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October 2015 Archive


Record Streak Ends for COFI
After falling to a new record low for three consecutive months, the 11th District Cost of Funds Index turned higher last month.

Alaska USA Lending Off; Staffing, Servicing Up
Although quarterly mortgage production dipped at Alaska USA Federal Credit Union, headcount and residential loan servicing both grew.

Jumbo Business Doubles, Purchase Activity Jumps
A doubling of new jumbo business and a solid gain in purchases more than offset weakness in other categories of weekly mortgage activity.
Mortgage Market Index 130 in week ended Oct. 30
Techies Among Recent Mortgage Exec Appointments
In addition to senior level managers, several recent executive appointments at mortgage firms are in technology. Other new executives are in human resources, accounting and sales.

New M.I. Business Improves at Genworth
Genworth Mortgage Insurance Corp. managed an increase in new business both on a quarter-over quarter and year-over year basis.

Freddie New Biz Inches Up, Delinquency at 7-Yr Low
New business modestly improved at the Federal Home Loan Mortgage Corp., while serious residential delinquency stands at a seven-year low.

Mortgage Rates Little Changed But Set to Surge
Long-term fixed mortgage rates dipped slightly, while shorter-term fixed rates didn't move. But a jump in fixed rates is likely in the next report.

Outlook is for More Multifamily Lending in 2016
After reaching an all-time high last year, the growth in multifamily originations is expected to continue into next year.

Ocwen Originations Slow; Servicing, Income Fall
Ocwen Financial Corp. came up shy of prior-quarter mortgage originations. The servicing portfolio also fell, and corporate earnings plunged.

BofA Eliminates Servicing Jobs
Dozens of positions in Bank of America Corp.'s mortgage servicing business will be eliminated thanks to a decline in distressed loans.

Pending Home Sales Weaken Again, Northeast Worst
The nation's pending home sales activity was down for the second month in a row, and the market in the Northeast is showing multiple signs of weakness.

Guild Mortgage Growth Fueled by Correspondent
Quarterly home lending activity increased at Guild Mortgage Co., and the gain came solely from the correspondent channel. Staffing and servicing also grew.

Mortgage Production, Servicing Down at EverBank
Residential loan production was down at EverBank Financial Corp., as was its mortgage servicing portfolio. Residential assets, however, grew.

HomeStreet Mortgage Staffing, Servicing Up
Although HomeStreet Inc. experienced a drop in home lending and mortgage earnings, it managed to expand its mortgage servicing and staffing.

See-Saw Trend Continues With Mortgage Applications
Just a week after rising, weekly mortgage applications fell -- a trend that has continued for six consecutive weeks.

BofA, Ocwen Rate Poorly on Complaint Ranking
Given their ranking among mortgage firms, Bank of America Corp. and Ocwen Financial Corp. have a high number of mortgage complaints against them.

Over $1.3 Bil in Distressed HUD Loans Up for Grabs
The first offering of distressed loans for the Department of Housing and Urban Development's new fiscal year exceeds $1.3 billion.

New Business Slips at Radian, Delinquency Improves
Quarterly business was slightly off at Radian Guaranty Inc., though the mortgage insurer improved its delinquency and earnings.

Industrial Leads Improvement in CMBS Delinquency
Performance on loans included in commercial mortgage-backed securities was better last month, and industrial loans improved the most.

Mortgage QC Provider Hiring Dozens
Increasing demand for its quality control products has a mortgage service provider expanding its staff by dozens of people.

Mortgage Lender, Credit Union Close Down
A small financial institution located in the Northeast has failed, while a 40-year-old multi-state mortgage lender is in the final stages of closing its doors.

Home Lending Activity Dips at Flagstar
Flagstar Bancorp Inc., like many of its financial industry peers, saw a drop in quarterly mortgage production. The servicing portfolio also declined.

Correspondent Lifts Stonegate Mortgage Originations
Stonegate Mortgage Corp. is among the very few lenders to report an increase in home lending activity thanks to correspondent activity. Servicing was also up, though staffing subsided.

2016 Purchase Financing Forecast Lifted, 2015 Cut
This year's expected purchase financing has been lifted, while 2016's outlook was cut. At the same time, less refinance volume is expected in 2015, while more is projected for 2016.

