COFI Turns Higher
Though it had nearly fallen to a new low a month earlier, the Cost of Funds Index crept higher. A much more popular adjustable-rate index, however, tumbled.
New Business and Delinquency Drop at Fannie
After falling to a nearly five-year low, residential delinquency retreated again at the Federal National Mortgage Association. New business also retreated at the government-controlled enterprise.
Freddie's New CFO Was Ally's CFO
The former chief financial officer of Ally Financial Inc. will be taking on that same role at the Federal Home Loan Mortgage Corp.
HUD QM Proposed
A new Qualified Mortgage definition has been proposed for residential loans that are insured by the Federal Housing Administration.
Default Service Provider Hiring Displaced Chase Workers
A company that provides services for distressed home loans is hiring hundreds of New York employees recently laid off by JPMorgan Chase & Co.
Program Cuts TX Downpayments to Under 1 Percent
A wholesale lender is now participating in a program that will enable Texas mortgage brokers to offer loans that require less than 1 percent down.
Prospect Growing Correspondent, Purchase Production and Servicing
A successful bond offering by Prospect Mortgage LLC will enable the company to grow its purchase financing market share, correspondent lending program and mortgage servicing.
Another Wholesaler Discrimination Settlement
|Refi Business Rises
While overall mortgage activity was little changed this week, there was a little bump in refinance activity. Mortgage rates moved lower.
The U.S. government has been busy this week settling with wholesale lenders that allegedly charged minorities more than white borrowers.
Hotel Loans Power Drop in CMBS Delinquency
An improvement in hotel property loans helped pull down the delinquency rate on securitized commercial real estate loans to the lowest level in four years. Loans backed by healthcare properties, however, didn't fare so well.
FHA Requires $1.7 Billion
A $1.7 billion mandatory appropriation is required for the Federal Housing Administration thanks to losses from loans made at the height of the financial crisis and the government's reverse mortgage program. While the head of FHA sees improvement ahead, others warn of further deterioration.
Wholesaler Settles Claims of Mortgage Discrimination
A Wisconsin bank has settled allegations that it discriminated against minority mortgage borrowers through its wholesale lending division.
NY CEO Meets With U.S. AG
JPMorgan Chase & Co. Chairman and Chief Executive Officer Jamie Dimon was photographed Thursday flashing his New York driver's license at the U.S. Department of Justice.
Fixed Mortgage Rates Sink
Mortgage rates moved lower this week, with 30-year fixed rates seeing the biggest improvement. Market data suggest that little change is likely during the short term.
FHA Endorsements, Delinquency Down
The monthly origination of loans insured by the Federal Housing Administration moved lower but could increase based on new applications. Residential delinquency improved.
Freddie's Business Falls to 2013 Low
New business at the Federal Home Loan Mortgage Corp. fell to the lowest level this year. Home loan delinquency has declined every month this year, and apartment loan delinquency was lower.
Another Decline in Mortgage Delinquency
A bigger share of home loans were current last month, while the foreclosure rate also saw an improvement.
Mortgage Bankers Lift Q4 Origination Outlook
Mortgage bankers raised their forecast for fourth-quarter mortgage production, lowered their estimate of second-quarter purchase financing and increased their estimate of second-quarter refinance originations.
Multifamily Tenants Evicted from Fannie Properties
Residents of six Florida multifamily complexes, neighbors and city officials were hopeful that when Fannie Mae foreclosed on the properties, they would receive much-needed renovations.
Another Repurchase Settlement at Citi
For the second time in three months, Citigroup Inc. has reached a settlement to resolve repurchase liabilities -- though the latest agreement is for less than half of the earlier settlement.
Mortgage Credit Accessibility Jumps
Borrowers had an easier time accessing mortgage credit for the second consecutive month. The latest month was the best this year.
Ellie Expanding Staffing
As many mortgage firms are scaling back on staffing, Ellie Mae is expanding its technical support and adding employees.
Latest Round of Chase Layoffs Impacts Around 1,500
Mortgage layoffs disclosed this week by JPMorgan Chase & Co. impact around 1,500 employees across the country. The staffing reduction is the result of both retreating refinances and declining delinquency.
Risk of Valuation Fraud Plummets
Prospective borrowers have recently escalated their efforts to deceive lenders about their income. But the risk of valuation fraud has greatly diminished.
