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September 2015 Archive


3rd Time a Charm for Record-Low COFI
For the third consecutive month, the Cost of Funds Index fell to a record low. Other adjustable-rate mortgage indices haven't fared so well.

Freddie Revises 3-Yr Origination Forecast Up $280 Bil
Economists at Freddie Mac have overhauled their estimates for mortgage originations from last year through next year, with an aggregate increase of $280 billion.

FHFA Criticized for QC, GSE Budget Review Process
A pair of watchdog reports are critical of quality control and budget approval processes at the regulator of Fannie Mae and Freddie Mac.

Radian to Insure High Balance, Higher LTV Loans
Radian Guaranty Inc. has updated its guidelines to allow high-balance government-sponsored enterprise loans with higher loan-to-value ratios.

Mortgage Application Activity Slows
Although interest rates on residential loans slipped, fewer prospective mortgage borrowers completed an application for a new loan.

Bank Settles St. Louis Redlining Allegations
Just days after reaching a record redlining settlement with a bank in the Northeast, the government has extracted another settlement over alleged discrimination.

Last Minute TRID Preparations
The deadline is fast approaching for mortgage firms, closing agents and real estate agents to implement new integrated disclosures, and help is still available.

West Leads Gain in Home Prices
Residential real estate prices moved higher last month, and it was house prices in the West that experienced some of the strongest gains.

Gov Sues 5 Firms for Fraudulent FHA Payments
A federal lawsuit filed by the government alleges that five mortgage lenders used an elaborate scheme to avoid repurchases and the loss of their Federal Housing Administration approvals.

Cordray: Purchase Financing, Lenders Increase 
In testimony before Congress today, the head of the Consumer Financial Protection said that despite new mortgage rules -- home purchase lending is growing as is the number of residential lenders and bank lenders. But other data don't necessarily support these trends.

Industry Anxious as TRID Implementation Looms
Federal disclosures that go into effect this weekend will provide consistency for mortgage borrowers. But there is not necessarily consistency in preparedness among industry players.

Wells Fargo Tops Recent Layoff Activity
While mortgage-related layoffs have slowed to a trickle for much of the industry, Wells Fargo & Co. recently eliminated hundreds of positions.

USAA Laying Off TX Mortgage Production Employees
A change in the way it does business with its mortgage customers has USAA eliminating more than a hundred mortgage jobs in North Texas.

Pending Home Sales Slip, Except in West
The latest report on home sales activity is in, and the results are somewhat disappointing. Activity in the West, however, was one bright spot.

Outcome of Quicken Case Could Impact Social Media
The outcome of a federal action against Quicken Loans Inc. could impact what employees can say about their employers on social media sites.

Employees Added at Mortgage Firms
Although Mortgage Daily typically covers hirings involving at least 25 employees, many of the job additions are under the radar. Here are some of them.

2015 Credit Union Failures Exceed Bank Failures
For the first time in eight years, more federally insured credit unions have been liquidated or placed into conservatorship than federally insured banks.

Refinances Spike on Falling Rates
An improvement in interest rates on home loans prompted a rush of refinance activity, though overall weekly mortgage business slipped.
Mortgage Market Index 136 in week ended Sept. 25
Mortgage Delinquency Deteriorates
Although a year-over-year drop in the past-due rate on residential loans was the biggest in four years, there was a month-over-month increase. Foreclosure starts also rose.

Movie Shows Other Side of Foreclosure
A movie being released next month is about a foreclosed borrower who winds up working in the very business that put him out on the street.

Freddie's New Business Drops, As Does Delinquency
While the story wasn't so good for new business at the Federal Home Loan Mortgage Corp., it was better for serious mortgage delinquency.

Mortgage Rates Drop, Further Decline Possible
It was a good week for interest rates on residential loans, and bond market activity suggests that a further decline could be ahead.

CMBS Delinquency Slips, Industrial Down Most
Past-due commercial real estate loans accounted for a slightly smaller share of the overall securitized CRE loan population last month, with industrial property loans faring best.

Record Settlement in Mortgage Discrimination Case
A settlement of alleged discriminatory lending practices is the largest ever of its kind and just the latest in a series of similar legal actions.

Buyers Step Up New Home Purchases, NE Leads Again
Monthly sales of new residential properties saw a more than one-fifth gain from a year earlier. The Northeast again led a month-over-month rise.

Ocwen Cuts 10% of U.S. Staff 
Job cuts in mortgage servicing announced by Ocwen Financial Corp. amount to more than one-tenth of its domestic workforce.

