twitter linkedin
facebook google+
Search:

Mortgage News

News by Subject
Complete list of specialty news sections.

Purchase Subscription
Subscribe to MortgageDaily.com and get immediate access to all news, statistics and archives.

Mortgage Advertising
Reach mortgage executives, loan originators and other people tied to mortgage industry.

Consumer Mortgage News
Free mortgage news for prospective borrowers.

Mortgage Newsletter
Free e-mail newsletter with the latest headlines from MortgageDaily.com.

Mortgage News Reprints
Put entire MortgageDaily.com stories in your online or printed newsletter or publication.

Mortgage Feedget RSS code
Condensed MortgageDaily.com stories free on your Web site or for your RSS reader.

News Archives
Archive of MortgageDaily.com stories by month going back to 1999.

Press Releases
Reports and announcements from MortgageDaily.com.

Mortgage Statistics
Data and statistics for real estate finance.

Mortgage Directories
Directories of lenders, branch operators and mortgage service providers.

Mortgage Graphs
Directories of lenders, branch operators and mortgage service providers.

home subscribe advertise reprints e-mail help RSS about us LOG IN

Mortgage News

 

Mortgage News

HOT Topics

production

servicing

compliance

legal

fraud

secondary

jobs

appraisal

site map

www.reversefunding.com

subscribe to free Mortgage Daily email newsletter



September 2012 Archive


$300 Million Bank Among 2 Failures
Two financial institutions, one in Illinois and the other in Texas, were taken over by regulators last week. While one of the failed entities had little in the way of assets, the bigger casualty involved an institution with more than $300 million in assets.

New Record Low for COFI
Records going back more than 30 years indicate that the Cost of Funds Index has never been as low as it was in August.

Mortgage Refis Rise on Record Rates
Inquiries for residential refinances leapt from last week as consumers were motivated to take advantage of the lowest mortgage rates on record. The surge was even stronger for jumbo loans.

Mortgage Market Index 250 for week ended Sept. 28

Wholesale Lender Sold
A wholesale lender with more than a thousand mortgage broker clients is changing hands, and the former chief of a big subprime lender has been appointed to lead the company.

Originations Soar at New Discover Unit
With barely more than three months in the business, the new mortgage unit at Discover Financial Services is on pace to quadruple residential originations.

New M.I. Business Reaches Post-Crisis High
The last time business was this good for the mortgage insurance industry was before the country fell into the depths of the financial crisis. In addition, the month saw a decline in the number of defaults.

NY AG Wants Attorneys Provided for Distressed Borrowers
A New York judicial panel heard testimony Thursday from the attorney general that funds should be set aside to cover the cost of attorneys for distressed borrowers facing foreclosure who can't afford counsel -- a move that would likely enhance New York's standing as the state with the longest foreclosure process.

Fed Drives Mortgage Rates to New Lows
Thanks to aggressive purchasing of agency mortgage-backed securities by the Federal Reserve, mortgage rates were lower across the board this week with three products falling to all-time lows. All signs indicate that rates aren't likely to turn higher.

Non-Agency MBS Prices Rise
As the world of non-agency mortgage-backed securities diminishes from runoff, their prices are rising. The biggest returns are on issuances backed by variable-rate loans with little documentation.

Mixed Performance on Bank Mortgages
Quarterly deterioration in residential performance at the nation's banks was primarily concentrated in early-stage delinquency. While new foreclosure filings were higher, the number of completed foreclosures fell as home-retention activity rose. Re-defaults on modified agency and portfolio loans were lower than on loans serviced for third-party investors and government-guaranteed mortgages.

Mortgage Insurers Enhance Offerings
Several mortgage insurance companies this year have teamed with providers of product and pricing engines to integrate the process of loan pricing with the process of obtaining M.I. premiums. Other advancements in the mortgage insurance business focus on the Home Affordable Refinance Program.

British Bankers Abandoning LIBOR
The banks that set the London Interbank Offered Rate plan to walk away from their roles following a scandal that has been felt around the globe.

