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October 2016 Archive


Record Low for 11th District COFI
Borrowers on adjustable-rate mortgages that are tied to the 11th District Cost of Funds Index got an unexpected surprise last month.

Mortgage Exec Appointments Include C-Suite Jobs
A host of mortgage firms, small and not-so-small, have announced that several open executive positions have been filled -- including a number of C-Suite positions.

Prosperity Home Mortgage Staffing, Lending Slips
Despite a quarter-over-quarter decline in home lending and staffing at Prosperity Home Mortgage LLC, both metrics were up from a year earlier.

MSRs on Nearly $1 Billion in Agency Loans For Sale
Bids are being accepted for mortgage servicing rights on nearly $1 billion in agency home loans. The portfolio has a significant concentration in New York.

Non-performing Mortgages for Sale
A pool of non-performing residential loans are being offered for sale to the highest bidder. More than $100 million in mortgages are involved.

New Business Soars at Fannie Mae
New business was up by more than a fifth last month the Federal National Mortgage Association to the highest level in over three years.

Major Information Security Incident at OCC
The Office of the Comptroller of the Currency has reported to Congress a major incident involving thousands of controlled records.

Freddie Eases Income Requirements
Several updates to income requirements at the Federal Home Loan Mortgage Corp. will make it easier for some borrowers to qualify.

Purchases Overcome Weekly Mortgage Slump
Mortgage refinance transactions were behind a weekly decline in new residential lending activity. But financing activity for home shoppers managed an increase.


Mortgage Market Index 159
EverBank Home Lending Creeps Up, Servicing Down
A modest increased in quarterly residential loan originations was reported by EverBank Financial Corp. The company's mortgage servicing portfolio diminished.

Mortgage Business Grows at Hilltop Holdings
The parent of PrimeLending reported that mortgage earnings, originations and servicing all increased on a quarter-over-quarter and year-over-year basis.

Ocwen Discloses Possible CFPB Action
Ocwen Financial Corp. has revealed that it is working with the Consumer Financial Protection Bureau to avoid actions that could have a material impact on the company.

Mortgage Rates Down But Poised to Jump
Interest rates on residential loans improved nicely over the past week. But recent market activity suggests fixed rates could be higher in the next report.

Mortgage Firms Warned About HMDA Noncompliance
Dozens of mortgage bankers and mortgage brokers have been warned that they might not be in compliance with Home Mortgage Disclosure Act of 1975 requirements.

Pending Home Sales Rise, West Up Most
The nation's monthly pending home sales accelerated from a month earlier and year earlier. The biggest gain on a month-over-month basis was made in the West.

CMBS Defaults Decline, Retail Leads Drop
The performance of securitized commercial real estate loans improved last month, with mortgages secured by retail properties leading the way.

Arch M.I. Exhibits Robust Growth
Compared to one year earlier, quarterly business more than doubled, the book of business ballooned and defaults declined at Arch Mortgage Insurance Co.

Mortgage Broker's Attorney Dozes Off During Trial
A Pennsylvania mortgage broker who was convicted of mortgage fraud this week will get a second chance thanks to his lawyer dozing off during trial.

Record New Business at Radian
Radian Group Inc. reported a record quarter for new business. In addition, the mortgage insurer's book of business expanded, and delinquency declined.

Ocwen's Earnings, Mortgage Originations Improve
Quarterly earnings and mortgage originations improved at Ocwen Financial Corp. Meanwhile, the mortgage servicing portfolio and staffing have been reduced.

Freddie's Business Slips, Delinquency at 8-Yr Low
Secondary mortgage activity dipped last month at Freddie Mac. Meanwhile, a new eight-year low was established for serious residential loan delinquency.

FHA Easing Condo Owner Occupancy Requirement
Just a month after proposing to relax rules on condominium loans, the Federal Housing Administration has loosened owner-occupancy requirements.

Huntington's Mortgage Earnings, Originations Climb
Mortgage earnings and originations at Huntington Bancshares Inc. improved as mortgage assets and servicing were boosted by an acquisition.

Drop in Mortgage Applications Led by Purchases
The number of prospective home loan borrowers who submitted a new application fell last week, with applications from home buyers taking the biggest hit.

New Home Sales Up, Northeast Up Most
After leading the rate of new home sales lower in August, the Northeast was out front of a month-over-month and year-over-year gain last month. Home prices climbed.

Mortgage Production, Servicing Up at Quicken Loans
In addition to a quarter-over-quarter and year-over-year increase in home lending, Quicken Loans Inc. expanded the size of its mortgage servicing portfolio.

CFPB Chief: TRID Wasn't So Bad
Integrated mortgage disclosures that went into effect last year caused much anxiety for the industry at the time. But the head of the Consumer Financial Bureau says things are moving along smoothly now.

Mortgage Complaints Defy Overall Complaints
The average volume of mortgage complaints has fallen from a year ago versus a rise in overall complaints, though there's recently been a flip flop.

Mortgage Broker, Sister Convicted of Mortgage Fraud
A Pennsylvania man and his sister have been tried for and convicted of committing mortgage fraud through his mortgage brokerage business.

