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August 2016 Archive


Mobile Mortgage Advancements
Financial institutions and home lenders are continuing to improve their mobile technology for the benefit of both employees and customers.

COFI ARM Index Resumes Rise
Following a brief respite in June, the 11th District Cost of Funds Index last month resumed its upward trajectory.

Refis, Compliance Help Reduce Mortgage App Risk
As refinance share has widened and mortgage compliance has been bolstered, the level of risk on new mortgage applications has subsided.

Surge in West Drives Up U.S. Pending Home Sales
An improved employment market in the West region helped push up national pending home sales during July to the highest level in three months.

Refinances Nudge Up Weekly Mortgage Applications
A modest gain in weekly mortgage applications was driven by an increase in refinance activity. Government share of new business was more broad.

Several Mid-Level Mortgage Managers Appointed
Recent appointments in real estate finance include a pair of regional managers, a production manager and a consumer-direct executive.

Complaints Improve More for Mortgages Than Overall
Although there has been no reduction from a year ago in overall financial services complaints, the mortgage industry has made an improvement.

Northwest Leads Increase In U.S. Home Prices
Home values moved higher last month both on a month-over-month and year-over-year basis, and the Northwest was out front of the gains.

MSRs Eat Into Mortgage Servicer Earnings
An escalation in prepayment volume pushed up quarterly losses from mortgage servicing rights activity and drove earnings at the mortgage servicers deeper into the red.

Mortgage Production Profits Up on Employee Expense
As quarterly loan originations increased, independent mortgage bankers cut their per-loan employee expenses and doubled the bottom line.

Former MGIC Chief Dies
The former chairman and chief executive officer of MGIC Investment Corp. has passed away, according to the mortgage insurance company.

New Business Holds Up at Fannie, Delinquency Down
New business was virtually unchanged at the Federal National Mortgage Association, while delinquency fell to a new eight-year low.

Mortgage Events Cover Credit Unions, ABS and LOs
Topics to be covered at upcoming mortgage-related events include credit union issues, asset-backed securities and politics. One of the events will focus on mortgage loan originators.

IPO Planned for Home Lending Bank
The parent of third-largest Tennessee-based bank disclosed plans for an initial public offering. Some of the proceeds might fund acquisitions.

Mortgage PPEs Enhanced, Implemented by Lenders
Mortgage technology service providers have teamed up to enhance product-and-pricing engines and improve the lending process. Mobile adaptation is behind some of the enhancements.

Massive Taylor Bean Lawsuit Settled
A $5.5 billion lawsuit filed by the trustee for bankrupt Taylor Bean and Whitaker Mortgage Corp. against an auditor has been settled.

PHH Losing More Subservicing Business
PHH Mortgage Corp.'s parent company has revealed that it is losing another large mortgage subservicing contract. As a result, the subservicing portfolio will be nearly cut in half this year.

Ocwen Settles Allegations of Unlicensed Servicing
A settlement has been reached between the state of Washington and a pair of offshore affiliates of Ocwen Financial Corp. over unlicensed activities.

Purchases Overcome Dip in Weekly Mortgage Activity
While new weekly refinance activity slowed for the second week in a row, purchase-money business turned higher. Jumbo business had a healthy week-over-week gain.
Mortgage Market Index 169
New Business at 1-Year High for Freddie
Secondary volume climbed to the highest level in a year at the Federal Home Loan Mortgage Corp., while delinquency held at an eight-year low.

Mortgage Rates Hold, Fed Chair to Impact Movement
Mortgage rates didn't budge this past week, and the short-term outlook is totally dependent on tomorrow's comments from the Federal Reserve Board.

FHA Delinquency, New Business Increase
For each of the past three months, residential delinquency has deteriorated at the Federal Housing Administration. But cnew residential business climbed to the highest level in eight months.

Nationstar Adding Hundreds of East Texas Jobs
A new call center opening by next year in East Texas has Nationstar Mortgage LLC adding hundreds of new jobs in the region.

FHA HAMP Streamlined
Changes are being made to the procedures on government-insured mortgages that will reduce the number of steps needed to resolve delinquency and modify the loans.

HARP Extended, New High-LTV Program to Replace It
A new program has been unveiled that will replace the Home Affordable Refinance Program. Until the new offering goes live, HARP will be extended.

California Foreclosure Bill Headed to Governor
The Golden State's Senate has passed legislation that is intended to provide additional foreclosure protections for surviving spouses of deceased mortgage borrowers.

