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September 2016 Archive


COFI Up Again to 2.5 Year High
The 11th District Cost of Funds Index increased again the past month, this time rising to the highest level in two and a half years.

Black, Low Income Share of Purchase Financing Rises
On loans used to finance a home purchase, lower-income and black borrowers saw their share rise. But a decline was noted on refinances.

Bigger Drop in Fraud Risk on Gov Apps than Conv
Last month, potential fraud on new residential loan applications was no different than in July. A decline in risk on conventional applications was exceeded by the decline on government transactions.

Fannie's Biz at 3-Yr High, Delinquency at 8-Yr Low
New business was higher than it's been in three years at the Federal National Mortgage Association, while a new eight-year low was recorded for delinquency.

FHA Settlement for BBT
Allegations that Branch Banking & Trust Co. certified government-insured mortgages that didn't meet program requirements have been settled.

7-Week High for New Mortgage Business
New residential loan activity ascended to the highest level that it has been in seven weeks, and it was conventional refinance business that drove the week-over-week gain.
Mortgage Market Index 178
U.S. Bank Settles LA Foreclosure Lawsuit
A settlement has been reached in a lawsuit filed against U.S. Bancorp accusing the bank of allowing hundreds of foreclosed properties to deteriorate.

Bank Mortgage Lending Thaws
New research indicates that following a period of very tight home lending, banks are lending more of their own money for mortgages.

Mortgage Rates Tumble, Likely to Hold
Fixed rates on residential loans fell to their lowest level in 10 weeks, and the outlook for the next report is for mortgage rates to linger where they are now.

Limited Supply Drives Down Pending Home Sales
A lack of inventory drove down pending home sales for the third time in four months to the lowest level in seven months.

Web-Based Solutions for Mortgage Compliance
Web-based services have been launched and improved to help mortgage companies comply with a host of regulations. Meanwhile, one mortgage service provider has partnered with another to help home lenders survive an examination.

Best Month for Freddie's New Biz in Over 3 Years
It has been more than three years since monthly business was as strong as it was last month at the Freddie Mac, while delinquency fell to a new eight-year low.

Wave of Mortgage LOS Integrations
A range of mortgage service providers have integrated their offerings into several loan origination systems. The integrations promise to make access to the products easier.

Ditech Settles Charges of Borrower Harassment
Walter Investment Management Corp.'s mortgage banking subsidiary has agreed to settle charges that it harassed delinquent Massachusetts borrowers for four years.

RBS Settles MBS Lawsuits for Over $1 Billion
Royal Bank of Scotland has agreed to settle another lawsuit over its role in saddling corporate credit unions with faulty mortgage securities.

Mortgage Refi Apps Dip, Purchase Apps Creep Up
A modest rise in applications for home-purchase financing was more than offset by small decline in applications to refinance home loans.

4 LOS Providers Hosting Conferences
Among dozens of upcoming mortgage-related happenings over the next several months are four events hosted by providers of loan origination systems.

Easier Condo Approvals Proposed by FHA
Less than a year after temporarily easing requirements on condominiums, the Federal Housing Administration is proposing to relax the approval process for condominium developments.

CMBS Delinquency Slips, Office Loans Improve Most
The late-payment rate on securitized commercial real estate loans dipped, with office building loans improving most. Maturing loans continue to be a concern.

Home Prices Continue Up, NY Sees Big Monthly Gain
As home values near pre-crisis levels, the Northwest led the gain from a year earlier. But New York state had a strong month-over-month showing.

Some Charges Dropped Against Frmr Thornburg Execs
Some of the charges in a government securities lawsuit against former top executives of bankrupt Thornburg Mortgage Inc. have been dropped.

114-Year-Old Bank Fails
An Arkansas bank has failed. Meanwhile, the failure of a much larger bank seven years ago proved to be very profitable for the acquirer.

Freddie Unveils New Risk Sharing Program
A new program from the Federal Home Loan Mortgage Corp. utilizes a panel of mortgage insurance companies to share credit risk.

Wells Fargo Reaches Settlement in Robocall Case
Wells Fargo & Co.'s banking subsidiary has agreed to settle allegations that it violated federal law on telephone calls made in connection with home loans.

Enhanced DU Goes Live
After delaying an update to its automated underwriting system that will accommodate non-traditional credit, the Federal National Mortgage Association has taken it live.

New Home Sales Down From July's Stellar Level
The nation's new home sales slowed in August, though they still remain strong. While sales in the Northeast plunged, they moved higher in the West.

Genworth Easing Requirements
In conjunction with updates being made to the Federal National Mortgage Association's automated underwriting system, Genworth Mortgage Insurance is making changes of its own.