FHA Condo Business Surges
Government-insured home loan production climbed last month, with refinance activity powering the increase. Condominium financing shot up and is likely to continue its ascension as a result of recent guideline changes. Overall Federal Housing Administration loan originations are on target to fall 7 percent short of fiscal projections.

OIG Says No Conflict of Interest in Freddie's Hedging
The Federal Housing Finance Agency Office of Inspector General has dispelled claims the Federal Home Loan Mortgage Corp. was making bets to profit when borrowers were unable to refinance.

New CA Law Requires Foreclosure Notices in 6 Languages
In addition to the original English notice, default and sale notices recorded in California foreclosures will soon need to be summarized in five other languages as a result of a new law in the Golden State.

Another County Joins GSE Transfer Tax Litigation
Another U.S. county has joined a growing list of plaintiffs looking to recover lost transfer taxes from Fannie Mae and Freddie Mac. The newest member of the club is in Minnesota.

Winning Month at Freddie
With its third-best showing during the past year, Freddie Mac lifted secondary marketing activity by more than a quarter last month. Home-loan delinquency was lower and has not deteriorated since the beginning of this year.

Housing Market Metrics Strong
No matter who you get your data from, almost all housing market metrics lately have been improving.

BofA Accused of Discriminating Against REOs
A complaint filed against Bank of America Corp. accuses the banking behemoth of discrimination on its real-estate-owned assets.

Services Support Secondary Marketing
Companies seeking to sell closed residential loans have recently been given more options. The business of trading loans has been made easier through technological innovation, while a slew of new offerings promise to reduce risk and improve pricing for secondary market players.

Hotels Help Reduce CMBS Delinquency
An improvement in the performance of hotel loans led an overall decline in delinquency on securitized commercial real estate loans. The news, however, wasn't so good for industrial property lenders.

Loan Titles Disputed in Court
Mortgage servicers are defending the title to their loans as borrowers across the country attempt to avoid foreclosure. A number of cases involve lenders battling other mortgage firms for lien priority, and some have title insurance companies hoping to avoid claims.

MERS Winning War
While the Mortgage Electronic Registration Systems Inc. has faced some setbacks recently, dozens of decisions have been issued in favor of the registry by judges in several states.

Romney Plan Would Lift Purchase Production
The Dodd-Frank Wall Street Reform and Consumer Protection Act would be thrown out the window under a president Mitt Romney. The Republican nominee is no fan of the expanded Home Affordable Refinance Program or the Home Affordable Modification Program which he says are confusing and poorly administered. Loan originators, meanwhile, could expect to increase purchase production by more than $100 billion in 2013 if the Republican takes up residence in the White House.

Best Online Mortgage Brands
The mortgage lender with the best online brand earned the title thanks to its superior technology, its mobile platform and its search-engine optimization. Also playing a role was social media.

Residential Performance Improves Again
Early data on August delinquency indicates that past-due payments on home loans have now declined for three months in a row and stand more than 130 basis points lower than they did a year ago.

Mortgage Litigation Lets Up
Lawyers acting on behalf of mortgage industry stakeholders slowed their court activity during the first three months of the year -- a period that included an historic mortgage servicer settlement. But some categories of mortgage litigation -- including compliance, loan titles and whistleblower actions -- were busier. Most categories were significantly elevated versus a year earlier.
First-Quarter 2012 Mortgage Litigation Index 216

Borrowers Shun Modification to Retain BofA Bad Mouthing Rights
While Bank of America Corp. has offered to modify a Connecticut couple's home loan, the borrowers won't agree to a provision in the agreement that requires them to keep quiet about the arrangement.

Thornburg Trustee Looking at LIBOR-Related Losses
The bankruptcy trustee for Thornburg Mortgage Inc. is looking into whether banks' manipulation of the London Interbank Offered Rate, or LIBOR, caused the jumbo mortgage lender to lose money though interest-rate swaps tied to the index.

Retreating Rates Rally Refis
As mortgage rates dove to near record-low levels, refinance shoppers were out in droves. Conventional and adjustable-rate activity were both higher, but demand for purchase financing retreated.