Highlights from Mortgage Bankers Conference
Thousands of people attended the premier annual convention for mortgage bankers last week, and Mortgage Daily was on hand to cover the event.

New Home Sales Tumble, Sales in Northeast Plunge
Home builders saw a decline in new home sales last month, and it was the Northeast that took the biggest beating.

Ellie Mae CEO Explains Company's Success
Ongoing focus, customer-centric employees and the right acquisitions have all contributed to Ellie Mae Inc's success, according to its chief executive officer.

Quicken Originations Off, Servicing and Staffing Up
Residential loan production moved lower at Quicken Loans Inc. even as the size of the company's staff and servicing portfolio moved higher.

Mortgage Activity Drops Despite Declining Rates
Fixed rates retreated on residential loans. But that wasn't enough to generate an improvement in new weekly mortgage activity.


Mortgage Market Index 113 in week ended Oct. 23
Correspondent Biz Up at Stearns Despite Overall Dip
While overall quarterly originations at Stearns Lending Inc. moved lower, loan volume from the company's correspondent channel climbed.

Securitized Servicer Sector Stabilizing
Servicers that handle securitized home loans are making progress in the sector even in an environment of compliance and regulatory challenges.

Home Loan Performance Deteriorates Again
For two consecutive months now, the rate of past-due payments has grown and the rate of foreclosures has increased. Foreclosure starts also moved higher.

Record Apartment Lending Last Year
The volume of apartment-secured loans that were originated last year moved up from the previous year and represented an all-time high.

Loan Modifications Decline 4th Consecutive Month
The number of home loan modifications that have been completed has diminished each of the last four months and stands below the year-earlier level.

Fixed Mortgage Rates Slip, Could Stay There
Fixed interest rates on residential loans moved slightly lower this past week and could stay put. Adjustable rates, however, moved higher.

Existing Home Sales Pick Up Steam, Northeast Leads
After faltering in August, the pace of existing home sales picked up last month. Home sales in the Northeast saw the biggest percentage increase.

Ocwen Falls Short on Servicer Settlement Metrics
Ocwen Financial Corp. has fallen short in several areas related to standards set out in the national servicer settlement, though the company says it has since rectified the shortfalls.

Nearly 500 Mortgage Layoffs at Wells Fargo
Almost 500 home-lending employees are being let go by Wells Fargo & Co. as the company continues to experience a decline in its distressed loans and refinances.

Wholesale HECM Business Spikes
While retail originators of government-insured reverse mortgages had a nice monthly bump in new business, the wholesale channel recorded a more than one-fifth surge.

Freedom Recruiting Hundreds from Colleges
Hundreds of new employees are being hired by Freedom Mortgage Corp., and educational institutions are being targeted for the new recruits.

Credit Scores Fall, Though LTVs Tighten
Credit scores on monthly residential loan closings increased -- with average credit scores dropping to the lowest level in at least four years. But average loan-to-value ratios have tightened up.

Post-TRID Closings Reported
The tales from the TRID are beginning to roll in, including one from an up-an-coming mortgage banking firm that reports its first closing with the new disclosures.

Weekly Mortgage Applications Strengthen, FHA Leads
With government-insured activity leading the way, applications for home financing saw a week-over-week increase. Fifteen-year pricing weakened.

The Secret to Quicken Loans' Success
The chief executive officer of Quicken Loans Inc. sat down with Mortgage Daily and explained how the lender has achieved phenomenal success.

New Construction Climbs, Though Permits Down
More new homes were started and completed as of last month, though the number of permits issued for new homes was down.

Housing Market Optimism Grows Among Home Builders
Home builders are more optimistic about current and upcoming market conditions now than they have been in a decade.

Serious Mortgage Delinquency Rate Near Decade-Low
The serious rate of mortgage delinquency improved last month and now stands near the lowest level in a decade. Junior lien performance was also better.

New Home Lending Activity Down at Regions
Like many of its peers, Regions Financial Corp. saw lower quarterly residential mortgage production. Company-wide and mortgage income also fell, while loan delinquency increased.

Mortgage Bankers Raise Expected Originations
Mortgage bankers' forecasted mortgage originations have moved by up by more than $250 billion for the three years ended 2016, but the rise was far less than in another economic outlook.

