|Record Low Rate-Term Refi Business|
Prospective rate-term refinance business descended to the lowest level in at least six years. Still, overall refinance activity moved higher even as purchase-money activity was lighter.
Former Bankrate CFO Pleads Guilty
The former chief financial officer of a major financial news publication that provides consumers with mortgage data has admitted to accounting fraud.
30-Yr Mortgage Rates Down 4 Out of Last 5 Weeks
For four out of the last five weeks, 30-year fixed rates have retreated. Meanwhile, an index used on pre-crisis adjustable-rate mortgages is in danger of extinction.
Fed Conducts Stress Test on U.S. Households
A report from the Federal Reserve Bank of New York indicates that while the household sector is still vulnerable to severe home-price declines, it has recently become less risky.
Purchases Drive Down Risk of Mortgage App Fraud
A significant improvement in application fraud on loans to finance home purchases pulled down overall risk from a month earlier and a year earlier.
Freddie Improves Condo Requirements
Improvements being made to condominium requirements at the Federal Home Loan Mortgage Corp. include valuation process enhancements.
Ditech Looking at Strategic Alternatives
Ditech Holding Corp. is considering steps that could include the sale of the company. It's not the first time that Ditech's chief has overseen a large distressed mortgage firm.
South Drives Down Pending U.S. Home Sales
Despite an improvement in the other three regions, pending home sales in the South sank -- sending the overall national level lower. The drop was again blamed on supply.
BofA Accused of Discrimination by Housing Group
Just a year after settling alleged discrimination against Hispanic customers, Bank of America Corp. is being accused by the same group of discrimination in the handling of real-estate-owned properties in minority areas.
10-Week High for Refi Share As Mortgage Apps Fall
Even as overall weekly mortgage applications decelerated, refinance share reached a 10-week high. The spread between conforming and jumbo interest rates was at its widest in 15 weeks.
Post-Crisis Low for CMBS Delinquency
Delinquency on securitized commercial real estate loans has fallen to its lowest level during the decade that has passed since the financial crisis.
Biggest MI Firm Not All-In on Mfg Housing Program
The nation's largest mortgage insurance company will not automatically align its own guidelines with guidelines for a new manufactured housing program from Fannie Mae.
Freddie's Delinquency Best in 7 Mths, Biz Up Again
Delinquency at the Federal Home Loan Mortgage Corp. has fallen each month this year and now sits at a seven-month low. Secondary lending activity, meanwhile, moved higher for the third consecutive month.
Rising Home Prices Exacerbated by Tariffs
Just as relief was in sight for rapidly escalating home prices, new tariffs from the Donald Trump administration added more fuel to the fire.
Interim Chief Named at Ocwen
The chief investment officer of Ocwen Financial Corp. will temporarily take the reins from the company's departing chief executive officer as Ocwen 2.0 is assembled.
Supreme Court Declines to Hear FHFA MBS Case
The last holdout in a swarm of lawsuits filed in 2011 against underwriters and issuers of mortgage-backed securities has been resolved by the country's high court.
Genworth M.I. Changes Mfg Housing Guidelines
Genworth Mortgage Insurance is aligning its own guidelines with new government-sponsored enterprise requirements for manufactured housing transactions.
Surge in South Drives Up U.S. New Home Sales
The sale of new single-family properties turned North last month, and it was the South that was responsible for most of the gain. A shift in pricing patterns was detected.
Supreme Court Could Hear CFPB Constitutionality Case
A decision by a federal judge in New York could bring the constitutionality of the Consumer Financial Protection Bureau before the nation's highest court.
Wells Fargo Cuts 400 Mortgage Jobs
A nationwide round of layoffs by Wells Fargo Home Mortgage will impact 400 employees -- with a majority in two states. Falling loan originations are behind the job cuts.
|ARM Biz Rises as Share Balloons, Fixed Biz Falls|
Adjustable-rate mortgage business climbed as ARMs accounted for one-in-five new transactions. But weekly fixed-rate business was lower. The jumbo-conforming spread widened, and government activity sank.