Florida Mortgage Banker Dies
A Florida mortgage banking executive who previously sold his mortgage company to Warren Buffett's Berkshire Hathaway Inc. has died of heart failure.

Underwriters Prominent Among Mortgage Hirings
Among dozens of job openings that are currently being filled at several mortgage-related organizations are residential loan underwriters.

Slump in Existing Home Sales
Inadequate inventory was behind a disappointing monthly decline in existing home sales. Sales in the Northeast took the biggest hit.

Stearns Lending Restructures Management
Voracious growth has led Stearns Lending LLC to make changes to its management structure and to the titles utilized by its executive team.

Refinances Drive Down Mortgage Applications
Weekly applications for residential loans recently turned lower, and it was applications for mortgage refinance transactions that drove down overall activity.

Mortgage Bankers Boost 3-Yr Outlook by $300 Bil
Expected loan originations for the three years ended 2018 have been increased by $300 billion, with both purchases and refinances benefiting.

Non-QM Securitization Closes
A securitization of primarily non-agency residential loans that don't meet the requirements of the Qualified Mortgage rule has been completed.

MSRs on Nearly $3 Bil in GSE Loans Up for Auction
Servicing rights on almost $3 billion in residential loans backed by the government-sponsored enterprises are being auctioned off to the best bidder.

Nearly 9-Year High for New Home Sales
For the second month in a row, the volume of new homes sold was the greatest it's been in over eight years. The Northeast led the gain.

New Mortgage Application Arrives
A new loan application for single-family loans has been unveiled for use on government-sponsored enterprise loans and government-backed mortgages.

Mortgage Origination Statistics
Several mortgage bankers recently reported a host of various loan production metrics in addition to residential loan servicing and staffing data. Some companies touted record activity.

4th Bank Failure of 2016
For the fourth time this year, a federally insured bank has failed. This time it was a financial institution out of the South.

Mortgage Delinquency Worsens 4th Consecutive Month
During each of the last four months, 30-day delinquency has deteriorated from a month earlier even as the foreclosure rate has improved.

FDIC Settlement Nets Chase Over $600 Million
A settlement reached between JPMorgan Chase & Co.'s banking unit and the Federal Deposit Insurance Corp. will cover more than $600 million in litigation costs paid by the bank.

Mortgage M&As Move Forward
A home lender that focuses on the Hispanic market recently received an equity injection. Two other mortgage businesses were acquired, while another is part of a bank acquisition.

Mortgage Business Expands at Caliber Home Loans
Quarterly mortgage lending shot up at Caliber Home Loans Inc. as the servicing portfolio increased and the size of the staff expanded.

Caliber Caught Up in Disparate Impact Case
A group of black borrowers whose distressed home loans were sold to investors by the Department of Housing and Urban Development claim they've been discriminated against.

Weekly Mortgage Activity Off Despite Dip in Rates
Even though there was a modest improvement in rates, new mortgage business slowed this past week. Still, activity was solidly stronger than it was at this point last year.


Mortgage Market Index 174
Mortgage Rates Slip, Could Dip Further
There was a modest drop in mortgage rates this past week, and a similar decline is likely in the next report. Longer-term predictions are for a slight increase.

Obstacles Remain in Digital Mortgage Transformation
Despite momentum that has been building in the implementation of a fully digital mortgage process, there are obstacles that need to be overcome.

Fannie Nudges Up Origination Forecast
Unlike the more generous boost by its secondary rival, Fannie Mae made a small upward adjustment to its outlook for refinances this year and next year.

GSE Multifamily Limits Raised
The volume of apartment-secured mortgages that can be financed by Fannie Mae and Freddie Mac has been increased by their regulator.

Mortgage Servicer Defrauds Ginnie
The president of a servicer has been charged with stealing nearly $3 million from loans included in mortgage-backed securities guaranteed by the Government National Mortgage Association.

GSE Refinances Up 4th Consecutive Month
For the fourth month in a row, government-sponsored enterprise refinances rose, and the Federal National Mortgage Association was behind the latest increase.

Retail HECM Originations Up, Wholesale Down
While the monthly volume of government-insured reverse mortgages increased from the retail channel, the wholesale channel experienced a decline.

More Ditech Layoffs, This Time in GA
Another round of mortgage servicing layoffs at Ditech Financial LLC brings to more than 220 the number of jobs recently cut.