Fund Launched to Subsidize Mortgage Broker Startups
A new initiative will provide individual loan originators with $10,000 to help them start up their own new mortgage brokerage firm.

Fay Servicing Hiring in Florida
With the opening of a new regional facility in Florida, Fay Servicing LLC plans to staff the location with a hundred new employees.

La. Mortgage Firm's Staff Up 73% Since Jan 2015
As Eustis Mortgage expands its brands by creating new subsidiaries, it has grown its staffing by more than 70 percent since last year.

Up Tick in Mortgage Refis Offsets Purchase Drop
Though there was a slight dip in new purchase financing activity over the past week, an increase in refinance business was enough to more than offset the decline.
Mortgage Market Index 168
Biggest Mortgage Lenders, Servicers
As quarterly mortgage lending activity made a big leap, two large financial institutions traded spots on the list of the country's largest originators.

Mortgage Rates Retreat, Even Bigger Drop Possible
Interest rates on home loans were slightly lower this past week, and all indications are that an even bigger decline is ahead for fixed rates in the next report.

Rate of Existing Home Sales Down Again
While the annual rate of pre-owned home sales moved up on a year-over-year basis, a second consecutive month-over-month decline was recorded.

Mortgage Fraud Risk Rises, Valuation Risk Down
Although the number of fraudulent mortgage applications dipped, the share and risk worsened. But a big improvement was made on valuation fraud risk.

Mortgage Delinquency, Foreclosures Decline
Mortgage delinquency declined last month, the foreclosure rate fell, and the number of foreclosures that were initiated moved lower.

Mortgage CMOs, GSE Director Appointed
Recent executive movement in the home-lending industry includes a director appointment at a government-sponsored enterprise and two people who have been hired as chief marketing officers.

Nationstar Unit Closing
A company created three years ago as a joint venture between Nationstar Mortgage LLC and a home builder is in the process of winding down.

Freddie to Stop Allowing Lender-Paid DPA
The Federal Home Loan Mortgage Corp. is eliminating grants and gifts from home lenders as an eligible source of down payments on its program for lower-income borrowers.

Mortgage Credit Tightens as Closing Rate Rises
As the monthly closing rate of new mortgage applications improved, lenders were more restrictive about who was approved for a loan.

Mortgage Application Activity Diminishes
After adjusting for the prior week's holiday, the volume of new applications from prospective home-loan borrowers declined from one week earlier.

GSE Refinances Fall, HARP Plunges
Government-sponsored enterprise refinances have tumbled on a year-over-year basis, with volume from the government's program sinking.

Projected Q3 Mortgage Lending Most in Nearly 4 Yrs
Driven by purchase financing, residential loan originations during the current quarter are forecasted to be the most of any quarter in nearly four years.

Retail HECM Endorsements Down More Than Wholesale
Although monthly originations of government-insured reverse mortgages were off less than 5 percent at wholesalers, retailers experienced a more than 7 percent drop.

Serious Mortgage Delinquency Rises
The rate of past-due payments on first mortgages increased and was up even more on second mortgages. But both categories saw a year-over-year drop.

Multifamily Drives Down New Building Permits
The annual rate of building permits took a hit last month due to weakened multifamily activity. But completed construction grew from a year earlier.

Upgrades on $6 Billion RMBS from BofA Settlement
Dozens of tranches from over $6 billion in Alt-A and option-ARM residential mortgage-backed securities have been upgraded thanks to Bank of America Corp.'s massive settlement.

New York Jobs Being Cut by PHH Mortgage
Dozens of employees in New York are being laid off by PHH Mortgage Corp. as a result of business the company recently lost.

Fannie Raises Refi Forecast, Cuts Purchase
A reduction in expected purchase financing this year and next year from Fannie Mae was more than offset by an improved forecast for refinances.

MSRs on Over $3 Billion in GSE Loans On Market
Servicers have an opportunity to pick up mortgages servicing rights on over $3 billion in recently originated government-sponsored enterprise loans.

MBS Issuance at All-Time High at Ginnie Mae
The Government National Mortgage Association saw its monthly securitizations of real estate loans reach the highest level in its history.

West Drives Surge in Builder Confidence
America's home builders are more confident about their business than they've been in almost a year, and the spike was greatest in the West.

Limited Appraisers Drive Up Fees, Turnaround
Fewer appraisers are willing to provide valuations on short timetables for low fees -- causing some home sales to take longer and cost more.

Prison for Mortgage Brokers in Ponzi Scheme
A pair of mortgage brokers from Hawaii are headed to prison after being convicted of operating a $26 million Ponzi scheme.

