could Exceed $1 Billion in GSE Loans
A flow offering could work out to mortgage servicing rights on more than $1 billion in government-sponsored enterprise loans.

Fannie Eases Requirements
Updates to the Federal National Mortgage Association's guidelines impact HomeReady loans, self-employed income and insurance requirements.

BancorpSouth Settles Redlining Allegations
A settlement has been reached between the government and Bancorp South Inc.'s banking subsidiary over allegations of discrimination and redlining.

Pending Home Sales Fall But Still High
Despite the first-year-over-year reduction in almost two years, pending U.S. home sales still came in at the second-highest level during the past 12 months.

Mortgage Complaints Dip
A small month-over-month decline was recorded for mortgage complaints even though overall financial services complaints rose.

Modified Agency Mortgages to Be Securitized
Nearly $200 million in residential agency loans that have been previously modified are being sold for subsequent securitization.

Wells Fargo LOs Continue to Dominate Top Latinos
A ranking of the biggest Latino loan officers continues to be dominated by Wells Fargo & Co.'s mortgage unit, with its LOs accounting for nearly half.

Closer Look at HUD Secretary
While much is commonly known about Department of Housing and Urban Development Secretary Julián Castro, some might be surprised by what they don't know.

Weekly Mortgage Applications Decline
Applications for home loans, which have yet to feel the full impact from Brexit, slumped -- with purchase financing activity off the most.

Fannie Reports Strong Month
Residential loan performance improved at Fannie Mae, while new secondary activity was better than it's been in nearly a year.

New Business, Delinquency Better at Freddie
In addition to driving new business to a 10-month high, delinquency at the Federal Home Loan Mortgage Corp. was the lowest since 2008.

Mortgage Balances to Grow as Lending, Lates Fall
Over the next year, mortgages outstanding are expected to increase even as lending and delinquency fall -- with the Mid-Atlantic faring best.

US Supreme Court Agrees to Hear BofA, Wells Cases
The highest court in the land has granted two banks' request to challenge lawsuits alleging discrimination filed by Miami.

Home Prices Continue to Ascend, Northwest Leads
House prices moved higher last month, with cities in the Northwest seeing the biggest gains and several areas reaching new highs.

Mortgage Coop Reaches Milestone
The recent addition of a growing new player has helped push residential loan originations at a mortgage cooperative past a significant milestone.

HELOCs Trade Hands
A hundred million dollars in lines of credit secured by residential properties have been sold through a New York-based whole-loan trading desk.

LOS Enhancements Address TRID, HECMs
Reverse mortgage originations and compliance with TILA-RESPA integrated disclosures will be easier as a result of recent enhancements to, and integrations with, loan origination systems.

Refinances to Drop as Purchases, Gov Share Rise
While refinance volume and share are expected to diminish between this year and 2017, government share and purchases are predicted to rise.

Events to Cover Appraisals, Non-Performing Loans
Upcoming mortgage-related conferences and events include a home valuation expo, a bank lending workshop and a symposium on re-performing and non-performing loans.

Refi Slump, Rate Rise Likely to Reverse on Brexit
As rates inched higher over the past week, new refinance activity tumbled. But recent developments in the United Kingdom are likely to reverse the latest activity.
Mortgage Market Index down 11% in week ended June 24
Brexit-Driven Market Turmoil Drives Down Rates
Now that Great Britain's exit from the European Union is a reality, global markets are in chaos -- driving down interest rates in the process.

Mortgage Rates Creep Up, Could Ascend Further
Mortgage rates ascended during the past week, are still rising and are likely to be worse in next week's report. But bad news out of Europe could change that outcome.

Several Correspondent Lenders Settle With ResCap
Nearly a dozen correspondent mortgage lenders have agreed to a settlement with a unit of bankrupt Residential Capital LLC.

MSRs on $3 Billion in Ginnie Loans On Market
Mortgage servicing rights on a little more than $3 billion in agency home loans are being offered for sale to the highest bidder.

Ocwen Settles False Claims Allegations
Ocwen Financial Corp. has settled charges that it violated the False Claims Act on government-insured lending and loan modifications.

Slowing New Home Sales Led by Northeast
With the Northeast leading the way, sales of new houses turned lower last month. The new home inventory is at the highest level in nearly seven years.

Outdated Technology Bogging Down Some Servicers
A regulatory report indicates that mortgage servicers are continuing to utilize failed technology that has harmed borrowers and violates servicing rules.

Existing Home Sales, Prices Rise
The annual rate of home sales improved last month, with the biggest gain being made in the West. Average U.S. home prices were also higher.