Only 3 Situations Where TRID Causes Closing Delays
Despite warnings from the industry to the contrary, the Consumer Financial Protection Bureau says there are only three situations where a loan closing will be delayed using the new integrated disclosures.

FHA New Business Slows, Delinquency Worsens
The Federal Housing Administration saw production dip and delinquency deteriorate on a month-over-month basis. But the metrics improved on a year-over-year basis.

Changes Coming to Fannie's Credit History Analysis
Fannie Mae is enhancing its automated underwriting system to improve the analysis of credit histories and the use of nontraditional credit.

Mortgage Origination Forecast Soars Over $500 Bil
The collective forecast for home lending volume last year, this year and next year has been bolstered by more than a half-trillion dollars, and purchase production saw the biggest improvement.

New Mortgage Business Down in Holiday Week
A holiday week and an increase in interest rates helped pull down overall new mortgage activity during the latest seven-day period. Jumbo business took the biggest hit.


Mortgage Market Index 118 in week ended Oct. 16
Correspondent Exec Named CEO of SunTrust Mortgage
The president and chief executive officer of SunTrust Mortgage Inc. has been promoted to a bigger role at the parent company, and a correspondent executive has been tapped to take his place.

Mortgage Fraud Risk Retreats
Applications for home loans are less likely to contain fraudulent information than they were a year earlier. Tougher mortgage regulations and guidelines have played a role in the improvement.

SunTrust Home Lending Contracts, Servicing Expands
SunTrust Banks Inc.'s mortgage production and income took a hit -- declining from the prior quarter. But the servicing portfolio grew.

New Mortgage Chief at PNC
A new chief will take over the home lending business of The PNC Financial Services Group Inc. when the current leader of the unit retires next year.

Fixed Mortgage Rates Rise, Likely to Stay There
Interest rates on residential loans moved higher this past week as markets recovered from bad economic news, and little change is likely over the next week.

US Bank Turns up Home Lending Volume
Quarterly mortgage production outperformed its prior-period counterpart at U.S. Bancorp, making it one of the few lenders with a gain. But new applications suggest growth may have peaked.

Final HMDA Reported Rule Issued
Changes to reporting requirements for the Home Mortgage Disclosure Act are intended to improve insight into lending trends. But financial institutions are raising concerns.

Slump in Citi's Home Lending Might Continue Into Q4
Citigroup Inc. failed to push past its prior-period mortgage production. In fact, a forward-looking indicator points to even less lending in the current quarter.

Foreclosure Starts Lowest in Decade
Although mortgage servicers completed more foreclosures last month, new filings fell to the lowest level in nearly 10 years.

BB&T Home Lending Slows as Servicing, Income Grow
Quarterly mortgage business and earnings for BB&T Corp. moved lower, though the residential loan servicing portfolio moved higher. An acquisition helped push up company-wide staffing and branches.

PNC New Home Lending Descends
Quarterly residential loan originations regressed at The PNC Financial Services Group Inc. Third-party servicing managed to expand, while delinquency rates on several loan types worsened.

Wells Fargo's Home Lending Falls, Could Go Lower
Quarterly residential lending activity was slower at Wells Fargo & Co., and mortgage production in the current quarter could contract further.

Merger to Create Credit Union Giant
A planned merger between two credit unions located in the Midwest would be the largest of its kind and create on of the largest U.S. credit unions.

BofA's Home Lending, Mortgage Servicing Decline
After five-straight quarter-over-quarter gains, home-loan production slowed at Bank of America Corp. The mortgage servicing portfolio was also down.

Mortgage Applications Reverse Weekly Gains
Only one week after new applications for home loans surged just before the implementation of the new Integrated Disclosure Rule, mortgage applications gave back all their gains.

Chase Bucks Trend, Lifts Mortgage Production
Although most mortgage firms so far have reported a drop in quarter-over-quarter originations, JPMorgan Chase & Co. defied the trend. Mortgage earnings and servicing also increased.

Losses Greater on Bank-Serviced Subprime Mortgages
Investors on securitized subprime mortgages might have better returns if their loans are serviced by non-banks than by financial institutions.