Fastest Growing Mortgage Firms
Inc. magazine is out with its list of the fastest-growing companies in America, and there were four mortgage-related firms that ranked among the top 500.

Mortgage Credit Tightens as Closing Rate Improves
As loan-to-value ratios tightened last month, credit scores have risen each month this year. But a bigger proportion of loans closed as refinance share rose.

loanDepot Obtains $150 Million in Debt Financing
loanDepot Inc., which decided to put a planned initial public offering on hold late last year, has now tapped the debt markets for $150 million.

Across-the-Board Drop in Mortgage Applications
Weekly mortgage applications moved lower, and the slow down applied to both purchase financing and refinancing applications.

Big GSE MSR Portfolio Being Offered
A portfolio of mortgage servicing rights on nearly $2 billion in first-lien government-sponsored enterprise home loans is being offered for sale.

1st Mortgage Delinquency Up As 2nd Mtg Rate Down
Although there was month-over-month improvement in second-mortgage loan performance, serious delinquency on first mortgages saw deterioration.

Home Construction Activity Slows, Northeast Leads
Led by the Northeast, building permits and completed construction fell on a month-over-month basis. A year-over-year gain was reported, though.

Arch M.I. to Buy Far Bigger Rival United Guaranty
With the upcoming acquisition of its much larger rival, Arch Mortgage Insurance Co. will become the biggest mortgage insurance company in the industry.

Favorable HOA Super Lien Ruling for Lenders
Mortgage lenders got a break from a federal appeals court in a case involving a homeowners association super lien. The decision will impact many Nevada lawsuits.

LOS Updates, Enhancements Announced
Three origination channels will benefit from recent loan origination system updates, as will reverse mortgage originators and home-equity lenders. Other LOS changes will enhance compliance.

Sterling Bancorp Unloads Mortgage Business
Sterling Bancorp has followed through with its plan to sell its mortgage business. The buyer in the transaction is a non-bank that ranks among the nation's biggest home lenders.

Refis to Push 2016 Mortgage Lending to $2 Trillion
This year's and next year's refinance outlook was raised by more than $200 billion, pushing the overall 2016 forecast to $2 trillion for the first time in four years.

Confidence Among Home Builders Boosted by East
Strength in new buyer traffic and optimism in the East helped drive up the level of home builder confidence this month.

2 C-Suite Moves Among Mortgage Executive Activity
In addition to a pair of C-Suite appointments, recent mortgage executive activity includes a C-Suite firing and mid-level movement.

Across-the-Board Growth at Movement Mortgage
Not only did home-loan production sprint ahead at Movement Mortgage LLC, but the company's staffing and servicing portfolio expanded.

Massive MSR Offering Hits Market
A huge portfolio of mortgage servicing rights on loans backed by the Government National Mortgage Association has hit the market.

Lake Michigan CU Grows Mortgage Business
Lake Michigan Credit Union's real estate finance business expanded -- with a quarterly increase in home lending, servicing and staffing reported.

Purchase, Conv Pull Down Weekly Mortgage Activity
A week-over-week decline in new home-lending activity was driven by purchase and conventional financing, though jumbo business also played a role.
Mortgage Market Index 185
Over $1.5 Billion in GSE MSRs Up for Bid
Bids are being taken for an offering of mortgage servicing rights on more than $1.5 billion in government-sponsored enterprise home loans.

CMBS Delinquency Jumps, Office Loans Lead
With loans secured by office buildings leading the way, the rate of past-due payments on securitized commercial real estate loans rose last month.

Mortgage Rates Rise, Could Hold
Home-loan rates crept higher during this past week on a robust jobs data report, and multiple signs suggest that not much change is likely in the next mortgage rate report.

Walter Investment MSR Sale Drives Public Offering
A company that acquired mortgage-servicing rights on more than $70 billion in loans from Walter Investment Management Corp. is planning a public offering to help fund the transaction.

Decade-Low for Mortgage Delinquency
The last time that the rate of past-due payments on residential loans was this low, the U.S. real estate market was near its peak.

Why Were Prepayment Penalties Eliminated?
Although financial regulations no longer allow prepayment penalties on most mortgages, there are some situations where they were useful to borrowers.

Record Originations at McLean Mortgage
It was an all-time high for quarterly residential loan production at McLean Mortgage Corp. The home lender's employee count additionally expanded.