Outlook Improves for Home Purchase Financing
The forecast for the origination of loans to finance single-family home purchases has been raised for both this year and next year.
2017, 2019 Mortgage Lending Estimates Increased
The latest economic data has the estimated amount of mortgage originations last year higher the previously thought. Next year's forecast was also raised.
Weekly Mortgage Rates Down, Monthly Rates Up
Although interest rates on consumer mortgages were higher on a monthly basis, a week-over-week reduction was recorded. Most industry economists see quarter-over-quarter increases ahead.
Massive Gov Overhaul Impacts USDA Rural Housing
A sweeping consolidation of the federal government proposed by the Donald J. Trump administration would have government-backed rural housing finance changing agencies.
Mortgage Lates Down Again, Foreclosures at 15-Yr Low
Mortgage delinquency has decreased each of the last five months, the foreclosure rate fell to a 15-year low, and the number of foreclosures started slowed to near a 17-year low.
Massive GSE MSR Portfolio For Sale
Servicing on more than $10 billion in government-sponsored enterprise mortgages has become available for bids. There is a modest Beach State concentration.
Supply Helps Pull Down Existing Home Sales
Although the supply of homes for sale was the most it's been in eight months, the level is still significantly low and helped drive down monthly existing sales.
New Low for Refi Share as Lending Tightens
As the share of conventional business has grown at the expense of government-insured business over the past year, lending risk tightened and refinance share fell to a new low.
Acceleration in Weekly Mortgage Applications
A nice improvement in the volume of mortgage applications was recorded for last week. Even more impressive was the rise in applications for loans to refinance.
Agency MSRs Up for Auction
A buyer is being sought to acquire the servicing on a small portfolio of agency loans that are primarily concentrated in Illinois.
Waterstone Mortgage Hires Former NAMB President
The former president of the National Association of Mortgage Brokers has been hired on as the new president of Waterstone Mortgage Corp.
Bank-Owned Mortgage Delinquency Declines
The non-current rate on consumer mortgages owned by banks fell from the end of last year. The improvement came despite an increase in foreclosures initiated and completed.
Drop in 1st Mortgage Delinquency
Even though first-mortgage delinquency stands higher than it did a year ago, residential loan servicers made gains on a month-over-month basis.
New and Completed Construction Up, Permits Down
Home builders started and completed construction on housing units last month at an improved rate. But housing permit activity slowed and could weaken further due to tariffs.
Q3 Refi Outlook Raised
A modest boost to the expected volume of third-quarter refinance production has a small bump being made to the overall annual origination outlook.
Bids Sought for Agency MSRs
Bids are being solicited for servicing on single-family loans backed by the housing finance agencies. The mortgages have a two-state concentration.
Union Home Mortgage Culture Maintained Amid Growth
Union Home Mortgage Corp. has managed to more than triple its staffing while in the process preserving the company's culture.
CFPB Chief Nominee Named
The White House has signaled that an employee of the Office of Management and Budget will be nominated to run the nation's consumer financial watchdog.
Heavy Lumber Costs Weigh Down Builder Confidence
After making a lackluster comeback last month and led by the South, home builders grew less confident this month. Hurting conditions are recent Trump administration tariffs on Canadian lumber.
2 of Top 5 Latino LOs At Guild Mortgage
The latest list of the nation's top-producing Latino mortgage originators is out, and two of the five-biggest producers are loan officers at Guild Mortgage Co.
Ginnie Issuance Up But Jumbo Down, HMBS Plunges
|Weekly Mortgage Business Increases|
A week-over-week decline in new mortgage activity was spearheaded by new conventional lending. The overall decline was contrasted by jumbo business, which recorded a gain.
While overall securitizations on behalf of the Government National Mortgage Association, made a monthly move up, jumbo issuance declined and reverse mortgage issuance sank.
