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August 2015 Archive


2nd Consecutive Record Low for COFI
Just one month after descending to a new all-time low, the Cost of Funds Index did it again.

Freddie Lifts 2015 Origination Outlook by $100 Bil
Expected home lending activity this year has been raised $100 billion by Freddie Mac, and refinances were the biggest beneficiary.

Several Home Lending Conferences On the Calendar
Upcoming mortgage-related conferences and events include one on government lending, one focused on a single technology platform and several targeted at financial institutions.

Up Tick in CMBS Delinquency
The see-saw activity in delinquency on securitized commercial real estate loans continued this month, with the latest gyration being on the up cycle.

Stonegate Chief Out
The founder and chief executive officer of one of the 20-largest home lenders in the country is resigning his post.

RBC Found Liable in Thornburg Case
A unit of Royal Bank of Canada has been been found liable for $45 million in a lawsuit filed on behalf of the now-defunct Thornburg Mortgage Inc.

Case for Fed to Hold Off on Raising Rates
A Nobel laureate in economics who is a professor at Columbia University makes a case for the Federal Reserve to hold off on raising rates.

Jumbos, ARMs Lead Surge in Weekly Mortgage Business
As mortgage rates plunged this past week, jumbo loan and adjustable-rate mortgage activity shot up -- helping to drive up overall business.


Mortgage Market Index 144 in week ended Aug. 28
Nationstar Giving $30 Mil to Distressed Borrowers
Nationstar Mortgage is providing $30 million to borrowers on distressed home loans in an agreement tied to financing for a new $500 million basketball arena.

Mortgage Rates Tumble But Set to Surge
As financial markets were in turmoil this past week, fixed mortgage rates sank. But all indications are that rates will bounce back up in the next report.

Monthly HARP Volume Off Despite Up Tick in Refis
Although the monthly volume of government-sponsored enterprise refinances moved higher, the same can't be said of government-supported refinances.

Walter Affiliate Acquires MSRs on $3 Bil in Loans
Mortgage servicing rights on more than $3 billion in government-sponsored enterprise loans have been acquired by an entity related to Walter Investment Management Corp.

Gain in Pending Home Sales Restrained by Supply
Pending home sales managed to eke out another gain and would have been even stronger if not for supply constraints.

Non-QM Jumbo Mortgages For Sale
A small portfolio of jumbo mortgages that don't meet Qualified Mortgage requirements is up for grabs. The loans are hybrid adjustable-rate mortgages.

Freddie Mac Delinquency Nears Post-Crisis Low
After ascending to the highest level in two years, secondary activity the Federal Home Loan Mortgage Corp. slipped. Delinquency, however, improved and now stands near its lowest level since the financial crisis erupted.

Fewer Complaints Against Mortgage Firms
A report on the volume of complaints lodged against mortgage firms indicates that the home lending industry is making progress.

LOS Providers Enhance Compliance Capabilities
Recent updates to loan origination systems, as well as integration and collaboration between LOS developers and other service providers, promise to help home lenders maintain mortgage compliance.

CMBS Lates Hold as Industrial, Office Loans Jump
Although the monthly rate of past-due payments held steady on securitized commercial real estate loans, the rate was up 10 basis points on industrial and office property loans.

Agency MSRs On the Block
Bids are being taken on a portfolio of mortgage servicing rights on government and conventional agency residential loans.

Owner of Former VA Mortgage Lending Giant Sued
The owner of a closed mortgage firm has been added to a federal whistleblower lawsuit accusing the company of overcharging veterans and defrauding the government.

Program Expands Lower Income Conventional Options
Lower-income borrowers will have more competitive options through a new conventional agency program with looser qualifying requirements.

Changing Demographics for Home Purchasers
A pair of reports released on Tuesday offer some valuable insight for mortgage originators looking to build up their purchase business.

Servicer Income, Portfolios Up Despite Lower Efficiency
Non-bank servicers of residential loans managed to grow their servicing portfolios and income despite a decline in efficiency per employee.

Mortgage Operating Metrics Improve Across the Board
Mortgage lenders managed to boost quarterly home loan originations while, at the same time, increasing the amount they earn per loan.

Sales of New Homes Strengthen Led by Northeast
The pace of sales on newly constructed houses turned higher during July, and the Northeast experienced the biggest percentage gain.

Mortgage Bankers Report Improved Originations
The results are in, and the second quarter was a solid period for residential lenders -- with many reporting double-digit quarterly increases.

FHA to Allow Lending on Homes With PACE Loans
The Federal Housing Administration intends to allow home loans on properties with controversial liens used to finance energy efficient improvements.