Mortgage Market Index 224 for week ended Sept. 21

Record Rates Unlikely to Rise
After the Federal Reserve Board unveiled its plans for QE3, fixed mortgage rates fell to the lowest levels ever recorded and don't appear to be headed higher anytime soon.
CFPB Issues Mortgage Report Card
A majority of complaints against financial services companies are related to real estate finance, according to a new government report. Many of the mortgage complaints were filed by distressed borrowers. The chief of the federal regulator that oversees financial services providers discussed the findings before Congress.

Complaints discussed in annual report

Million-Dollar AE Headed to Jail
A former account executive for Washington Mutual Inc.'s subprime lending unit who earned more than $1 million a year has been found guilty of mortgage fraud.

5 States Targeted for Higher G-Fees
New borrowers with conventional agency mortgages who live in states with low liquidation costs will no longer subsidize borrowers in states with high costs to carry distressed assets under a proposal issued by the regulator of Fannie Mae and Freddie Mac.

Mortgage Bankers More Optimistic About 2012
The second half of 2012 continues to look better for mortgage bankers, with juiced-up refinance demand fueling an increased forecast.

Firm Boasts Exclusive Access to FNMA Investor Financing
A California company claims to have cornered the market on investor financing for more than 10 properties when the homes they are buying are currently owned by the Federal National Mortgage Association.

Secondary Policies Updated
In a series of actions involving the secondary market, Freddie Mac has revised and updated its selling requirements and its requirements for non-assumable Rural Housing Service mortgages, while Fannie Mae has updated its selling guide. Ginnie Mae expanded its data collecting, clarified its guaranty and other fees paid to and by issuers and made changes pertaining to the submission of fidelity bond and errors and omissions insurance and the publication of CUSIP and pool number information for multiple issuer pools.

Refi Forecast Raised Again
This year's outlook for home-loan production has improved again, with the latest forecast raised by $58 billion. Increased optimism was the result of stronger refinance activity.

Home Loan Origination Metrics Improve
For three consecutive months, credit scores on new residential loans have been on the rise and loan-to-value ratios have either fallen or haven't increased. Mortgage loan originators are taking longer to fund a loan, but more of the applications they are taking are closing. Activity from the government's refinance program is ebbing.

2011 Refi Volume, FHA Share Down
Government-insured loans accounted for a smaller share of overall originations last year, but dependence on the federal mortgage program remained elevated on historical terms. The number of fundings was lower, and refinances took a bigger hit than purchase financing. Black and Hispanic borrowers continue to see higher denial rates than their white and Asian counterparts.

Bank Faces LO OT Lawsuit
Two brothers are suing their former employer over allegations they weren't paid overtime in violation of federal and state laws. The pair of loan originators could be joined in the lawsuit by other originators from the same company.

Growing Wave of Foreclosure Lawsuits Filed by New FL Trusts
As if mortgage servicers weren't fighting enough foreclosure battles in Florida courts, now land trusts are popping up that take over properties from distressed borrowers then file lawsuits that lenders are calling "baseless" and "nonsensical."

Mortgage Fraud Defendant Loses Restitution Appeal
A defendant in a mortgage fraud case appealed the amount of restitution ordered in his case, arguing that most of the losses were the result of a battered housing market and not from his admitted actions. He might have found a more sympathetic ear had his appeal been heard in another circuit.

Retail, Wholesale HECM Volume Slumps
The departure of a major player had a major impact on the monthly production of government-insured reverse mortgages. The decline hit both retail and wholesale origination channels.

Mortgage Delinquency Rate Slips
The rate of late payments on residential loans inched lower last month, though the improvement was bigger for junior liens.

Most LOs Like Their Jobs
Mortgage loan originators surveyed about their jobs are mostly a happy bunch. Among those who are dissatisfied -- technology, leadership and internal communications were hot-button issues.

Foreclosure Litigation Elevated on East Coast, Midwest
East Coast mortgage servicers are battling borrowers who are taking advantage of legal maneuvers. It's the same in a slew of midwest states. But some servicers have seen success navigating their way through the U.S. legal system.

Golden State Foreclosure Tales
Distressed borrowers in California who are fighting the foreclosure process are lobbing allegations that include forged signatures, violations of mortgage regulations and failed modification attempts. Some of the borrowers are seeing success.