CMBS Performance Improvement Best Among CRE Types
Securitized mortgages saw the largest quarterly decrease in delinquency among a variety of investor types for commercial real estate loans.
Mortgage Rates Jump, Could Ease Next Week
Interest rates on single-family loans turned sharply higher this past week as the Federal Reserve raised rates. But at least one forecast has a slight dip in the week ahead.
Record Low Monthly GSE Refinances
Despite a modest bump in monthly refinances at the Federal Home Loan Mortgage Corp., a tumble in transactions at the Federal National Mortgage Association drove production to an all-time low.
For Sale: MSRs on Over $3 Billion in GSE Loans
A portfolio of mortgage-servicing rights on more than $3 billion in government-sponsored enterprise loans with a modest Golden State concentration has just hit the market.
Over Hundred Mortgage Job Cuts at HomeStreet
After eliminating dozens of mortgage jobs in response to diminishing loan originations, HomeStreet Inc. is again cutting its home-lending staff -- this time by more than a hundred. Several branches are also being closed.
NMLS Call Report Changes Delayed
Implementation of planned changes to reporting requirements for the Nationwide Multi-state Licensing System have been delayed.
Details Provided About Genworth Premium Cuts
Genworth Mortgage Insurance has provided details about previously announced upcoming changes to its M.I. premiums.
Better Outcomes for Nonperforming GSE Loans Sold
A new report indicates that non-performing loans being sold by the government-sponosred enterprises are experiencing better outcomes than before they are sold.
Massive Sales of Fannie Mae Loans
A pair of mortgage portfolios being sold by the Federal National Mortgage Association include nearly $8 billion in non- and re-performing loans.
Mortgage Applications Fall as Gov Share Widens
A weekly reduction was recorded for the volume of mortgage applications. Jumbo rates grew more attractive, and government share widened.
FHA Production Holds, Could Accelerate
There was little change in monthly endorsements by the Federal Housing Administration, though business is poised for an increase. Delinquency improved, and commercial endorsements moved higher.
Merrill Lynch Agrees to SEC RMBS Settlement
Merrill Lynch, Pierce, Fenner & Smith Inc. has agreed to settle allegations that it misled customers in order to get them to overpay for residential mortgage-backed securities.
Credit Standards Ease as Refi Demand Diminished
As refinances continue to diminish, home lenders continue to relax credit standards. With the ongoing outlook for profits still weak, firms are feeling pressure to cut staffing.
Mortgage Credit Eases 1st Time in 4 Months
For the first time in four months, home lenders eased up on credit conditions. Leading the loosening were jumbo mortgage lenders.
Mortgage Delinquency Sinks to 12-Year Low
It has been more than a decade since the monthly rate of mortgage delinquency was as low as it is now. The foreclosure rate hasn't risen in seven months.
Mortgage Events Cover Compliance, Regulation
Included among dozens of upcoming mortgage-related events are a compliance workshop, a regulatory conference and a mortgage accounting software user event.
MSRs Offered on Small GSE Portfolio
Bids are being sought for the servicing on a small portfolio of government-sponsored enterprise mortgages. The loans have a New England concentration.
Mortgage Executives Land New Jobs
While there was some movement in the C-Suites of the mortgage industry, much of the recent activity among the executive ranks has been confined to middle managers.
Big Consolidation at Bank w/$2 Bil in Mortgages
A bank with a mortgage investment portfolio of more than $2 billion is unloading a consumer lending subsidiary and closing branches.
PHH "Extremely Gratified" By CFPB Dismissal
PHH Corp. is celebrating the Consumer Financial Protection Bureau's dismissal of a closely watched case involving alleged violations of the Real Estate Settlement Procedures Act.
Monthly Mortgage Rates Rise, Weekly Rates Fall
Although there was a month-over-month increase in residential interest rates, more recently the was a week-over-week decline in average mortgage rates.
Midwest Mortgage Firm Settles With AMC
A lawsuit filed by an appraisal management company against a Midwest mortgage banker over unpaid appraisal fees has been settled just before jury deliberations.