Busy Pace of Mortgage M&As Continues
Along with a host of larger mortgage mergers and acquisitions that have been recently announced, several smaller deals have closed.

Fannie Cuts 2015 Origination Forecast, Lifts 2016
In the latest forecast from Fannie Mae, the company's economists scaled back their expectations for home lending this year while nudging up next year's outlook.

Mortgage Player Just Got More Significant
An investment fund that recently became a player in the world of mortgage banking has just made a huge acquisition that will boost its wholesale presence.

Jumbo Leads Mortgage Lending Lower
The jumbo-conforming spread significantly improved but didn't slow the more than one-half drop in jumbo business. An overall rate decline also didn't help overall activity. Adjustable-rate and cashout-refinance business, however, jumped.
Mortgage Market Index 113 in week ended Aug. 21
Biggest Commercial Mortgage Servicers
The list of the largest servicers of commercial real estate loans is in, and the biggest overall servicer is also the top servicer of Freddie Mac loans and securitized mortgages.

Proprietary Modifications Up, But HAMP Slows
A bump in proprietary loan modification activity couldn't overcome a slump in modifications completed through the government's program.

MBS Trustee Sued by Bank Regulator
A mortgage-backed securities investor lawsuit against The Bank of New York Mellon Corp. focuses not on the company's role in the original issuance, but on its role as trustee.

Mortgage Delinquency, Foreclosure Metrics Improve
Foreclosure metrics for last month all showed improvement, while delinquency declined to near its lowest level since the financial crisis erupted.

Fixed Mortgage Rates Dip, Could Fall Further
Fixed interest rates on residential loans slipped this past week and are potentially poised to descend even lower.

Most Savvy Small Banks With Social Media
A ranking of community banks based on their social media prowess was topped by a financial institution in the Lone Star State.

Existing U.S. Home Sales Up, But Down in Northeast
Monthly sales of the nation's pre-owned stock of houses climbed to the fastest pace in more than eight years and might have risen further if not for the Northeast.

Foreclosure Activity Accelerates
A decline in new foreclosure filings was not enough to offset an increase in total filings and completed foreclosures.
Total filings in July rise 7% from prior month
All Aspects of Freedom Mortgage's Business Grow
Originations accelerated at Freedom Mortgage Corp., while the residential loan servicing portfolio grew and its mortgage staffing expanded.

Executive Recruiting in Real Estate Finance
Several notable appointments have been recently made to the executive ranks of the nation's mortgage lending industry.

Multifamily Goals Significantly Bumped at Freddie
New goals for annual apartment financing activity at the Federal Home Loan Mortgage Corp. have been more steeply raised that at its secondary rival.

Record High Closing Rate on Home Loans
The closing rate on mortgage transactions reached two thirds last month -- the best it's ever been since the data became available.

Taking On TRID
The upcoming implementation of integrated disclosures required by the Truth in Lending Act and the Real Estate Settlement Procedures Act has prompted proposed safe harbor legislation. TRID compliance resources include webinars and enhanced technology.

Profile of Today's First Time Home Buyer
First-time home buyers rent longer, earn more and celebrate more birthdays before they purchase than their counterparts from nearly four decades earlier.

Serious 2nd Mortgage Delinquency Up from Year Ago
Although serious delinquency on first and second mortgages maintained from the prior month, deterioration was noted in the second-mortgage rate from a year earlier.

Housing Permits Drop, But Completed Construction Up
Monthly permits for new home building slowed last month, with the Northeast leading the decline. But the region also led an increase in housing completions.

Home Builder Confidence Highest in Nearly a Decade
Optimism in the home building industry has risen to the most favorable level in almost a decade. Heavy shopper traffic drove the improvement.

New FHA Metric Intended to Boost Lending
A new method of evaluating lending practices has been unveiled for mortgagees approved by the Federal Housing Administration.

Former NY Mortgage Player Reemerges
The founder of a former New York firm that was a residential origination player is bringing her brand of lending back to the Big Apple.

Jumbo Leads Rise in Mortgage Originations
A quarterly increase in home lending was led by a jump in jumbo originations. At the other end of the loan cycle, delinquency declined.

Mortgage Service Provider Cutting Colorado Jobs
Hundreds of positions are being eliminated next month at a Colorado company that provides a variety of services to the home-lending industry.

FHA Business Improves, Delinquency Declines
More residential lending products were insured by the government on a monthly basis, while delinquency on government-insured mortgages moved lower.

Mortgage Bankers Lift Q3 Refi Forecast
Mortgage bankers nudged up their annual forecast for loan originations thanks to a third-quarter bump in expected refinancings.

