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September 2014 Archive


Fannie Multifamily Delinquency at 6-Year Low
The delinquency rate on apartment loans at the Federal National Mortgage Association fell to the lowest level in more than six years. Even serious delinquency on residential loans tumbled to a nearly six-year low.

Home Price Gains Decelerate
U.S. home prices moved higher on a monthly basis, but the pace of growth continued to slow.

Strong Month for FHA
The monthly origination of government-insured mortgages accelerated. At the same time, the rate of late payments moved lower.

More North Texas Mortgage Layoffs at BofA
A new round of layoffs in North Texas is just one of at least three in the region so far this year by Bank of America.

Digital Risk Says All Is Well
While recent coverage of Digital Risk LLC might have suggested otherwise, the company says all is well despite the upcoming departure of its two top executives.

Pending Home Sales Remain Better than Average
Homes with contracts on them slipped last month when no changed had been expected by economists. But activity remains better than average.

Servicing Rules Allegedly Violated in CFPB Action
Regulatory action has been taken in the case of a residential loan servicer that allegedly violated mortgage servicing rules with the way it handled loan modifications.

MSRs on Fannie Loans For Sale
Bids are being accepted for mortgage servicing rights on Fannie Mae residential loans that have a concentration in Texas.

CEO, President Both Leaving Digital Risk
Following the loss of a big client and a round of Florida layoffs, the top two executives of Digital Risk LLC -- who re also the founders -- are exiting the firm.

Dozens Laid Off at Digital Risk
Dozens of Digital Risk LLC employees in the Sunshine State are being let go as the company grapples with less business.

Weekly Mortgage Activity Inches Up as Rates Ease
A modest decline in mortgage rates helped loan originators eke out a gain in weekly activity. Refinances delivered the strongest performance.

Mortgage Market Index 162 in week ended Sept. 26
Health Care Loans Lead Drop in CMBS Delinquency
A modest improvement was made on securitized commercial real estate loan performance, and the decline was most pronounced on healthcare property loans.

Nearly 1 Million HARP Refinances Over 100% LTV
Monthly refinance activity on government-sponsored enterprise loans was little changed. While government-supported refinances are at their lowest level in more than five years, upside-down borrowers who have successfully refinanced through the program are nearing 1 million.

Mortgage Delinquency Up At Banks
Banks and thrifts continued to reduce the size of their mortgage servicing portfolios and make improvements on home loan performance.

Mortgage Rates Slip, Could Drift Lower
Fixed rates on home loans eased this past week and could continue to drift lower. Shorter term mortgages were less attractive.

Borrowers in TX, HI Have Best Equity Positions
A bigger share of borrowers in the Lone Star State are in a positive-equity position than in any other state. Borrowers in the Aloha State have the highest proportion of equity.

Fannie COO Departing
The top operations executive at the Federal National Mortgage Association has advised the government-controlled company of his impending departure.

More Mortgage Borrowers Miss Payment
The rate of borrowers whose residential loans became a month overdue deteriorated last month even as foreclosures eased.

Improved Valuation Service Offerings
Several service providers have stepped up their appraisal offerings, some though alliances with other service providers. One vendor recently picked up two new clients.

Foreclosures By HOAs Wipe Out Mortgage Liens
Decisions made in separate lawsuits filed in Nevada and Washington, D.C., have mortgage lenders losing their liens when homeowners associations foreclose.

New Home Sales Soar
New home sales jumped to the highest level in six years but still stand well below pre-crisis levels.

$3 Billion IPO is Biggest for Commercial Bank
A completed $3 billion initial public offering is the biggest for a U.S. commercial bank. Some of the proceeds will be used for mortgage recruitment.

Risk of Identity Mortgage Fraud Intensifies
There was no quarterly change in the risk of mortgage fraud across the country. But likely instances of perpetrators hiding their identity worsened.

FDIC Sues Frmr CEO, Directors of Failed $1 Bil Bank
A new lawsuit filed against Bank of the Commonwealth's former chief executive officer, chairman and board members seeks at least $11 million in damages.

Ginnie Addresses Growth in Non-Bank Issuers
The Government National Mortgage Association is increasingly doing business with non-bank servicers, presenting a new set of challenges.

How Ginnie Differs from GSEs
In addition to its guarantee structures and servicing responsibility, Ginnie Mae differs from its secondary step-cousins in the size of its ranks.