Small GSE MSR Offering
Bids are being sought for the servicing rights on less than $1 billion in government-sponsored enterprise mortgages. The offering has a California concentration.
MBA Reveals New CEO
After months of speculation, the Mortgage Bankers Association has found a replacement for its departing iconic leader. The new chief is a seasoned executive with an Ivy League education.
Agency MSR Offering Has California Concentration
An offering of mortgage-servicing rights on over $1 billion in agency loans that has just become available has a heavy concentration of loans in the Golden State.
MSR Gains Drive Up Mortgage Servicing Income
Gains from mortgage-servicing rights helped the nation's servicers earn more during the latest quarter. Productivity substantially deteriorated, though, from a year ago.
Home Lending Profits Plunge Despite Higher Revenues
Although mortgage bankers pushed up quarterly revenues, rising expenses resulting from slowing originations dragged them into the red. Wholesale lenders suffered the most.
Huge Profit, Increased Lending at Ditech
Fresh out of bankruptcy, Ditech Holding Corp. reported a huge profit and a quarter-over-quarter increase in home lending. The servicing portfolio, however, was diminished.
Fewer Consumers File Bankruptcy Last Month
On both a month-over-month basis and a year-over-year basis, the number of consumers who resorted to the bankruptcy courts last month moved lower.
FHA Share of Mortgage Apps Falls to 8-Month Low
Although weekly mortgage application volume was solidly higher, the share of activity for loans insured by the government declined to the lowest level in 8 months. The jumbo-conforming spread thinned.
BofA Sued Over Alleged Deception on HAMP Apps
Bank of America Corp. is facing a new lawsuit that accuses the financial services giant of misleading borrowers about loan modifications so it could acquire properties through foreclosure.
Fannie Unveils Improved Mfg Housing Financing
A new program from the Federal National Mortgage Association provides looser financing requirements for higher quality manufactured housing.
Mortgages Erroneously Reported as Delinquent
Residential loans were mistakenly reported as past due to the credit bureaus as a result of a technology glitch resulting from a test transmission.
CA Supreme Court Addressing Excessive Rates
The outcome of a case being heard by the Golden State's highest court could have a big impact on lenders that charge high interest rates.
Black Knight Acquisition Provides AI for Offerings
Customers of Black Knight Inc. will now benefit from artificial intelligence thanks to an acquisition announced by the mortgage services provider.
IndyMac's Former Reverse Unit Sold
The reverse mortgage business which was once owned by IndyMac Bancorp Inc. has been sold. The sale also involved servicing on assets.
Record Hirings, Lending Expected at Guaranteed Rate
Guaranteed Rate Inc., which has seen its headcount grow by more than a thousand people over the past three years, expects to hire a record number of new employees this year to handle expected record originations.
Monthly HECM Endorsements Remain Weak
Reverse mortgage originations that are insured by the federal government saw restrained activity as monthly volume was tethered near a four-year low.
Top-10 Home Lender Among 3 Restricted By Ginnie
Just two days after revealing new requirements for securitized loans to veterans, the Government National Mortgage Association has restricted three issuers -- including one of the biggest mortgage originators.
Mortgage Complaints Sink Despite Overall Rise
Despite a year-over-year increase in complaints filed against financial services companies, a plunge was reported in complaints filed against mortgage firms.
|Mortgage Business Down in Holiday Week|
An expected slowdown in new mortgage business during the holiday week impacted purchase financing and refinancing equally. The biggest week-over-week drop was with adjustable-rate mortgages.
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.
Another Round of Movement Mortgage Layoffs
For the second time this year, Movement Mortgage LLC is conducting a round of layoffs. The latest job cuts are tied to production. But the home lender still maintains its plans to expand.
Broker Jobs Off Despite Rise in Mortgage Headcount
New government data indicate U.S. employment was strong last month. In the mortgage industry, overall staffing expanded even though broker count fell.