FHA Endorsements Maintain, Delinquency Up Again
Monthly production of mortgages that are insured by the government mostly held up but is likely to move lower. Residential delinquency worsened for the fourth consecutive month.

Purchase Biz Up As Overall Mortgage Activity Off
Although there was a decline in overall new mortgage activity during the past seven days, demand for new purchase-money mortgages actually grew stronger.
Mortgage Market Index down 2%
Bank Share of Mortgage Market Up Again
For the second quarter in a row, banks have increased their share of the mortgage origination market at the expense of non-bank mortgage firms.

Banks Lose Mortgage LOs to Non-Banks
The number of mortgage loan officers registered in the national database has expanded over the past year as non-bank originator share widened.

Mortgage Servicer Created for Credit Unions
A new residential servicing business has been created for credit unions that aren't satisfied with the servicing options that are currently available to them.

Mortgage Rates Rise, Likely to Stay Put
The latest weekly average for long-term rates on residential loans saw an increase, and there's a good chance they will stay there.

Mortgage Modifications Rise from Year Earlier
Despite a month-over-month decline in the volume of permanent loan modifications completed, activity accelerated from a year earlier.

Outlook for Purchase Mortgage Demand Tumbles
Senior mortgage executives expect demand for purchase-money mortgages to diminish over the next three months, with government programs taking the biggest hit.

Average LTVs Down, Mortgages Outstanding Up
As the country's book of home loans continues to grow, the average loan-to-value ratio continues to decline. Arkansas' average LTV ratio exceeds all other states.

Ocwen Mortgage Modifications Double
The volume of government-supported loan modifications at Ocwen Loan Servicing has recently doubled and is expected to remain robust.

Dozens of Hirings for New PennyMac Call Center
The opening of a new call center in the Northwest will result in the hiring of dozens of new employees by PennyMac Financial Services Inc.

PNC Chief Acknowledges HEL Process Too Slow
The chief executive officer of The PNC Financial Service Group Inc. told investors that turnaround on home-equity loans is too slow and needs to improve.

Mortgage Layoff Notices Plunge, Banks Continue
The volume of layoff notices by mortgage-related businesses has significantly slowed as of late, though the pace has remained robust among depository institutions.

Mortgage Bankers Lift Q4 Refinance Forecast
Mortgage bankers have increased their forecast for refinances during the final quarter of this year and the first half of next year.

PNC Agrees to Settle 2nd Mortgage Class Action
The PNC Financial Services Group Inc. has agreed to settle a class-action lawsuit alleging excessive fees and illegal kickbacks on second mortgages.

Dodd-Frank Replacement Bill Advances
Legislation that would replace the cumbersome Dodd-Frank Wall Street Reform and Consumer Protection Act has advanced.

Purchases Out Front of Mortgage Application Rise
Purchase financing led an increase in overall new applications for home loans during the holiday week. A modest rise was recorded for refinances.

Mortgage Executives Recruited, Promoted
Executives have been appointed to a variety of management roles at mortgage companies including a subsidiary of Walter Investment Management Corp.

MGIC Eases Guidelines
Underwriting guidelines have been relaxed at MGIC. Among transactions impacted are refinances and financing for co-operatives.

Wells Fargo Bank Eliminating Sales Goals
Wells Fargo & Co. is taking steps to address incentive compensation that led to the fraudulent opening of millions of accounts by employees who have since been terminated.

Regions Bank Settles False Claims Act Allegations
Regions Financial Corp.'s banking subsidiary has settled allegations that it approved government-insured mortgages that didn't meet underwriting guidelines.

Reverse Mortgage at Heart of Movie Plot
A reverse mortgage that lands in foreclosure is behind a string of Texas bank robberies that take place in a fictional outlaw motion picture.

Mortgage Delinquency, Foreclosure Metrics Improve
A monthly improvement was reported for serious mortgage delinquency, the rate of foreclosures and completed foreclosures.

Chase Appoints 3 Mortgage Executives
A trio of mortgage executives has been promoted at New York-based JPMorgan Chase & Co. The appointments are in consumer, retail and correspondent lending.

Dozens of Mortgage Events Left in 2016
For those in mortgage-related businesses, there are still dozens of opportunities to attend conventions and workshops throughout the rest of this year.

Bush Administration Official Recalls Sept. 11
The former chief of the Federal Housing Administration was among a small circle of officials with President George W. Bush as the events of Sept. 11, 2001, unfolded.

Small Financial Institutions Outraged Over Wells
Just days after coming to figurative blows with each other, community banks and credit unions are now united in their outrage over Wells Fargo Bank, N.A.