Bank-Mortgage Mergers Continue
Following a recent spate of mergers between banks and mortgage firms, two more such deals are in the works. Several other mortgage mergers and acquisitions have also closed.

Unsettled Issues Still in CA Foreclosure Protections
Although it has been effective since Jan. 1, 2013, California's Homeowner's Bill of Rights is still working its way through the trial and appellate courts, searching for clarification on many of its unclear provisions. 

Pre-Crisis Jumbo Loan Performance Steadily Improving
The performance of securitized jumbo mortgages has been steadily improving since reaching the worst level three years ago.

$80 Million in Home Loans Up for Bid 
A portfolio of performing, re-performing and non-performing home loans has been put on the market for sale.

Credit Bureau Changes Expected to Help 200 Million
Changes that have been implemented by the country's credit bureaus are expected to benefit an estimated 200 million U.S. consumers.

Conferences Focus On Mortgage Compliance
Multiple upcoming events will provide insight into mortgage compliance for home lenders, residential loan servicers and financial institutions.

Servicers Maintain Modification Volume
Month-over-month loan modification volume was off ever so slightly, as was the case based on a year-over-year comparison.

Carrington Mortgage Sees Biggest Rise in Complaints
Complaints filed against mortgage companies were up, though not as much as in other financial services sectors. Carrington Holding Company LLC's mortgage unit saw the biggest increase.

Subprime Slowly Expands, Though Not for HELOCs
Residential lenders are slowly wading back into subprime lending, though less so on lines of credit secured by borrowers' homes.

Small, Rural Creditors Benefit from Final Mortgage Rule
Home lenders that have lesser assets, fewer loan originations or rural locations will benefit from rules that have been finalized.

Mortgage Bankers Lift Q4 Refi Forecast
The nation's mortgage bankers have grown more optimistic about the volume of refinance originations expected during the final three months of this year.

West Leads Drop in Existing Home Sales
The pace of existing home sales slowed last month, and it was activity in the West that saw the biggest decline. Meanwhile, the share of distressed sales is at a nearly seven-year low.

Chase Layoffs in NY Include Mortgage Jobs
Nearly 200 employees in the Empire State are being let go by JPMorgan Chase & Co., and some of the impacted jobs are in home lending.

Former GMAC Secondary Executive Headed to Jail
A former executive at GMAC Mortgage LLC will spend more than three years in prison for accepting bribes so that bids on loans sold by the former lending giant would be accepted by his accomplices.

Mortgage Entrepreneur Acquires Bank
The owner of a growing mortgage banking firm has also become a controlling stockholder of a federally regulated financial institution.

FHA Delivers Solid Monthly Performance
It was another solid month for the Federal Housing Administration, with production climbing to the highest level in at least two years and delinquency dropping to the lowest rate in at least three years.

GSE Refinances Slow Thanks to Fannie
Although the level of monthly Federal Home Loan Mortgage Corp. refinances moved higher, a drop in refinances of Federal National Mortgage Association loans more than offset the increase.

Jumbo and Purchase Business Soar
New mortgage activity moved higher following the holiday week, with jumbo business up by nearly half and purchase financing climbing nearly a third.
Mortgage Market Index 140 in week ended Sept. 18
Mortgage Credit Standards Ease, Demand Strengthens
Credit standards at home lenders have eased recently, with larger lenders reporting more loosening than smaller ones. While demand has recently improved, fewer lenders are optimistic that demand will increase in the near future.

Foreclosure Starts, Repossessions Retreat
New foreclosure filings by the nation's mortgage servicers moved lower last month, as did the volume of repossessions and overall foreclosure filings.
Total filings off 12% in August
Fixed Mortgage Rates Hold, Might Fall
As markets waited for word from the Federal Reserve, rates on residential loans stayed put. But a decline in fixed rates might be in the offing.

Nearly 200 Wells Fargo Mortgage Layoffs
Nearly 200 mortgage employees are being laid off by Wells Fargo & Co. Many of the affected employees are located in the Carolinas.

Retail HECM Volume Off, Wholesale Holds Up
Although retail originators of government-insured reverse mortgages had a month-over-month decline, wholesale held up. Urban Financial Group landed the top proprietary spot.

Ginnie Mae MBS Issuance Retreats From Record High
After reaching an all-time high in July, issuance of mortgage-backed securities on behalf of the Government National Mortgage Association settled back.

Building Permits, New Home Inventory Increase
Building permits and the inventory of new homes for sale increased last month. But construction was started and completed on fewer homes.