Industry Groups Call for Elimination of GSE LLPAs
Trade groups representing mortgage bankers, financial institutions and Realtors are among two dozen groups calling for the elimination of loan level price adjustments.

Foreclosure Drop Offsets Rise in Mortgage Lates
The monthly rate of mortgage delinquency edged higher during May, though the rate of foreclosures was down by a greater degree.

Mortgage Apps for Refis Rise as Purchases Dip
A decline in applications for purchase financing was more than offset by acceleration in applications for mortgage refinances.

Best Housing Markets
Although a vast majority of local housing markets are in good shape, areas that rely on energy -- especially Texas -- could see conditions deteriorate.

Large Distressed Mortgage Portfolio Sold
A large portfolio of distressed residential loans has found a buyer. The seller is the Federal Home Loan Mortgage Corp.

DU 10.0 Release Date Set
After being delayed for an unspecified amount of time, a new release date has been scheduled for Desktop Underwriter Version 10.0.

More Needed to Improve CFPB Working Environment
A federal government watchdog report indicates that while the Consumer Financial Protection Bureau has made progress on its working environment, even more still needs to be done.

Small Lenders Gain Access to PennyMac Correspondent
Smaller mortgage bankers can now sell loans utilizing PennyMac Mortgage Investment Trust's correspondent division thanks to a new program launch.

Continued Improvement in 1st Mortgage Delinquency
First-mortgage delinquency has fallen three months in a row. While the second-mortgage rate was down from the prior month, it was worse than a year ago.

Mortgage Bankers Lift Refinance Outlook Again
For six consecutive months now, mortgage bankers have boosted their estimates of mortgage refinance volume for this year.

Best Mortgage Companies to Work At
Several real estate finance firms recently touted how they have been recognized by local news publications as the best employers in their cities.

2016 Mortgage Refinance Forecast Raised
The projected volume of residential loans expected to be refinanced this year has been increased from last month's forecast.

Mortgage Insurance Guidelines Eased at Radian
Underwriting guidelines that were relaxed by Radian Guaranty Inc. impact loans used for new construction, jumbo mortgages and loans to medical professionals.

BofA Gets Break in Bankruptcy Case
Bank of America Corp. has won a battle in the case of bankrupt borrowers who sought to void a mortgage because of missing signatures.

Former Countrywide Chief Off the Hook
A civil lawsuit planned by the government against Countrywide Financial Corp.'s founder and former chief executive officer has reportedly been dropped.

New Home Activity Strengthens
A month-over-month gain was reported for building permits and completed construction, though activity has diminished compared to a year ago.

Weekly Mortgage Refinance Biz Up, Purchases Down
Declining interest rates helped drive up refinance activity but weren't enough to lift the level of purchase financing. Government-insured business took a big hit.
Mortgage Market Index down 2% in week ended June 17
MERS to be Sold
A deal reached for the parent of the New York Stock Exchange to invest in MERSCORP Holdings Inc. is expected to benefit the home lending market.

Fannie Unloading Non-Performing Loans
More than $500 million in non-performing residential loans are being offered for sale by the Federal National Mortgage Association.

Build Out Costs Surge on New Fannie HQ
The regulator of the Federal National Mortgage Association is being criticized for oversight of the secondary lender's planned move to a new headquarters facility.

Optimal Blue Acquired
A private-equity firm has struck a deal to acquire Optimal Blue Holdings and plans to pour hundreds of millions of dollars into the new business.

More Decline Ahead for Mortgage Rates
Mortgage rates moved lower again this past week on central bank activity, and all signs point to a further decline in the next interest rate report.

Mortgage Career Opportunities
With declining rates driving up refinance activity and home purchase financing slowly rising, some lenders are responding to the increased demand by adding more employees.

Despite Recovery, Las Vegas Well Below Bubble Peak
One of the most devastated housing markets during the real estate crash was Las Vegas', and the area is still far from returning to its crisis-era high.

Banks Grab Mortgage Share Back from Credit Unions
Banks, which had been losing some of their mortgage market share to credit unions over the past couple of quarters, took some of it back.

Auction On for Agency MSRs
Mortgage servicing rights on agency residential loans with a Florida concentration are being auctioned off to the highest bidder.

Nationstar Expanding Subservicing Business
Nationstar Mortgage Holdings Inc. is picking up subservicing on $50 billion in home loans as well as a mortgage servicing platform.

Chase a Strong Jumbo Originator
A new report highlights JPMorgan Chase Bank, N.A.'s, strength in originating prime jumbo home loans, though there is some room for improvement.

Closing Rate, Purchase Share Up as Credit Tighter
The good news is that productivity and purchase-share increased last month on home lending. But credit conditions tightened and turnaround slowed.