Fannie MSRs Up for Sale
Mortgage servicing rights on a portfolio of more than $0.3 billion in agency loans are on the market.
Lawsuits Pile Up in Ponzi, Mortgage Fraud Scheme
Borrowers who recently refinanced their Pennsylvania homes are suing their mortgage lenders because they are simultaneously being required to pay the old and new loans since the wired funds from the transactions were stolen.
Fannie Implementing New UCDP Appraisal Messaging
New real estate appraisal messages are being implemented in less than two months by the Federal National Mortgage Association.
9 Lawsuits Filed Over Faulty MBS
Nine companies involved in the sale of mortgage-backed securities to two failed financial institutions are facing federal lawsuits.
GSEs Can Do More to Collect Deficiency Balances
Fannie Mae and Freddie Mac are leaving money on the table when it comes to deficiency balances on foreclosed mortgages with borrowers who can afford to pay them off.
Alabama Case Against MERS Advances
Alabama's high court has rejected motions to dismiss a pair of lawsuits filed by counties in the state against MERSCORP Inc. and a trustee.
Hundreds More Being Laid Off by Chase in Ohio
Another round of layoffs by JPMorgan Chase & Co. in Ohio will bring to more than 700 the number of job cuts in the region since last month. Diminishing refinance activity is a factor in the latest round.
1,000 Citi Layoffs
Slowing mortgage production is prompting Citigroup Inc.'s mortgage subsidiary to eliminate more than a thousand jobs. The layoffs are concentrated in Nevada and Texas.
Originators Get Some Promotional Help from FHFA
Mortgage loan originators are getting help generating new business from an unlikely source -- the regulator of Fannie Mae and Freddie Mac.
Some Firms Expanding to Minnesota
As larger firms scale back mortgage staffing to adjust to falling originations, some smaller lenders expanding in Minnesota.
The Flood Insurance Dilemma
The issue of flood insurance is both political and economic. But calls are coming from both sides of the aisle for a more gradual rollout of higher premiums.
BB&T Restructuring Mortgage Business
BB&T is looking at restructuring its mortgage business. Meanwhile, plans to reduce mortgage staffing will take shape in the first half of next year.
The Mortgage Branch Building Journal
|The Players in Richmond's Eminent Domain Plan
Two of the key players in the battle between mortgage investors and and backers of an eminent domain plan talk about the controversial scheme, while a Realtor says his town has no business participating in the plan.
This summer, mortgage firms across the country added new branches to their ranks. Some firms recruited new allies, while others opened new outposts. One branch network celebrated its 20-year survival in the lending battlefield, and a pair of branch recruiters campaigned for industry professionals to settle new mortgage branches in uncharted territories.
Originator Registrations Resume Rise
After declining in the first quarter, the number of registered mortgage loan originators increased during the latest quarter.
Wingspan Acquiring Chase Operation
For the second time this year, Wingspan Portfolio Advisors will acquire a servicing operation from JPMorgan Chase & Co. and hire hundreds of Chase employees in the process.
Mortgage Rates Drop, Could Fall Further
The Federal Reserve's decision to continue its purchases of mortgage-backed securities and Treasury bonds helped pull down interest rates on home loans, and it looks like rates could fall even further.
New Round of BofA Layoffs
Less than a month after its disclosure that it would eliminate more than a thousand mortgage jobs, Bank of America Corp. is moving forward with another round of layoffs. The latest job cuts, however, involve far fewer people.
Tellers, CEOs Among Bank Criminals
Defendants in bank crimes include tellers and chief executive officers ranging in age from 28 to 64. Two defendants used ill-gotten proceeds to -- among other things -- purchase tickets for professional sports, while a quartet of defendants are accused of staging a bank robbery to cover up an embezzlement scheme.
Rising Values Help HELOC Volume, Purchase Production
Rising home prices, especially in cities located in the West, are helping to boost origination levels for home-equity lines of credit. A shift from refinances to purchase financing is a good sign for the housing market.
OIG Report: Fannie Overpaying Servicer Reimbursements
Nearly $90 million in servicer reimbursements were overpaid last year by the Federal National Mortgage Association, according to a report that calls for the secondary lender to improve its reimbursement process.
Recent Wells Fargo Layoffs Reach 5,000
After recently notifying more than 3,000 mortgage employees of their impending layoffs, Wells Fargo & Co. is handing out pink slips to nearly 2,000 more.