Mortgage Biz Dips as Rates Up, But Jumbo Better
Overall weekly mortgage activity slipped as interest rates were worse, though jumbo mortgage business and jumbo interest rates were both improved.
Mortgage Market Index 140 for week ended Aug. 14
HELOC Originations Slip Despite Overall Rise
Although quarterly mortgage production has been on the rise, the same can't be said for home-secured credit lines.

Over $1 Bil Distressed Mortgage Portfolio For Sale
More than a billion dollars in severely distressed agency mortgages are being auctioned off to the highest bidder.

Mortgage Rates Increase, Though Hybrid Retreats
Fixed rates on home loans worsened over the past week. But one product -- the hybrid adjustable-rate mortgage -- turned lower.

4th Fastest Growing Mortgage Firm Earns $500 Mil
While there were no mortgage-related companies among the nation's 100 fastest-growing private firms, there was a quartet that ranked among the top 1,000 -- one with revenues exceeding a half billion dollars.

loanDepot 1st Half Closings Top Full-Year 2014
Residential lending activity for the first six months of this year at loanDepot LLC already exceeds what the company closed during all of last year.

Subprime Leads Lates Lower as FHA Foreclosures Up
Quarterly delinquency and foreclosure rates have fallen for most types of home loans -- especially subprime mortgages. But the foreclosure rate on government-insured loans worsened.

MSRs on $600 Mil in GSE Loans Up for Grabs
Mortgage servicing rights being offered on a flow basis will deliver MSRs on $600 million in government-sponsored enterprise loans to the purchaser.

Movement Mortgage Originations Strong, Staff Grows
Quarterly mortgage lending at Movement Mortgage LLC has nearly doubled compared to a year earlier. Staffing has also been growing.

Events for Mortgage Bankers, Brokers and Pros
Mortgage professionals, mortgage brokers and mortgage bankers have a bevy of conventions and events to choose from over the coming months.

Wells Fargo Names New Head of Home Lending
The head of the largest residential lender in the United States is calling it a day and will be replaced by a Harvard alumnus.

Mortgage Lending Lifted at Bethpage FCU
Home lending volume at Bethpage Federal Credit Union made a nice quarter-over-quarter jump -- increasing by more than half.

Churchill Mortgage Grows
Quarterly residential lending activity at Churchill Mortgage Corp. picked up. In addition, the company's payroll has grown larger.

Mortgage Metrics Expand at Alaska USA
Quarterly home lending jumped at Alaska USA Federal Credit Union's, while the servicing portfolio grew and staffing expanded.

Greater Loss Projections for Some Non-QMs
Securitized home loans that don't meet the Qualified Mortgage standard and have income documentation exceptions are expected to have greater losses.

Acquisitions Create Lending Giant
The mortgage subsidiary of The Blackstone Group LP has made several recent acquisitions that position it to be among the nation's largest non-bank home lenders.

Foreclosure, 90-Day Rate at Early 2008 Levels
The serious mortgage delinquency rate declined to its lowest level since early 2008. The story was similar for the foreclosure rate.

CMBS Delinquency Slips, Multifamily Leads Drop
Performance on securitized commercial real estate loans saw a slight decline last month, with apartment loan experiencing the biggest improvement.

Wholesale HECM Originations Accelerate
While monthly government-insured reverse mortgage originations from the retail channel were up, the increase for the wholesale channel was more substantial.

Texas Firms Lose FHA Approval Over Bogus Fees
A pair of firms operating in the Lone Star State have lost approval to originate government-insured mortgages because of allegedly charging illegitimate fees.

Freedom Mortgage Makes Acquisition
Just a few months after disclosing plans to seek out new opportunities, Freedom Mortgage Corp. has made an acquisition.

Delinquency Descends to New Post-Crisis Low at MGIC
MGIC Guaranty Insurance Corp. maintained its stellar pace of new business last month while cutting its delinquency rate again.

Originations, Servicing Grow at Walter Investment
Walter Investment Management Corp. lifted mortgage originations, expanded its residential loan servicing portfolio and cut its losses. Mortgage delinquency, however, deteriorated.

HEL Product Hits Market
After nearly fading away following the mortgage crisis, a new home-equity loan product has been introduced into the mortgage marketplace.

Refis Surge on Falling Rates
Fixed mortgage rates fell for the third week in a row, prompting loan originators and borrowers to rush out and lock in their refinance rates.


Mortgage Market Index 145 for week ended Aug. 7
Fairway Independent Mortgage Originations Surge
Not only did Fairway Independent Mortgage Corp. lift its quarterly home lending activity from the prior period, its payroll expanded. Loan servicing, however, subsided.

Ginnie Mae Issuance Climbs to Record High
Residential and commercial mortgage securitizations backed by the Government National Mortgage Association surged to the highest level in the history of the company.