FHA Helps Push Up Higher Priced Loan Share
Government data released annually indicate that an increase in the share of federally insured mortgages has helped push up the share of higher priced loans.

Record Attendance at Mortgage Broker Conference
Attendance at the recent mortgage broker conference was better than it has ever been, prompting an optimistic outlook for the industry.

Existing Home Sales Drop as Cash Sales Slow
A retreat by cash investors dragged down sales of previously owned homes last month. The decline followed several months of improvement.

US Says Plenty of Evidence Countrywide Lied to GSEs
Bank of America Corp.'s attempt to avoid a more than $1 billion penalty from a federal lawsuit is being opposed by the government, which says it presented more than enough evidence to support the decision.

New Jersey Mortgage Fraud Cases Fit For a Movie
Three mortgage fraud cases out of New Jersey -- one involving a former mayor, another involving a mob accountant and a third involving a reality TV star -- are the stuff of movies.

Mortgage Firm With Several M&As Being Acquired
A mortgage company that has completed five mergers and acquisitions over the past seven years is now, itself, the target of an acquisition.

Weekly Mortgage Business Flat as Rates Rise Again
New mortgage activity crept higher this past week and might have been even more robust were it not for an increase in interest rates.

Mortgage Market Index 160 in week ended Sept. 19
Best Handlers of Mortgage Leads
In a ranking of network lenders who compete for mortgage leads, a company operating from the Empire State maintained its top standing.

LOs Closing More of Mortgage Applications
Residential loan originators are working harder to close loans, pushing up the closing ratio. The only product to see diminished productivity was government-insured refinances.

Jumbo MBS Issuance Surges at Ginnie
Mortgage securitizations improved for the fifth consecutive month at the Government National Mortgage Association. Jumbo activity rose to the highest level in a year and a half.

Mortgage Bankers Lower Q4 Purchase Finance Outlook
The nation's mortgage bankers have scaled back their expectations, yet again, for mortgage originations to finance home purchases.

Fixed Rates Jump, 1-Year ARM Moves Lower
Fixed interest rates on home loans surged this past week, while adjustable rates took a turn for the better.

GOP Senate Could Have Huge Impact on CFPB
A change of power in the Senate could have a big impact on the Consumer Financial Protection Bureau -- which has recently come under fire.

Apartments Behind Sharp Drop in Construction
Home builders broke ground on fewer properties last month than had been anticipated by economists. Multifamily starts fueled the decline.

Agency MSRs Up for Grabs
Residential loan servicers that are interested in growing their portfolios have an opportunity to do so through an ongoing source and a bulk purchase.

Proprietary Reverse Mortgage Originations Tumble
While government-insured reverse mortgage originations have recently been subsiding, the decline has been more pronounced with proprietary production.

Home Builder Optimism at Highest in Nearly a Decade
Residential home builders are more optimistic than they have been in nearly a decade. Their six-month outlook is most promising.

Government Sees Massive Recoveries from Whistleblowers
Whistleblower actions have helped the U.S. government amass a mountain of cash from financial institutions, and modifications to one law could lead to more cash and prosecutions.

Merger Creating a New Top-20 Mortgage Lender
The upcoming merger of two independent lenders will create a mortgage banker that would have ranked among the 20-biggest originators last year.

Mortgage Market Conditions Deteriorate
Fewer lenders see home prices rising, while more said it was hard to get a home loan, according to a survey of senior mortgage executives. The outlook is for weakening mortgage demand.

GSEs Weren't Ready for New Reps & Warranties Framework
A watchdog report says that the Federal Housing Finance Agency jumped the gun when it required Fannie Mae and Freddie Mac to implement a new representation and warranty framework -- exposing both companies to unnecessary risk.

Industry Commentary: Servicer Risk
The Consumer Financial Protection Bureau has altered the regulatory climate for banks, credit unions and non-depository financial institutions alike.

HUD Secretary Says Mortgage Credit Too Tight
Department of Housing and Urban Development Secretary Julián Castro says more people need to gain access to home financing.

NY Hard Money Lenders Under Investigation
Financial services firms making hard money loans are being investigated by a New York regulator for potential predatory lending practices.

Serious Delinquency Deteriorates on 1st Mortgages
The rate of serious delinquency on first mortgages moved modestly higher last month, while the rate on second mortgages slipped to a record low.

Ratings Agencies Lose Appeals
Appeals filed by a pair of ratings agencies in a lawsuit alleging massive losses suffered as a result of rosy ratings on mortgage securities have been dismissed.