GSE Refinances Up Despite HARP, Freddie Decline
Although government-funded and Freddie Mac refinances retreated, overall government-sponsored enterprise refinances reached a nine-month high.

Purchases Out Front of Drop in Mortgage Apps
Despite the lowest long-term fixed rates in over a year, new applications for home loans moved down -- with purchase financing activity leading the drop.

Year-Over-Year Growth in Mortgage LO Count
A seasonal quarterly decline in the number of loan originators registered in the national database was offset by a year-over-year increase.

Millennials, Minorities Most Likely to Buy Home
For loan originators looking to target the most ripe prospects for home buying, a new survey points to millennials and minorities.

Mortgage Demand Rising, Credit Standards Holding
Senior mortgage executives expect that demand for purchase financing will keep rising. While a few noted a recent easing of credit standards, even fewer expect this to continue.

Proprietary Reverse Mortgage Biz Up as FHA Falls
Although the monthly volume of government-insured reverse mortgages has recently fallen, originators of proprietary reverse mortgages pushed up activity.

Serious Mortgage Delinquency Down, REOs Rise Again
Though serious delinquency has continued to diminish, completed foreclosures rose for the second consecutive month to the most in six months.

Tech Officers Among Mortgage Executive Moves
The latest round of executive moves at real estate finance firms includes a promotion to president at one lender and the appointment of top technology officers at two other companies.

CMBS Delinquency Plummets
Delinquency on securitized commercial real estate loans fell to the lowest level in nearly seven years, while overall CRE delinquency remains low.

Radian to Insure Non-Traditional Credit Borrowers
Radian Guaranty Inc. has unveiled plans to insure residential loans to borrowers who are required to rely on non-traditional credit.

DU Update Delayed
The Federal National Mortgage Association has disclosed that it is postponing the release up an updated version of its automated underwriting system.

Hirings Reported by The Money Source
A mortgage banking firm that is based in the Empire State has increased its ranks by more than a hundred employees so far this year as it expands its presence.

CMBS Delinquency Up as Office Lates Surge
Deteriorating late payments on office building loans led delinquency higher on overall securitized commercial real estate loans.

Monthly FHA Business Softens, Delinquency Up
The government insured slightly fewer home-related loans in the most-recent month of activity. Loan performance was also slightly worse on a month-over-month basis.

MSRs On $1.5 Billion in GSE Loans Up for Bid
Mortgage servicing rights are being offered for sale on $1.5 billion in home loans backed by the government-sponsored enterprises.

Diving Rates Driving Up Weekly Mortgage Activity
A retreat in interest rates on home loans had more loan originators locking in mortgage rates, with government-insured and purchase activity driving the gains.
Mortgage Market Index 181 in week ended June 10
Former Wells Mortgage Chief Now on Fannie Board
Three directors elected to Fannie Mae's board include the former head of Wells Fargo & Co.'s mortgage lending operation.

Mortgage Rates Down, Further Decline Possible
A decline was reported for rates on residential loans this past week, and one indicator suggests that they might descend further.

Trade Groups Oppose Language Option on URLA App
Financial industry trade groups are questioning the regulator of Fannie Mae and Freddie Mac about potentially adding a language preference to the loan application.

Only 4 Metros Rebound Since Real Estate Crash
According to at least one home price index out there, only four major areas have seen home prices return to pre-crisis levels.

Walter Investment Chairman, CEO Out
Walter Investment Management Corp. has disclosed that both its chairman and and its chief executive are leaving their positions.

Mortgage Investor Equity Positions Improve
During the first quarter, the collective ratio of loan balances to property values improved -- giving mortgage investors a safer position based on homeowner equity.

Wells Fargo CRE Chooses Charlotte Over Golden State
Dozens of California employees are impacted by Wells Fargo & Co.'s decision to shift some commercial real estate lending work to North Carolina.

Ginnie MBS Issuance Jumps to 9-Month High
Securitizations on behalf of the Government National Mortgage Association climbed to the highest level they've been in nine months.

Chase Confirms Mortgage Hirings
Low interest rate on home loans are among the reasons why JPMorgan Chase & Co. is expanding its mortgage staff by hundreds.

Bank Settles Discrimination Charges on AUS Denials
First-Citizens Bank & Trust Company has settled charges that manually underwritten white borrowers were denied less for mortgages than their non-white counterparts.

MSRs Available on Nearly $0.8 Bil in Agency Loans
Mortgage servicing rights on nearly $0.8 billion in agency loans with a California concentration are being auctioned off.

3 Portfolios for Sale Include TRID Kickbacks
Three potential deals have come on the secondary market for investors to pick up TRID kickbacks, agency loans and jumbo mortgages.