Impac Mortgage Originations, Servicing Increase
Impac Mortgage Holdings Inc. reported that its home lending activity moved higher and its loan servicing portfolio expanded.

Mortgage Jobs at Highest Level Since 2013
The number of people working in non-bank mortgage jobs climbed to the highest level since 2013. Among all industries, job growth continued.

Fixed Mortgage Rates Retreat, But Volatility Looms
Fixed rates on residential loans improved over the past week. A key economic report this week, however, could cause rates to gyrate.

PHH Mortgage Originations Up, Though All Else Worse
Although home lending activity was stronger at PHH Mortgage, the servicing portfolio shrank, delinquency deteriorated and earnings swung to a loss.

Taxpayer Profits from GSEs Exceed $50 Billion
U.S. taxpayers' bailout investments in the Federal National Mortgage Association and the Federal Home Loan Mortgage Corp. have now yielded more than $50 billion in net profits thanks to a stellar quarter.

Record Originations, Earnings at PennyMac
Mortgage originations and earnings set a new record at PennyMac Financial Services Inc. Also reaching new highs were servicing and staffing.

High-Balance Loans Lead Easing of Mortgage Credit
The availability of credit in real estate finance climbed to the highest level in years, and the latest rise was fueled by high-balance loans.

Genworth M.I. Results Improve
New quarterly business improved at Genworth Mortgage Insurance Corp., while the company also managed to bring down its delinquency.

Originations, Servicing and Staffing Up at Navy FCU
In addition to boosting its quarterly home lending activity, Navy Federal Credit Union added to its servicing portfolio and grew its payroll.

Study Finds Borrowers Benefit from Digital Closings
Results from a new study indicate digital loan closings improve borrowers' understanding of the closing process, increase efficiency and provide consumers with a sense of empowerment.

New Business Up by Half at National MI
New business was up by half on a quarter-over-quarter basis at National Mortgage Insurance Corp., while the year-over-year improvement was even more spectacular.

Originations, Staffing Grow at Stearns Lending
Quarterly residential loan production grew at Stearns Lending Inc. Also expanding was the number of employees on staff at the lender.

Consumer Bankruptcies Up, But Off From Year Earlier
Although there was a month-over-month increase in new consumer bankruptcies, the volume has subsided from a year earlier.

Prosperity Originations Up by Nearly Half
Residential loan production shot up by nearly half at Prosperity Home Mortgage LLC on a quarter-over-quarter basis. Staffing also grew.

GSEs Lead Rise in CRE Loan Originations
Quarterly commercial mortgage production moved up from the prior three-month period, and government-sponsored enterprise loans led the increase.

Mortgage Firm Owner Admits Warehouse Line Fraud
The former owner of a Southern California mortgage banking firm has admitted that he duped his warehouse lender.

New Business Soars at United Guaranty
New business, outstanding policies and delinquency all improved at United Guaranty -- though earnings at the mortgage insurer and its parent deteriorated.

HECM Originations Slow
Originators of federally insured reverse mortgages lost momentum last month, though volume moved ahead on a year-over-year basis.

Non-Agency QM Lending Standards Easing
Bank lending standards are easing on loans that meet the Qualified Mortgage classification but are not agency-eligible -- especially at larger banks. Demand has grown stronger over the past three months for both residential and commercial real estate loans.

Correspondent Drives Up Stonegate Mortgage Biz
Correspondent acquisitions more than offset a decline in wholesale production at Stonegate Mortgage Corp., pushing overall originations up by more than a fifth.

CIT Acquisition of OneWest a Done Deal
The company that formerly operated as IndyMac Bank FSB has been taken over by a company run by the former head of Merrill Lynch.

Appeals Court Overturns PA Judgment Against MERS
A federal judgment against MERSCORP Inc. in favor of a Pennsylvania county has been overturned by a appellate court.

MTA at Highest Level Since 2011
Borrowers whose adjustable-rate mortgages change based on the Monthly Treasury Average got more bad news this month.

Mortgage Origination Fees Drop
The cost to close a residential loan subsided this year thanks to a decline in loan origination fees.

CMBS Delinquency Resumes Decline
Despite deterioration in the performance of industrial property loans, multifamily mortgages and office property loans --overall delinquency on securitized commercial real estate loans improved last month.

MGIC Eases Requirements
MGIC has loosened its underwriting requirements on income documentation, asset documentation and employee expenses -- among other areas.

Freddie Leads Surge in Agency MBS Issuance
Issuance of agency mortgage-backed securities climbed to the highest level in nearly two years, and the Federal Home Loan Mortgage Corp. had the biggest month-over-month gain.

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