Home Lending Off Lake Michigan CU, Servicing Up
As has been the trend this earnings season, quarterly mortgage originations subsided at Lake Michigan Credit Union. But servicing and staffing slightly expanded.

Provident's Lending, Servicing and Staffing Down
A decline in mortgage production at Provident Funding Associates LP was accompanied by contraction in the servicing portfolio and staffing.

Refinances of Freddie Mac Loans Dive
A severe month-over-month decline in refinances was recorded for residential loans backed or owned by the Federal Home Loan Mortgage Corp.

MGIC Expands Streamlined Guidelines
The primary operating subsidiary of MGIC Investment Corp. has enhanced its streamlined mortgage insurance program for high-balance and non-owner-occupied loans.

Repossessions More Than Double Pre-Crisis Level
Although the serious delinquency rate and size of the foreclosure inventory continue to improve, repossessions remain at more than double pre-crisis levels.

Navy FCU's Lending and Staffing Dip, Servicing Up
Navy Federal Credit Union closed fewer residential loans and reduced its staffing on a quarter-over-quarter basis. But the servicing portfolio grew.

Prosperity Home Mortgage's Lending, Staffing Down
Quarterly home lending activity moved lower at Prosperity Home Mortgage LLC, as did the mortgage banking firm's employee headcount.

BofA Mortgage Production Chief Moving to Charlotte
The executive in charge of mortgage production at Bank of America Corp. is relocating from New York to Charlotte, North Carolina.

Prison for Mortgage Broker Who Deceived Investors
A former mortgage broker out of Northern California has been sentenced to three years in prison by a federal judge for allegedly deceiving note investors on bridge loans.

Lending Off at Guaranteed as Servicing, Staffing Up
Among the first firms to report third-quarter mortgage originations was Guaranteed Rate Inc., and business was down. But servicing and staffing grew.

More Than $300 Mil in Distressed Freddie Loans Sold
The sale of more than $300 million in deeply delinquent Freddie Mac residential loans has been completed.

Over $1 Bil in Distressed Fannie Loans On Market 
More than a billion dollars in severely delinquent Fannie Mae residential loans are being marketed for sale.

Weekly Refis Up On Falling Rates, ARMs Slow
A third consecutive week of rate declines helped nudge up new mortgage activity for the second week in a row. Refinance business moved up the most.
Mortgage Market Index 141 in week ended Oct. 9
Clinton Supports Tougher Financial Regulation
In an article written by presidential candidate Hillary Clinton, the former secretary of state and senator describes how she, if elected president, would prevent the next financial crisis.

Secondary Offering Includes Whole Loans, REO 
A portfolio of performing and non-performing residential loans that are currently included in a mortgage securitization is on the market.

Performance Better on Banks' Home-Equity Products
The performance of home-equity installment loans and lines of credit that are owned by the nation's banks made a quarter-over-quarter and year-over-year improvement.

loanDepot Discloses Planned IPO 
loanDepot Inc. has disclosed plans to make the leap from a privately owned business to a publicly traded organization.

Fixed Mortgage Rates Drop But Could Bounce Back Up
Fixed interest rates on residential loans took a dive on a weak employment report but are poised to bounce back up in the next report.

CFPB Provides Guidance on MSAs
The Consumer Financial Protection Bureau has provided guidance on the use of marketing services agreements -- which present substantial liability to residential lenders that utilize them.

MGIC's New Business Slows Again
For the second month in a row, new business was down at MGIC Guaranty Insurance Corp. The mortgage insurer, however, maintained its steady decline in delinquency.

House Passes TRID Legislation
Less than a day after the White House threatened to veto legislation that would give lenders a hold-harmless period on implementation of new integrated disclosures, the House of Representatives passed the bill.

Fannie, Freddie Ease Repurchase Policies 
Changes to Fannie Mae's and Freddie Mac's representation and warranties framework are intended to increase home lending by primary lenders.

Host of Mortgage Executive Moves
Several mid-level executive appointments have been made by a number of growing mortgage bankers, while more senior level management roles have been filled at smaller firms.

Administration Threatens to Veto TRID Legislation 
It's only been a few days since new integrated disclosures have gone live, and already a battle is brewing between the executive and legislative branches of government.