CMBS Lates Lower Despite Deterioration in Office, Retail
Delinquency on securitized commercial real estate loans was lower last month even though the rate on mortgages secured by office properties and retail properties took a turn for the worse.

Lead Providers Target HARP 2.0 Prospects
Mortgage lead providers continue to make adjustments that increase the return on investment for loan originators who rely on paid leads. While one firm is focusing on federally insured reverse mortgages, several have recently capitalized on business pouring in from the expanded Home Affordable Refinance Program.

The Branch Journal
With current economic conditions dictating little to no job growth or corporate expansion, the mortgage banking industry is pushing against the national trend. Several firms are expanding their nationwide, retail presence by opening new branches in local markets, and a few firms report significant growth in the markets where existing offices have taken root.

CRE, C&D Loans Kill Mo. Bank
Risky commercial mortgages and loans to finance construction-and-development projects sank a bank in the St Louis area. A loss-sharing arrangement made the deal more attractive for the winning bidder.

Mortgage Market Rebounds From Holiday Week
New mortgage activity jumped more than 20 percent coming out of the holiday week. The biggest bounce was with pricing inquiries for jumbo loans. Rates were little moved this past week but are set to soar in the next report.

Mortgage Market Index 210 for week ended Sept. 14

FHA Condo Rules Temporarily Eased
Lending requirements on condominium-secured loans insured by the Federal Housing Administration are being temporarily eased because of current housing market conditions.

Executive Recruiting Remains Elevated
Several mortgage banking executives have found new homes as lenders and servicers embark on recruiting campaigns to fill recently vacated management positions.

LOS Enhancements Improve Originations
Upgrades, merging technologies and acquisitions have resulted in enhanced quality control, faster speeds and stronger security for users of loan origination systems. Several mortgage firms implemented new technology that includes appraisal integration, end-to-end solutions and one system that is allowing select lenders to implement its customizable cloud-based software.

BofA Settles Disability Discrimination Charges
Bank of America Corp.'s banking unit has settled charges that it discriminated against prospective borrowers who received disability income. The loan applications of tens of thousands of prior applicants will be reviewed to determine who will be compensated.

HAMP Activity Slows as Proprietary Modifications Pick Up
A slump in the growth of government-funded home loan modifications was more than offset by strengthening in proprietary modification activity. Mortgage servicers have made headway in reducing the re-default rate on loan modifications.

Recent loan modification statistics

Rates on 15-Year Mortgages, Hybrid ARMs Off
While rates on 15-year mortgages and hybrid adjustable-rate mortgages were lower this week, long-term fixed rates didn't move. Mortgage rates were shaken up today by a Federal Reserve policy announcement.

GSEs Ok Some Principal Reduction
Principal reduction is being allowed by Fannie Mae and Freddie Mac when the cost of the loan modification is paid for from a federal program targeted at states that suffered the most damage from the housing market meltdown.

Fed's New MBS Purchases Likely to Reduce Rates
The stock market shot up over 200 points and the yield on the 10-year Treasury fell following word of the Federal Reserve's plan to buy more agency mortgage-backed securities. Some speculate that mortgage rates could fall 25 basis points from their current levels as a result of the moves.

Federal Legislation Attacks Eminent Domain
Federal legislation has been introduced that would eliminate government and agency financing in housing markets where local municipalities use eminent domain to seize mortgages.

Foreclosure Filings Worse, REOs Better
Mortgage loan servicers stepped up foreclosure filings last month, though the number of repossessions was lower. While total filings grew in Florida, the number of completed foreclosures in the state was lower even as they rose in California.

Filings inch up 1% in August

Wholesaler Settles Discrimination Charges
If the regulator of Fannie Mae and Freddie Mac has his way, borrowers in states and localities that obstruct the liquidation process on distressed loans will pay more than borrowers in states with low costs of default. The biggest losers in such a move could be states like Florida, New Jersey and New York.

Former Wells Chief Blames GSEs, Brokers & Banks for Crisis
The former chairman and chief executive officer of Wells Fargo & Co. left no doubt about who he believes was responsible for the global financial crisis that brought down some the biggest financial players and sparked the Great Recession.