RBS Settles MBS Litigation 
The Royal Bank of Scotland has settled a lawsuit accusing it of misleading a failed corporate credit union in the sale of residential mortgage-backed securities.

Freddie Eases Lending Requirements 
Among several updates to lending guidelines at Freddie Mac are changes to requirements for cash contributed by borrowers and cashout refinance transactions.

Over $1 Billion in Distressed GSE Loans Sold
Freddie Mac has found a buyer for a portfolio of more than $1 billion in distressed residential loans it recently put on the market.

Purchase Financing Forecast Raised for 2015, 2016
The most-recent outlook for purchase financing has been lifted both for this year and next year. Even this year's refinance forecast improved.

Fed Decision Influenced by Financial Stability
Policymakers at the Federal Reserve are meeting this week to determine whether or not it is time for an increase in interest rates.

Mortgage Lenders More Flexible Than Year Ago
Lenders took more risks last month based on credit scores, though other underwriting metrics didn't ease. But compared to 12 months prior, two metrics were looser.

Freddie Mac Non-Performing Loans for Sale 
The Federal Home Loan Mortgage Corp. continues to clean up its balance sheet with another offer to sell distressed residential loans.

Mortgage Marketing and Advertising Campaigns
Mortgage firms are utilizing a variety of marketing strategies to drum up business including advertising campaigns, professional sports partnerships and marketing systems.

Ocwen Aspires to Be Top 10 Mortgage Lender 
Ocwen Financial Corp. has advised investors that it plans to become one of the 10-largest home lenders in the country -- a move that would require a more than 500 percent increase in production.

Deterioration in Serious Mortgage Delinquency
Loan performance on first and second mortgages slipped last month, though some deterioration is to be expected as a result of higher-risk lending by banks.

Average LTVs, Negative Equity Decline
As home lenders and residential loan borrowers continued to improve their equity positions, more borrowers have found themselves above water.

New Wholesale Offerings Include Expanded Jumbo
Among new and expanded wholesale lending programs recently unveiled is a jumbo mortgage product with a jumbo loan-to-value ratio.

Updates At Radian Include Super Jumbo Mortgages 
Among a host of enhancements to Radian Guaranty Inc.'s programs is an increase in the size of jumbo mortgages it will insure.

Federal Regulator Warns About Rogue Bank 
A federal banking regulator has issued a warning about an entity in Florida that claims to be a national bank but is not.

Wells Still Biggest as US Mortgage Lending Grows
The nation's home lenders managed to lift quarterly mortgage production by more than a fifth as Wells Fargo & Co. maintained a tight grip on its top ranking as a lender and servicer.

Biggest Credit Union Home Lenders
The nation's credit unions significantly lifted quarterly mortgage production on both a quarter-over-quarter and year-over-year basis. Here's who the biggest producers were.

Guaranteed Rate Sued by Former Executive
A federal lawsuit filed by a former executive of Guaranteed Rate Inc. will move forward, though three of four counts have been dismissed.

FHA, Jumbo Biz Tumble in Holiday Week
Although government-insured and jumbo business took a hit during the holiday week, overall activity held up thanks to a surge in cashout refinances and a bump in adjustable-rate volume.
Mortgage Market Index 126 in week ended Sept. 11
Credit Union Reaches $1 Bil in Home Equity Lending
A credit union operating in New York has reached a significant milestone in its home-equity lending business: $1 billion in assets.

Mortgage Rates Hold, Likely to Stay Put
There was little movement in rates on residential loans this past week, and more of the same is likely over the next week.

More LOs in Mortgage Business, But Fewer Banks
Compared to a year ago, there are more loan originators working for fewer mortgage firms. The decline was due to a drop in the number of financial institutions.

More Data Sought for Lender Placed Insurance 
A government study concludes that states need to collect more detailed data and implement more potent policies and procedures for lender-placed insurance.

Settlement Expected in NY Mortgage Redlining Case
A settlement is expected in a lawsuit filed by the state of New York alleging that Evans Bancorp Inc. avoided lending in black Buffalo neighborhoods.

CMBS, Bank Loans Lead Drop in CRE Loan Delinquency
Delinquency on bank-owned commercial mortgages and securitized commercial real estate loans led an improvement among all investor types.

MGIC New Biz Down, Delinquency Continues to Drop
Although the monthly volume of new business weakened at MGIC Guaranty Insurance Corp., delinquency continued falling to a multi-year low.

MSRs on $4 Billion in Ginnie Loans on the Market
Ginnie Mae servicers have an opportunity to pick up mortgage servicing rights on nearly $4 billion in residential loans.