New Fairway Independent Mortgage Headquarters
A new headquarters building that is under construction for Fairway Independent Mortgage Corp. could ultimately reach 150,000 square feet.
Lender breaking ground on Wisconsin location
Purchase Financing Leads Mortgage Applications Up
Factoring in the impact of a holiday week, a week-over-week improvement was noted for new residential loan applications. Purchases fared best.

Dodd-Frank Replacement Unveiled
A key GOP lawmaker has put forth a proposal that would replace the Dodd-Frank Wall Street Reform and Consumer Protection Act.

MSR Losses Eat Into Mortgage Servicer Earnings
First-quarter earnings at independent home loan servicers worsened as losses piled up from the valuations and hedging of mortgage servicing rights.

Mortgage Earnings Up As Lending Lags
Independent mortgage bankers saw quarterly lending dip but managed to boost the bottom line. Secondary marketing income rose.

Mortgage Regulations Updated Online
The Consumer Financial Protection Bureau has updated its digital platform with information on three mortgage-related regulations.

Mortgage Originations Ascend at loanDepot
loanDepot LLC was among a minority of mortgage banking firms that reported a quarter-over-quarter ascension in residential loan originations.

Mortgage Conference Bonanza
Several state mortgage associations are holding mortgage conferences, as is a major mortgage technology provider. In addition, loan originators are at an event in Las Vegas this week.

MTA Jumps to Highest Level Since 2009
Last month, the Monthly Treasury Average tumbled -- in the process descending to the lowest level that it has been since 2009.

Agency MSR Offering Loaded with Texas Loans
An offering of mortgage servicing rights on agency home loans is top heavy with mortgages that are secured by Texas properties.

Guild Acquisition Will Make it TX Mortgage Giant
An upcoming acquisition planned by Guild Mortgage Co. is expected to make it one of largest independent home lenders in Texas.

GOP Plan Would Restructure CFPB
A key Republican lawmaker is expected to unveil plans this week that would, among other things, change the structure of the Consumers Financial Protection Bureau.

Holiday Week Decline in New Mortgage Activity
New mortgage business moved lower in the holiday week, with adjustable-rate mortgages leading the drop. Jumbo activity, however, was stronger.
Mortgage Market Index 158 in week ended June 3
HECM Production Plunges to Lowest Since 2014
The volume of federally insured reverse mortgage production last month descended to the lowest level since the summer of 2014.

Over 100 Job Cuts at Ocwen
Cost cutting at Ocwen Financial Corp. has recently led to a domestic staff reduction of more than a hundred employees.

Despite Dismal Employment Report, Mortgage Jobs Up
A drastic decline in job growth was reported by the government. But the news was good for the mortgage industry -- with employment expanding and rates tumbling.

Rates Up But Could Fall Unless Strong Jobs Report
Interest rates on home loans increased but could retreat unless the upcoming employment report comes in with strong numbers.

CMBS Delinquency Up 3 Consecutive Months
For three months in a row now, delinquency has worsened on securitized commercial real estate loans. Office building loans led the deterioration.

Winning Bidder Announced in Freddie Loan Sale
Freddie Mac has revealed who the winning bidder is on a portfolio of distressed residential loans it offered for sale just last month.

Consumer Bankruptcy Filings Fall to 3-Month Low
The number of new bankruptcy filings that were made last month by consumers descended to the lowest level during the last three months.

MGIC Eases Credit Score Requirements
Changes to lending requirements at MGIC will make it easier for some applicants with limited credit to qualify for a mortgage.

Investment Bankers Settle RMBS Claims
Several investment banking firms have agreed to settle lawsuits for their alleged roles in the failure of five federally insured financial institutions.

Mortgage Credit Tightest in Over Year
Credit availability for residential loan borrowers last month became more restrictive than they've been at any time in more than a year.

7-Month High for Home Loan Modifications
New data indicate the number of mortgages that were modified on a monthly basis ascended to the highest level in seven months.

Ginnie Issuer Settles Fraud Charges
An issuer of residential mortgage-backed securities guaranteed by the Government National Mortgage Association has agreed to settle charges it defrauded investors.

IMPAC Expands Non-QM Offerings
In its quest to battle the dehumanization of mortgage underwriting, Impac Mortgage Corp. has expanded it product line of loans that don't meet Qualified Mortgage standards.

Freddie Lifts Overall Agency MBS Issuance
A nice bump in monthly mortgage securitizations at the Federal Home Loan Mortgage Corp. pushed overall agency issuance to the highest level in 10 months.

Drop in Mortgage Apps Hits Refis, Purchases
Fewer prospective borrowers were applying for new mortgages during the most recent week, and both refinancing and purchase financing activity were impacted.

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