Video interview of Richard Kovacevich

Chase Cuts FL Servicing Positions
Several dozen mortgage servicing employees in Florida have been notified of impending layoffs by JPMorgan Chase & Co. But layoffs were minimized as a result of higher demand for production staffing.

Mobile M.I. App Launched
A new application for devices that utilize Apple Inc.'s operating system provides mortgage insurance quotes on the go. The technology promises to minimize the amount of input necessary to obtain quotes for mortgage insurance premiums.

2012 Refi Forecast Lifted Another $100 Billion
An upward revision in estimated first-half 2012 originations and an improved outlook for the second half came together to boost annual expected production by $100 billion. It will be the strongest annual originations in five years. While the forecast for purchase and refinance transactions was lifted, government-insured originations missed out on the increase.

FHFA Wants to Raise Pricing in Some States
If the regulator of Fannie Mae and Freddie Mac has his way, borrowers in states and localities that obstruct the liquidation process on distressed loans will pay more than borrowers in states with low costs of default. The biggest losers in such a move could be states like Florida, New Jersey and New York.

Pricing approach factors in costs of defaults

Negative Equity Share Improves Again
A reduction in the number of borrowers with loan-to-value ratios in excess of 100 percent during the first three months of 2012 continued into the second quarter. More than a million mortgages have moved out of the red so far this year.

House Passes FHA Bill
A near-unanimous vote was reached in favor of a bill that would increase liability for mortgagees that commit fraud or knowingly violated policies on government-insured mortgages. The legislation also addresses the solvency of the government's home loan insurance fund.

Appraisal Services, Technology Expanded
Appraisal service providers have been busy expanding products, adding new applications and recruiting staff to meet the increased needs of lenders and help with growing regulatory requirements. The program enhancements also address market demand for improved technologies to ease and speed appraisals.

HARP 3.0 On Table Again
Senate Democrats are re-introducing legislation that would enhance the Home Affordable Refinance Program by increasing competition among lenders, eliminating the distinction between borrowers with greater or less equity, and lowering fees for borrowers with more equity. The bill would also require changes to the appraisal process and reduce documentation requirements.

GSEs Improve Repurchase Policies
Changes to repurchase policies at Fannie Mae and Freddie Mac are expected to ease lender uncertainty, improve loan quality and increase access to credit for homeowners.

MGIC Reports Strong Results
New business has improved each of the last six months at MGIC Investment Corp., while the number of delinquent policies has fallen each of the past 13 months.

Threat to Redline Eminent Domain Communities Draws Request for Investigation
California's lieutenant governor is calling on the U.S. Department of Justice to review the actions of several mortgage associations and the regulator of Fannie Mae and Freddie Mac over their opposition to the use of eminent domain to seize and modify mortgages.

GSEs, MERS Hit With Wave of Fee Litigation
The Mortgage Electronic Registration Systems Inc. saw victories this summer, winning dismissals of several lawsuits, including a slap down of a man for the sixth time who seems determined to find a court that will rule in his favor against MERS. Fannie Mae and Freddie Mac, however, are being sued in Illinois, Ohio and Florida over their failure to pay recording fees. The GSEs claim they are exempt as government entities.

Big Lenders Face HUD Actions
More than two dozen Federal Housing Administration mortgagees recently lost FHA approval or were hit with some other administrative action. Among the companies facing actions were Fifth Third Bank; MetLife Bank, N.A; PHH Home Loans LLC; and Wells Fargo Bank, N.A. Alleged violations include improper handling of foreclosed properties, bad underwriting and false advertising. Several mortgagees were cited for failing to disclose fines from Pennsylvania's banking department.

Freddie's HARP Production Plunges
While monthly conventional agency refinances were off 7 percent, the volume of refinances processed through the Home Affordable Refinance Program was down by nearly a quarter thanks to a more than one-third drop at the Federal Home Loan Mortgage Corp.