Small Banks Drowning in Regulations
While the too-big banks have gotten even bigger, smaller community bankers are finding it increasingly tough to survive, in part because they must commit more of their limited resources to complying with new regulations stemming from the financial crisis.
Fed to Maintain Quantitative Easing
Citing elevated unemployment and potential harm to the economy from rising mortgage rates, the Federal Reserve said it plans to maintain its purchases of agency mortgage-backed securities and U.S. Treasury bonds.
Proprietary Modifications Rise as HAMPs Sink
Although the number of permanent loan modifications completed through the Home Affordable Modification Program was lower, overall month-over-month volume rose thanks to proprietary activity.
Fast Growing Firm Suddenly Closes
A mortgage firm that last year ranked among the fastest growing companies in the country suddenly laid off its employees and is closing down.
Managers, Staffers Exit PA Firm
A Georgia mortgage banker that recently obtained agency approval, opened a wholesale lending channel and expanded its branch network has picked up management and staffing from a Pennsylvania company.
2014 Origination Outlook Raised
Expectations for next year's refinance and purchase originations have improved. While 2014's outlook for government-insured production was also boosted, this year's government lending forecast was lowered.
Lending Standards, Turn Times Fall on Waning Refis
Lending standards loosened and turn times shortened last month as refinance share diminished and refinance closing rates tumbled.
BofA Seeks Dismissal of HAMP Lawsuit
Bank of America, N.A., is seeking the dismissal of a recently filed federal lawsuit accusing the company of wrongly denying loan modifications.
HUD Streamlines Mortgagee Reporting
Annual reporting requirements for small financial institutions is being streamlined by the Department of Housing and Urban Development.
2nd Half Refi Outlook Reduced
Even as the estimate of second-quarter refinance originations was lifted 15 percent, the outlook for the second half was cut by 13 percent.
Impac Survives Subprime Meltdown
Although most of its former nonprime peers are no longer in business, Impac Mortgage Holdings made it through the darkest days of the mortgage crisis.
2nd Mtg Lates Worsen as 1st Mtg Delinquency Down
While monthly delinquency was lower on first mortgages, the second mortgage rate deteriorated. Three of the five biggest cities saw overall consumer delinquency increase.
Litigation Looms Over BofA
Bank of America Corp., which has already agreed to pay billions to settle crisis era lawsuits -- including many related to mortgages -- still much litigation to resolve.
Eminent Domain Lawsuit Against Richmond Dismissed
A federal judge has dismissed a lawsuit filed on behalf of investors against the city of Richmond, Calif., that seeks to block the city from moving forward with a controversial plan to use its power of eminent domain to seize securitized loans.
Freddie Updates Distressed Program Guidelines
Freddie Mac is making changes to its servicing guidelines for distressed loans including expanding foreclosure time lines in some states, extending its streamlined modification program and eliminating incentive payments for the Home Affordable Modification Program.
Ginnie MBS Issuance Falls to One-Year Low
Mortgage securitizations at the Government National Mortgage Association fell for the second consecutive month to the lowest level in more than a year -- with all loan types feeling the decline.
Genworth Cutting Rates, Reducing Overlays
Less than two months after Genworth Mortgage Insurance updated its rates, debt-to-income ratios and loan-to-value ratios on some of its products, it is making new program improvements.
Fannie Names Former PHH CEO as COO
|HAMP Growth Slows
Growth in Home Affordable Modification Program loan modifications slowed, though the month's two biggest producers saw bigger increases.
The former chief executive officer at PHH Corp. is the new chief operating officer at the Federal National Mortgage Association.
Year-Over-Year Increase in GSE Refis
The number of conventional agency refinances closed in July was higher than during the same month last year. But transactions closed through the Home Affordable Refinance Program sank compare to a year earlier.
PrimeLending Parent Picks Up Failed Bank
|Mortgage Lawsuits Remain Elevated as Case Types Shift
The level of litigation tied to mortgage-related issues remains elevated. A decline in foreclosure-related actions was offset by an increase in other categories including mortgage-backed securities claims and regulatory cases.
A small bank and a not-so-small financial institution failed last week, and the larger one was acquired by the parent of PrimeLending. Also on the latest casualty list were a small credit union and a wholesale lender.