Nearly 70 Mortgage Events Scheduled Through October
From August through October, there are nearly 70 mortgage-related events on the calendar -- including a servicing conference, a technology event and regulatory workshops.

Churchill Mortgage Originations, Staffing Rise
In addition to achieving a quarter-over-quarter and year-over-year boost in home lending, Churchill Mortgage Corp. expanded the size of its workforce.

Over $1 Bil in Non-Performing GSE Loans for Sale
Bids are being accepted on a portfolio of more than $1 billion in government-sponsored enterprise home loans that are not performing.

Gov Refis Drive Jump in Mortgage Applications
A surge in applications for mortgage refinances --especially government-backed refinances -- drove an impressive increase in overall new applications for residential loans.

Bankers Charged With TARP Crimes Reach 80
Eighty executives of banks that received funds from the Troubled Asset Relief Program have so far been charged with crimes.

Huge MSR Sale at Walter Investment
A massive sale of mortgage servicing rights on in residential loans has been negotiated by Walter Investment Management Corp.

EverBank Sale Unveiled
A deal to acquire EverBank Financial Corp. has been disclosed. The per-share price of the transaction puts the value at $2.5 billion.

Serious HELOC Delinquency Deteriorates
Although there was a month-over-month improvement in serious first mortgage delinquency, the rate on home-secured credit lines moved higher.

PHH Home Lending, Delinquency Up as Losses Decline
Quarterly residential loan originations picked up at PHH Mortgage. While the company cut its losses, delinquency rose and the servicing portfolio declined.

Mortgage Closing Costs Climb
A surge in third-party fees was behind an increase in average closing costs on residential loans. The Aloha State had the most expensive loans.

REOs Rise Again as Other Mortgage Metrics Improve
Although most foreclosure metrics continue to improve the most in years, month-over-month deterioration was again reported for completed foreclosures.

Walter Investment's Mortgage Metrics Finish Short
Quarterly home lending at Walter Investment Management Corp. retreated. It also realized a smaller servicing portfolio, continued income regression and diminished headcount.

Alaska USA FCU's Mortgage Business Up
Alaska USA Federal Credit Union reported an increase in quarterly residential lending, growth in its mortgage servicing portfolio and an increase in mortgage staffing.

Mortgage Closures Include Wholesale, Correspondent
A correspondent investor, wholesale lender and bank were among recent mortgage-related entities to meet their end. A failed credit union is back, though.

Proposed Guidance for 3rd-Party Lending at Banks
Stakeholders will now have more time to comment on proposed guidance for third-party lending at the nation's financial institutions.

Mortgage Business Expands at Navy FCU
Quarterly home lending volume jumped by over half from the prior period at Navy Federal Credit Union, while the mortgage servicing portfolio grew and mortgage staffing increased.

Huge Portfolio of Ginnie MSRs For Sale
Mortgage servicing rights on nearly $9 billion in Ginnie Mae residential loans are being offered for sale to the highest bidder.

Mortgage Broker On How Business Has Changed
A mortgage broker in the state of Washington who opened his own firm talked about how the broker business has changed since the financial crisis.

Mortgage Business Grows at The Money Source
In addition to expanding its quarterly mortgage originations, The Money Source Inc. added more than a hundred employees and grew its mortgage servicing portfolio.

Opinions Vary on Future of Fannie, Freddie
The answer to the question about what is the best way to move forward with secondary mortgage lenders Fannie Mae and Freddie Mac depends on who you ask.

Regions Mortgage Originations, Delinquency Improve
Quarterly home lending increased and delinquency decreased at Regions Financial Corp. Meanwhile, the mortgage servicing portfolio was reduced.

Refinances Drive Up New Mortgage Activity
As interest rates on residential loans turned lower, new refinance activity surged to the highest level in 17 months -- driving up overall activity in the process.
Mortgage
Consumer Bankruptcies Sink to 6-Month Low
The number of consumers who resorted to bankruptcy last month tumbled both on a month-over-month and year-over-year basis to the lowest level in six months.

Stellar Growth for U.S. and Mortgage Employment
The latest employment report was strong -- with a solid increase in U.S. jobs, a higher labor participation rate and a nice bump in mortgage jobs.

Record Ginnie Mae MBS Issuance
Residential and commercial loan securitizations on behalf of the Government National Mortgage Association climbed to the highest level on record last month.