Lender Penalized for Denying Loan on Indian Reservation Property
A residential lender that denied a Native American couple's loan request because their property is on an Indian reservation ended up settling with the couple.

Loan Modification Activity Fades
The volume of mortgage loan modification activity was down on a month-over-month basis and tumbled on a year-over-year basis.

Purchase Finance Outlook Cut, Refi Raised
An increase in the forecast for refinance fundings was offset by a reduction in the projection for purchase production.

Refinance Mortgage Leads Settlement
A company that generates refinance mortgage leads has settled charges that it misled loan prospects about the cost of the transactions.

HSBC Latest to Settle MBS Lawsuit With FHFA
Another settlement has been reached over the sale of shoddy private-label mortgage-backed securities to the Federal National Mortgage Association and the Federal Home Loan Mortgage Corp.

Banks Drive Drop in Mortgage Jobs
Total mortgage industry employment was lower in the latest quarter as a result of a sharp drop at banks. Home lending jobs moved up, however, at credit unions and non-banks. North Carolina suffered more than any other state.

Service Providers Make Up Many of Mortgage Layoffs
As mortgage lenders respond to a changing marketplace with staff reductions, several service providers are finding themselves in the same position.

Bank Mortgage Market Share Continues to Diminish
The trend of declining mortgage market share at banks continued during the latest quarter even as overall originations increased.

Mortgage Business Bounces Back From Holiday
New mortgage activity increased from the holiday week and would have risen more if it weren't for refinance and conventional business. Fixed rates are likely to be higher in the next report.

Mortgage Market Index 158 in week ended Sept. 12

Maternity Discrimination Settlements Pile Up
Another home lender has agreed to resolve allegations that it discriminated against a borrower on maternity leave -- bringing to 14 the number of such settlements reached over the past three or so years.

Down Payments Rise, Hawaii's Highest
Home buyers plunked down more cash in the second quarter, a positive sign for the housing market. Down payments were largest in the Aloha State.

Healthcare Property Loans Worst CMBS Performers
When it comes to losses on commercial real estate loans that are securitized, mortgages to finance health care properties take the gold and silver medals.

Program Provides Immediate Cashouts on Purchases
A little-known program from the Federal National Mortgage Association enables cash buyers to immediately get a cashout loan on their newly purchased home.

Mortgage Rates Inch Up and Could Creep Higher
There was little change in mortgage rates this past week, though rates did move up modestly and could do so again in the next report.

Ginnie Mae MSRs Hit the Market
A portfolio of mortgage servicing rights on Government National Mortgage Association loans has been put up for sale.

Mortgage Broker Cooperative Launches
A new cooperative targeted at mortgage brokers promises to improve access to wholesale lending programs while streamlining the origination process for wholesale lenders.

Foreclosure Activity Worsens
Whether it was foreclosure filings, the foreclosure rate or completed foreclosures -- month-over-month activity deteriorated. Florida had the worst record in each category.

Total filings 116,913 in August
Additional Clarification On Integrated Disclosures
In a recent webinar, Consumer Financial Protection Bureau officials provided more clarity on integrated disclosures that become effective next year.

FHA Distressed Loans Sales Protested
While a program launched by the Federal Housing Administration has helped it unload $9 billion in distressed loans, community groups across the country are protesting the sales.

More Originators Move From Banks to Non-Banks
As the number of loan originators working for financial institutions continued to dwindle, the count for state-licensed originator registrations grew.

Live Well Bolsters HECM Platform
Live Well Financial has made some moves that boost its position in the home-equity conversion mortgage securities market.

Mortgage Employment Opportunities
A number of mortgage firms have recently been recruiting new employees, and some of them have been ranked among the best employers in their respective locations.

Compliance Employees In Demand
Demand is strong at financial services firms for compliance officers and attorneys who can help companies adhere to a tidal wave of new regulations.

New President Named at Fifth Third Mortgage
A company that ranks among the 20 largest residential lenders in the country has appointed a new president.

Current president retiring

Integrated Disclosure Guide Being Published
Another resource is being made available to help mortgage firms prepare for combined loan disclosures that go into effect next year.

Technology Enhances Appraisal Services
Several appraisal service providers have either stepped up their own technology or aligned with other mortgage technology providers to improve their valuation service offerings.

Non-Bank Capital Ratios Better Than at Banks
A ratings agency report highlights how some of the larger non-bank lenders and servicers have better capital ratios than big banks -- though that's not necessarily a good comparison. The report recommends that regulators need to shift their focus.