Mortgage Apps Surge Ahead of TRID Implementation
In the week leading up to the implementation of the Consumer Financial Protection Bureau's integrated disclosures, new applications for home loans surged.

Fifth Third Agrees to Big FHA Settlement 
Fifth Third Bancorp has agreed to settle with the government civil fraud claims on government-insured residential loans that it originated over a 10-year period.

MSRs on Small Fannie Mae Portfolio For Sale 
Mortgage servicing rights on a small portfolio of loans backed by the Federal National Mortgage Association are being marketed for sale.

Bernanke's Book Discusses Crisis Era Bank Mergers
A new book by former Federal Reserve Board Chairman Ben S. Bernanke provides another account of the financial crisis and some of the massive mergers that emerged from the crisis.

GSE Helps Drive Up Mortgage Credit Availability
Mortgage credit conditions eased slightly last month, and it was affordable government-sponsored enterprise offerings that led the improvement.

Annual MBS Issuance Soars at Ginnie, Jumbo Triples
Issuance of Ginnie Mae mortgage-backed securities jumped more than 40 percent in its latest fiscal year, with jumbo issuance more than tripling.

MSRs on $4 Billion Ginnie Portfolio Up for Bid
Buyers of mortgage servicing rights have an opportunity to make a bid for MSRs on more than $4 billion in Ginnie Mae loans.

MTA Climbs to Highest Level in Over 4 Years
After ascending to a four-year high, the Monthly Treasury Average moved even higher last month. The index contrasts other adjustable-rate indices.

Walter Investment Management Chief Leaving
Walter Investment Management Corp. has disclosed that its chairman and chief executive officer is retiring from both positions and will be replaced by an insider.

HLSS Settles Charges of Material Misstatements 
Home Loan Servicing Solutions Ltd. has settled allegations of mishandling the valuation and acquisition of mortgage servicing rights.

Bankruptcy Filings Dip
Fewer American consumers resorted to bankruptcy courts last month, though the decline was minimal. A more substantial drop was recorded versus a year ago.

Banks in South, Northwest Fail
A tiny bank in the Northwest, as well as a mid-sized financial institution that was located in the South, failed last week.

Growing Firms Fuel Mortgage Job Expansion
Quarterly staffing in the mortgage business has expanded, with growing players fueling the increase. Many of the industry's job losses were concentrated in the East.

Delinquency Worsens on Bank-Serviced Mortgages
The rate of past-due payments on first-lien home loans that are serviced by the nation's banks took a turn for the worse on a quarter-over-quarter basis.

FHA Reverse Mortgage Originations Slide
Monthly originations of federally insured reverse mortgages were down by nearly a fifth, though the biggest producer managed a gain.

Weekly Mortgage Activity Inches Up, ARMs Surge
As interest rates inched lower this past week, overall new mortgage activity inched higher. The increase in activity, however, was more substantial for adjustable-rate mortgages.
Mortgage Market Index 138 in week ended Oct. 2
CMBS Delinquency Sinks, Industrial Rate Plunges
Late payments on securitized commercial real estate loans tumbled last month, and the rate on just industrial property loans saw a spectacular decline.

Mortgage Jobs Hold Up as U.S. Employment Weakens
Among all industries, hirings weakened last month, and the prior month numbers were revised down. But staffing in home lending held steady and could strengthen thanks to a steep decline in rates today.

Mortgage Rates Barely Slip, More of Same Likely
Mortgage rates were minimally lower this week, and the outlook is for little change over the next week -- though a key economic report could change that.

loanDepot Allegedly Used Ineligible DPA on FHA Loans
A government watchdog has determined that loanDepot LLC improperly utilized downpayment assistance on residential loans that are insured by the government.

VA Updates Servicer Handbook 
Servicers of residential loans that are guaranteed by the Department of Veterans Affairs will soon need to comply with a revised handbook.

Fannie Business Slows, But Delinquency Down Again
Although its secondary activity abated and its book of business backed down, the Federal National Mortgage Association made more progress on its delinquency.

Fannie Leads Rise in Agency Issuance, Ginnie Lags
A drop in issuance at the Government National Mortgage Association last month was more than offset by a jump in activity at the Federal National Mortgage Association.

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