Mortgage Rates Fall, Could See Further Dip
Mortgage rates turned lower this past week and could see a further decline next week unless tomorrow's jobs report turns out strong.

Losses, Servicing, Staff Cut at Stonegate Mortgage
Stonegate Mortgage Corp. trimmed the size of its staff, reduced its servicing portfolio and cut its losses. Lending slowed from a year ago.

Mortgage Servicing Rules Amended
Changes have been finalized on the mortgage servicing rules that provides more borrower protections on foreclosures and expands protections beyond the original borrowers.

Taxpayers Net $34 Billion Since Fannie Bailout
Since the Federal National Mortgage Association was taken over by the government during the financial crisis, taxpayers have netted more than $34 billion.

Mortgage Credit Conditions Reverse Course, Ease
After tightening for the prior two months, mortgage credit conditions were somewhat looser last month. Jumbo and government conditions eased most.

PennyMac Home Lending Up, Wholesale Launch Ahead
Quarterly home loan production surpassed prior period totals at PennyMac Financial Services Inc. A new wholesale lending channel is planned.

United Guaranty Has Strong Quarter
New quarterly business at United Guaranty rose by nearly half, while the unit's income increased, its book of business grew and defaults declined.

National M.I. Swings to Profit as Business Rises
National Mortgage Insurance Corp. lifted grew its quarterly business and grew its book of business, while its parent company swung to a profit.

Genworth MI Biz, Delinquency and Earnings Improve
A year-over-year improvement in earnings, new insurance written and delinquency was reported for Genworth Mortgage Insurance Corp.

Nationstar Lending Up, MSR Valuations Hurt Income
Home-lending activity increased at Nationstar Mortgage LLC, though fair-value adjustments to mortgage servicing rights cut deep into earnings.

Home Loan Applications Decline 3rd Straight Week
For each of the past three weeks, loan applications to purchase or refinance a home have dropped. Government-insured share has diminished.

Guild Mortgage's Biz Up by Half, Staffing Surges
Quarterly home lending activity at Guild Mortgage Co. was up by half from the prior period, while staffing expanded by 500 employees, and the servicing portfolio grew.

Wave of Maturing CMBS Loans Defaulting
For the fifth consecutive month, securitized commercial real estate loan performance has worsened thanks to a wave of maturing loans.

Originations, Staff Up at Prosperity Home Mortgage
A more than three-quarters increase in loan production was recorded for Prosperity Home Mortgage LLC. The size of the company's staff also rose.

Sequential Rise in Freddie Earnings, Business
The Federal Home Loan Mortgage Corp. saw quarter-over-quarter gains in earnings and business, though things slowed from a year prior.

CRE Credit Stds Tighten as Residential Demand Up
Banks that make commercial real estate loans are reporting that credit standards have recently tightened. Meanwhile, demand for residential loans has risen across the board.

Moderate Gain in Home Lending at Quicken Loans
Modest quarter-over-quarter and year-over-year increases were made in mortgage originations at Quicken Loans Inc. as servicing climbed.

Nearly 2-Year Low for HECM Originations
Last month turned out to be the slowest month in nearly two years for the origination of government-insured reverse mortgages.

G-Fee Disparity Between Large-Small Lenders Eliminated
A disparity that had once existed between larger and smaller sellers on guarantee fees charged by the government-sponsored enterprises has been eliminated.

Despite Drop in Underlying 1 Year Yield, MTA Up
Although the underlying yield on the one-year Treasury note has been lower lately, the Monthly Treasury Average still moved higher.

FICO CEO Discusses New Credit Scoring Models
In an interview, the chief executive officer of FICO talked about how his company's credit scoring model compares to some newer methods.

Legislation Will Ease FHA Condo Financing
Legislation has been passed by Congress that will make it easier to finance condominiums using government-insured home financing.

Ocwen's Borrowers Least Satisfied
While there was no change at the top of the list of best mortgage servicers, Ocwen Financial Corp.'s servicing unit landed at the bottom.

3-Year High for Agency MBS Issuance
The Federal Home Loan Mortgage Corp. led a month-over-month rise in the securitization of agency mortgages, which soared to a three-year high.

CMBS Conduit Lending Sinks
Despite a slight bump in overall quarterly commercial real estate lending, the volume of securitization conduit fundings turned sharply lower.

COFI Mortgage Index Dips
In line with interest rates in general as of late, the monthly 11th District Cost of Funds Index turned modestly lower.

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