Genworth Relaxes Some M.I. Requirements
Several updates from Genworth Mortgage Insurance to its underwriting guidelines will make it easier for some borrowers and properties to qualify for coverage.

MGIC New Business Off, Delinquency Lower
Less in mortgage insurance volume was written at MGIC Guaranty Insurance Corp. last month, but the company continued to see improved performance on its book of business.

Radian Monthly Business Slips, Delinquency Down
Following several months of growth, new business declined at Radian Guaranty Inc. Delinquency, however, continued to show improvement.

Prime Jumbo RMBS Comes to Market
A new residential mortgage-backed securities transaction being issued is backed by jumbo loans to prime borrowers.

CRE Delinquency at Multi-Year Lows
It's been more than four years since delinquency on securitized commercial real estate loans has been this low, while it's been even longer since performance on Freddie Mac and bank-owned CRE loans has been this good.

Refis Lead Holiday Week Decline in Mortgage Biz
With refinances leading the way, new mortgage activity slowed during the holiday week. Jumbo business was the best performer.

Mortgage Market Index at 135 for week ended Sept. 5

FHA Delinquency Up, Outstandings Down
Although monthly government mortgage originations strengthened, the Federal Housing Administration's book of business diminished and delinquency worsened.

Mortgage Jobs Surge Despite Weak Jobs Report
While monthly job gains were weak among all U.S. industries, employment in the mortgage sector was stronger for the third month in a row.

Monthly Bankruptcy Filings Ease
July saw fewer bankruptcy filings than the prior month, while the year-over-year improvement was the best so far in 2014.

Mortgage Rates Hold But Could Creep Up
Fixed mortgage rates remained stationary this past week but could move higher by the time the next report arrives.

FHA Credit Conditions Far Looser Than Conventional
Just a month after loosening to its most flexible level in three years, the availability of mortgage credit tightened. Conditions on government credit are much more flexible than on conventional credit.

Carrington Hiring Hundreds in Indiana
Hundreds of mortgage hirings are planned by Carrington Mortgage Services LLC in Indiana. Positions are available in production and servicing.

Report Minimizes Student Loan Impact on Housing
A new report shows that college graduates can afford a home in most housing markets despite their student loans.

Navy FCU Raises Lending, Servicing and Staffing
Navy Federal Credit Union increased home lending over the first quarter. As well, mortgage servicing and employment were up.

CMBS Delinquency Rate Rises in August
After more than a year of month-over-month declines, the past due rate on securitized commercial real estate loans worsened last month.

More Members Being Handled by Fewer Credit Unions
Although the number of credit unions has diminished, collective membership at all credit unions continued to grow. Larger institutions are doing better than their smaller counterparts.

New Penn Acquisition Builds Purchase Business
A bigger market share influenced New Penn Financial LLC's decision to make an acquisition of a mortgage firm with a network of referral sources for home purchases.

HECM Originations Plunge to 6-Year Low
Loan originators closed fewer federally insured reverse mortgages last month than in any other month in at least six years.

NY AG Litigating Redlining
New York's lawyer in chief has sued a bank in the state over alleged redlining and is warning that more such actions could follow.

Low Short-Term Yields Behind Record Low MTA
Yields on short-term Treasury bonds hung low last month -- low enough for the Monthly Treasury Average to establish, yet another, record.

Freddie, Ginnie Drive Monthly MBS Agency Issuance Up
Despite a decline in the monthly issuance of mortgage-backed securities at Fannie Mae, overall agency MBS issuance increased.

Changes Sought to FHLB Membership Requirements
The regulator of the Federal Home Loan Banks is proposing to make some changes to membership eligibility requirements.

COFI Climbs 2nd Consecutive Month
For the second time since last year, the Cost of Funds Index has risen. It was also the second consecutive monthly increase.

Another Solid Month at Fannie Mae
New business rose to the highest level in eight months at the Federal National Mortgage Association, while serious delinquency fell to its lowest level in nearly six years.

Indictments Handed Down in Massive FHA Fraud Case
The owner of a mortgage company -- along with loan originators, other employees and real estate developers -- has been indicted in a huge case involving government-insured mortgages.

BofA CEO Visits HEL Hub
The chief executive officer of Bank of America Corp. recently stopped in to pay a visit to a fast-growing office that handles home-equity lending.

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