Lender Doubles Projections
Consumers abandoned the mortgage market for the Labor Day holiday, with jumbo borrowers leading the way despite a decline in the premium for a jumbo loan. The share of activity represented by adjustable-rate mortgages continued to diminish and has plummeted nearly three quarters over the past year.

First REO-to-Rental Transaction Closes
A program that converts foreclosed properties owned by the Federal National Mortgage Association and the Federal Home Loan Mortgage Corp. into rental properties through the sale to approved investors has generated its first transaction.

$216 Million Bank Fails
A Minnesota bank with more than $200 million in assets has gone the way of firms like Washington Mutual Bank and IndyMac Bank. It was the first bank failure in more than a month, but it wasn't the only recent financial institution casualty.

Citi Offers Rebates for Purchase Financing
CitiMortgage Inc. is offering prospective borrowers rebates if they finance a home purchase through the O'Fallon, Mo.-based company. The amount of the payments can exceed $2,000.

Jumbo Activity Leads Holiday Decline
Consumers abandoned the mortgage market for the Labor Day holiday, with jumbo borrowers leading the way despite a decline in the premium for a jumbo loan. The share of activity represented by adjustable-rate mortgages continued to diminish and has plummeted nearly three quarters over the past year.

Mortgage Market Index 172 for week ended Sept. 7

Bankruptcy Filings Rise
Americans filed more bankruptcies last month than they did in July. The deterioration hit both commercial and non-commercial filings. But non-commercial bankruptcies have relented from a year ago.

Reverse Lenders Eke Out a Monthly Gain
Originators of federally insured reverse mortgages pushed new business higher in August, though production was well short of a year earlier. The number of companies originating reverse mortgages has plummeted by more than half over the past year.

Another Mortgage Settlement Over Maternity Policies
A California company has become the latest lender to settle charges that it discriminated against a loan applicant who was on maternity leave. Several similar settlements have recently been announced.

Mortgage Jobs Grow
Despite disappointing data on the U.S. job market, monthly mortgage employment expanded. As markets reacted to the weak U.S. numbers, bond yields fell -- setting the stage for more growth in home lending.

Bernanke Chooses 30-Year Term for Personal Refi
Between quantitative easing, operation twist and other monetary strategies implemented by the Federal Reserve Board, Fed Chairman Ben S. Bernanke has had a historical impact on U.S. mortgage rates. The public figure has personally taken advantage of interest rates, though mortgage rates have since fallen to new record lows.

Eminent Domain Plan Expanded to Distressed Loans
Mortgage Resolution Partners quickly got the attention of mortgage lenders, servicers and investors with its proposal for local governments to use eminent domain to seize non-agency mortgages that are paying as agreed.

Some Areas Losing USDA Eligibility
Residential government loan programs that require no downpayment on rural properties are being eliminated in some communities. Behind the move is a reclassification of rural areas conducted once a decade.

New Record for 1-Year ARM
Fixed mortgage rates slipped and are within striking distance of a new low. But the latest market data plus a potentially strong employment report on Friday could mean that record lows could become out-of-reach. A new all-time low, however, was established for the one-year adjustable-rate mortgage.

Lenders Battle Delinquent Borrowers in Ohio Courts
Ohio's Court of Appeals of Ohio, Sixth District, recently overturned two trial court decisions in a victory for mortgage servicers. But other state courts and a federal court recently ruled in favor of delinquent borrowers.

Renovation Lender Expands to Correspondent
A company that already claimed to be a powerhouse in government-insured renovation lending is now offering the programs to other originators through a newly launched correspondent lending business.

Another Strong Month at Radian
The August results are in for Radian Guaranty Inc., and the numbers are good. Sales increased 11 percent and have risen each of the past five months, while delinquency has fallen every month this year.

WaMu MBS Settlement Reached
A federal lawsuit filed in 2009 by investors of mortgage-backed securities issued by Washington Mutual has been settled.

The Florida Foreclosure Journal
Mortgage servicers are having some luck overturning trial court decisions in the District Court of Appeal of Florida, Second District. But rulings coming out of four other districts haven't been so good.

Commercial Mortgage Giant Created
A new top-10 commercial mortgage lender has emerged from a merger deal that combines two commercial real estate firms. The transaction beefs up an existing mortgage conglomerate.