Outlook Improves for Mortgage Insurers
As mortgage market conditions have brightened and underwriting has strengthened, the outlook for the mortgage insurance industry has improved.

Mortgage Firms Name New Executives
Among recent management appointments in real estate finance are wholesale lending executives, a foreclosure executive and a former chairman of the Mortgage Bankers Association.

New UCDP Function Enables Appraisal Sharing
An update to the Uniform Collateral Data Port will enable appraisals to be shared among correspondent lenders and aggregators.

MTA Soars to 4-Year High
It has been four years since the Monthly Treasury Average has been as high as it came in last month.

Ginnie Issuers Subject to New Requirements
Issuers of mortgage-backed securities on behalf the Government National Mortgage Association are subject to new requirements when there are significant corporate events.

Delinquency, Foreclosure Rates Lowest Since 2007
Serious delinquency on home loans, as well as the country's rate of foreclosures, declined to the lowest level since 2007.

Walter Investment Settles False Claim Allegations
Walter Investment Management Corp. has agreed to settle a whistleblower lawsuit filed by a former executive of its reverse mortgage business.

Quicken, DOJ Jockey for Venue in Dueling Lawsuits
A federal judge in Detroit heard arguments Thursday from the Department of Justice and Quicken Loans Inc. about whether litigation between and the lender and the government should be tried in Detroit or Washington.

Guaranteed Rate Hires Dozens of Discover LOs
Dozens of loan originators recently displaced by the closing of Discover Home Loans Inc. have been hired by Guaranteed Rate Mortgage.

Mortgage Biz Down as Refis Tumble On Rising Rates
Increasing rates on home loans drove down weekly refinance activity, helping to suppress overall mortgage activity ahead of the holiday week.
Mortgage Market Index 128 in week ended Sept. 4
Mortgage Jobs at Highest Level in Nearly 2 Years
It's been nearly two years since there have been this many people working for non-bank mortgage firms. Among all industries, the data was mixed.

Fixed Mortgage Rates Rise, Face Volatility
Fixed rates on home loans rose this past week. While market indicators point to little change over the next week, a key economic report due out tomorrow could alter that outlook.

Fannie Lengthens Foreclosure Time Frames
The amount of time considered acceptable for the foreclosure process in a majority of states has been increased by the Federal National Mortgage Association.

New Mortgage Production Chief at Wells Fargo
The country's biggest home lender has appointed an insider as the new chief of its mortgage production division.

MSRs on $2 Billion in Ginnie Loans Up for Sale
Bids are being accepted for mortgage servicing rights on a more than $2 billion portfolio of Ginnie Mae loans with a Golden State concentration.

Mortgage Credit Conditions Best in 6 Years
A key measure of the availability of credit in the residential lending arena stands at it's highest level in roughly six years.

Walter Consolidates Business Units
Walter Investment Management Corp. said that it has completed the consolidation of its loan origination and mortgage servicing businesses.

Consumer Bankruptcies at Lowest Level in 6 Months
Fewer consumers resorted to bankruptcy last month, with monthly filings falling to their lowest level in six months.

Record Bank Earnings, Soaring Mortgage Originations
Quarterly home lending activity was up by more than a fifth at U.S. banks, while earnings soared to an all-time high.

Discrimination Lawsuits Against 3 Lenders Revived
A trio of dismissed lawsuits filed by the city of Miami against three of the country's biggest home lenders over alleged discrimination have been revived thanks to a federal appeals court.

2-Year High for HECM Production
It has been more than two years since originators of federally insured reverse mortgages have been as busy as they were last month. Volume was up by over half at an Ocwen Financial Corp. unit.

New Penn Rated as Average Originator
When it comes to jumbo and non-QM mortgage production, New Penn Financial LLC is considered to be an average originator.

Industry Concerned About Proposed FHA Certification
New certifications are being proposed for Federal Housing Administration mortgagees. But the mortgage industry's primary trade group is concerned that a lack of clarity leaves lenders unnecessarily exposed.

New Post-Crisis Low for Fannie Delinquency
Although new business slipped at the Federal National Mortgage Association, residential delinquency was better than its been at any time since the financial crisis.

Lending Practices, Tech Helped Cut Mortgage Risk
Many of the lending practices that helped bring down the mortgage industry have been reformed thanks to home lenders, government and technology.

Agency MBS Issuance Diminishes, Ginnie Biggest
The level of agency mortgage securitizations moved lower last month, with a sharp drop at Freddie Mac outpacing the combined decline at its two counterparts. Ginnie Mae had the most issuance for the second month in a row.

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