Mid America to Acquire Delinquent FHA Mortgages
Mid America Mortgage Inc. has revealed plans to begin acquiring delinquent loans that are insured by the Federal Housing Administration.

For Sale: Over $1 Billion in GSE Mortgages
More than $1 billion in government-sponsored enterprise mortgages that are not performing are being offered for sale to the highest bidder.

Best Banks On Social Media
A trio of community banks have recently been recognized for their ability to be innovative in their utilization of social media platforms.

Refis Overcome Holiday Mortgage Slump
A holiday slump in new mortgage business was led by purchase financing. But, fueled by a dip in interest rates, refinance activity was up the second week in a row.
Mortgage
Light Sentence for Defendant in FirstPlus Mob Trial
A former attorney who is a defendant in the trial of the mob's takeover of FirstPlus Financial Group Inc. has received an unusually light sentence for his role.

Mortgage Rates Dip, Might Bounce Higher
Interest rates on home loans were minimally lower this past week. But one indicator suggests fixed rates could jump over the next week.

CFPB Reports Largest Penalty Ever
A settlement with the Consumer Financial Protection Bureau includes the largest penalty every imposed during its history. Over 5,000 employees were fired.

Managing Maturing HELOC Draw Periods
Lenders with home-secured credit lines on their books need to prepare for expiring draw periods based on the borrower's credit and equity.

Mortgage Credit Tightens 3 Out of Last 4 Months
During the last four months, residential lending standards have tightened three times. The latest constriction was led by conforming loans.

MSR Offering Could Exceed $1 Billion in GSE Loans
A bulk and flow offering of mortgage servicing rights could wind up exceeding $1 billion in government-sponsored enterprise home loans.

Battle Brewing Between Banks, Credit Unions
Community banks have taken their gripes about credit unions infringing on their territory to court, filing a lawsuit against a federal regulator.

Consumer Bankruptcies Jump to 4-Month High
More U.S. consumers resorted to bankruptcy last month, with new non-commercial filings climbing to the highest level in four months.

Mortgage Applications Hold Up in Holiday Week
Loan originators averted a holiday slump and managed to maintain the pace of new mortgage applications heading into Labor Day.

How to Navigate New Jersey's Foreclosure Crisis
As many sources have reported, New Jersey is one of the busiest foreclosure states in the nation. 

Mortgage Firms Tout Best Employer Status
A recent ranking of the nation's best places to work included a few mortgage companies, and they aren't shy about boasting how satisfied their employees say they are.

Mortgage Mad Men
Advertising and marketing for the home-lending industry has gone digital and promises to help mortgage sales people adhere to new regulations.

Over $1 Billion in Non-Performing GSE Loans Sold
Winning bidders have been announced for more than a billion dollars in government-sponsored enterprise residential loans that are not currently performing.

Purchase Mortgage Financing Surges to 9-Year High
A nine-year high in quarterly home-purchase financing drove overall mortgage originations to the highest level in three years.

Appraisal Integrations and Acquisitions
Appraisal service providers have been enhancing their offerings through integrations, though at least two have turned to acquisitions to improve options for their lender clients.

Relief Arrives for Rising CMBS Delinquency
After deteriorating for five consecutive months, the rate of past-due payments on securitized commercial real estate loans has finally retreated.

Refinances Push Mortgage Activity Higher
Despite deterioration in interest rates and the upcoming holiday weekend, home loan originators picked up the pace this week thanks to a bump in refinance activity.
Mortgage Market Index 171
HECM Originators Reverse Slump
After falling to the lowest level in nearly two years, originators of government-insured reverse mortgages pushed monthly volume to a five-month high.

Solid Expansion in Mortgage Employment
The monthly number of non-bank mortgage jobs grew by nearly 5,000, and a weak report on overall jobs is likely to keep interest rates competitive.

Biggest Commercial Mortgage Servicers
Most of the largest servicers of commercial real estate loans have maintained the same rankings they had a year ago. What has changed, though, is the average size of loans they service.

Mortgage Rates Up, Outlook Hinges on Jobs Report
Weekly mortgage rates moved modestly higher this past week. While signs point to little change ahead -- tomorrow's jobs report could change that.

CMBS Delinquency Bounces Off 7-Yr Low
After declining to the lowest level in over seven years, delinquency on securitized commercial real estate loans increased. CRE delinquency at life insurers also worsened.

HELOCs Defy Quarterly YOY Mortgage Production Slump
Mortgage production made a quarter-over-quarter gain. Although there was a year-over-year decline, home-secured credit line lending again increased.

Another 3-Year High for Agency MBS Issuance
For the second month in a row, agency issuance soared to the highest level in three years. This time it was the Federal National Mortgage Association that led the gain.

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