Expanded Data, Improved Technology Boost AVM Accuracy
Like most things today, the residential real estate space is driven by technology. It is common for appraisers to use handheld devices in their everyday work, making laptops seem clunky by comparison and clipboards with paper thoroughly outmoded. Loan officers are virtual and mobile, and field services providers update their clients using cloud technology and geocoding to help validate their work.

Expansion to Follow Acquisition of Warehouse Lender
A deal has been struck for a fast-growing residential lender to acquire a warehouse lender from an investment firm. The acquisition will enable warehouse financing to be expanded to agency servicing flow transactions.

Mortgage Conferences Tackle Micro, Macro Issues
Nearly 20 conferences and other events, some of them overlapping, are filling up the fall calendar. Some are focusing on specific problems or challenges, while others present overviews of today's mortgage market. Litigation, regulation and distressed servicing are among topics being covered.

SunTrust Changes Broker Compensation
The wholesale lending arm of SunTrust Banks Inc. is changing its policy on mortgage broker compensation. Some speculate that the update, which follows a similar move at another wholesale lender, was prompted by a settlement at the nation's biggest residential lender.

CMBS Delinquency Rate Improves
Quarterly mortgage banking data recently indicated that delinquency on securitized commercial real estate loans was up again. But more recent data reveal that loan performance took a turn for the better last month. Helping the monthly improvement were mortgages secured by multifamily and lodging properties.

New Low for COFI
The Cost of Funds Index continued to break new ground, falling to the lowest level on record for the fifth consecutive month.

2012 Agency Issuance Exceeds $1 Trillion
The volume of agency issuance jumped last month to the highest level in more than three years, with the Federal National Mortgage Association, the Federal Home Loan Mortgage Corp. and the Government National Mortgage Association all contributing to the gain. The strong activity pushed year-to-date volume past $1 trillion.

Growing Reverse Mortgage Firm to be Acquired
A company that started out five years ago as a technology provider for reverse mortgage servicers and has since expanded into an originator, servicer and issuer of reverse mortgages is being acquired by a servicer of traditional residential loans.

Gain in Q2 Mortgage Employment Index
Layoffs grew and hirings softened during the three months ended June 30. Still, mortgage firms managed another quarterly gain in staffing. Texas was pounded with layoffs but was able to absorb the job losses and come out with a gain. Mortgage jobs are pouring out of New Jersey and pouring into Michigan.

Logout forgot
password?

SUBSCRIBERS: Edit Subscription | Subscription Help | or call 214.521.1300

Subscribe Contact Us Site Map

Copyright © 2017 Mortgage Daily, D a l l a s
Subsribers Only:

AMC directory

ARM indexes

mortgage company directory

mortgage regulations

net branch directory

p r i c i n g engine directory

wholesale lender directory

More Mortgage News Resources (full site map):

advertising news

appraisal news

bank news

biggest lenders

commercial mortgage news

corporate mortgage news

credit news

FHA news

financial regulation news

foreclosure news

free mortgage news

GSE news

jumbo mortgage news

interest rates

loan modification news

loan originator survey

LOS Newsletter

MBS

mortgage associations

mortgage-backed securities

mortgage books

mortgage brokers

mortgage compliance

mortgage conferences

mortgage directories

mortgage education

mortgage employment

mortgage employment index

mortgage executives

mortgage fraud

mortgage fraud blog

mortgage fraud local news

Mortgage Fraud Index

Mortgage Graveyard

mortgage insurance news

mortgage lawsuits

mortgage leads

mortgage lender ranking

mortgage licenses

mortgage litigation

Mortgage Litigation Index

Mortgage Market Index

mortgage mergers

mortgage news

mortgage politics

mortgage press releases

mortgage production

mortgage public relations

mortgage rates

mortgage servicing

mortgage statistics

mortgage technology

mortgage video

mortgage Webinars

net branch

net branch directory

nonprime news

origination news

originator tools

real estate news

refinance news

reverse mortgage news

sales blog

secondary marketing

social media

servicing news

subprime news

wholesale lenders

wireless mortgage news