Mortgage Bankers Raise Refi Outlook Over $250 Bil
Mortgage bankers have lifted their estimate of overall originations from last year through 2018 by more than $300 billion -- including an over $250 billion boost to refinances.

Correspondent Drives Up Flagstar's Home Lending
Acceleration in residential loan originations at Flagstar Bancorp Inc. was driven by its correspondent business. Elevated activity is likely to continue.

Mortgage Lates Inch Up, Foreclosures at 9-Yr Low
Despite a modest up tick in the mortgage delinquency rate, the rate of properties in the foreclosure process descended to the lowest level in nine years.

HomeStreet's Mortgage Business Grows
Quarterly home-lending volume, mortgage earnings and residential loan servicing all increased at HomeStreet Inc., as did mortgage assets.

Fannie Offers Immediate Repurchase Risk Relief
Through automated verifications, sellers of residential loans to the Federal National Mortgage Association can immediately avoid the risk of mortgage repurchases.

MBA Chief Reveals Cancer Battle
In his remarks to attendees of the Mortgage Bankers Association's annual conference, the trade group's chief executive officer revealed that he is battling cancer.

FHA Business Jumps to 1-Year High
Monthly government-insured mortgage production climbed to the highest level in more than a year and is poised for another increase. Residential delinquency, meanwhile, moved lower.

Refinances Lead Mortgage Activity Up
Refinancing activity led the way as new mortgage business bounced back from the holiday week. Year-over-year activity, especially refinance business, was solidly higher.


Mortgage Market Index 163
BofA Bumps Low Income Program to $1 Bil
Bank of America Corp. is doubling down on its commitment to a program that helps low-income families achieve home ownership.

Mortgage Business Improves at Citizens Financial
Home lending, mortgage earnings and residential assets all increased on both a quarter-over-quarter and year-over-year basis at Citizens Financial Group Inc.

Mortgage Earnings, Originations Up at SunTrust
Quarterly earnings from its mortgage business moved higher at SunTrust Banks Inc. An even more impressive improvement was made with production.

Record Multifamily Mortgage Originations
Commercial real estate lenders funded more loans to finance apartment buildings last year than during any previous year on record.

Mortgage Rates Expected to Stay Put for Months
Fixed mortgage rates moved higher this past week. But multiple short-term and long-term forecasts have fixed rates remaining where they are now for months.

Monthly Loan Modifications Increase
Loan modifications rose on a year-over-year basis, though a month-over-month slump was recorded for government-supported modifications.

First-Time Buyers Drive Up Existing Home Sales
As the share of first-time buyers climbed to the highest level in more than four years, the annual rate of existing homes headed North last month.

MSRs on Nearly $3 Bil in Agency Loans For Sale
Bids are now being accepted for mortgage servicing rights on as much as $3 billion in home loans that are backed by the housing finance agencies.

Home Purchase Financing Estimate Raised for 2015
The estimate of last year's volume of loans to finance home purchases has been raised by more than $50 billion, though it came at the expense of refinances.

5th 3rd Mortgage Earnings Down, Originations Up
Fifth Third Bancorp's quarterly residential loan production and mortgage assets increased. But mortgage revenues and servicing both declined.

2nd FHA Settlement for MA Mortgage Banker
For the second time in five years, a Massachusetts mortgage banker has agreed to settle allegations that it didn't follow Federal Housing Administration guidelines.

Mortgage Earnings, Originations Up at BBT
An increase in home-lending activity at BB&T Corp. was complimented by a surge in mortgage earnings. But one trouble spot for the financial institution lies in mortgage performance.

Mortgage Processing Turnaround Slows
As the monthly share of mortgage originations that were for refinances expanded last month, the length of time that it took to process and close a residential loan increased.

Housing Permit Pace Up, Multifamily Starts Sink
The annual pace of building permits rose last month, but multifamily activity dragged down housing starts. The West overcame a national slump in completed construction.

Purchases Push Up Weekly Mortgage Applications
A dip in weekly applications for mortgage refinances was more than offset by increased applications for loans to finance home purchases.

Mortgage Revenues Jump at US Bank
Modest quarterly growth in mortgage originations and servicing was reported for U.S. Bancorp. But the increase in mortgage revenues was much more than modest.

GSE Refinances Jump to 16-Month High
The monthly number of government-sponsored enterprise mortgages refinanced by loan originators reached the highest level in almost a year-and-a-half.

Mortgage Origination Forecast Up $50 Billion
The outlook for home-lending activity from last year through next year has improved by $50 billion. Refinance and purchase financing benefited.

Unchecked Power at CFPB Reined In
The recent appellate court decision in PHH Corp.'s lawsuit against the Consumer Financial Protection Bureau will keep the young regulator in check.

Home Builder Confidence Slips After Strong Month
After reaching the highest level in nearly a year last month, the degree of home builder confidence has retreated thanks mostly to current sales conditions.

Modest Improvement in Serious Mortgage Delinquency
Serious delinquency on first mortgages dipped last month. While a more significant improvement was made on second mortgages, the category has seen deterioration from a year ago.

MGIC Earnings Sink Despite Strong Quarter
Quarterly new business climbed, the book of business expanded and loan performance improved at MGIC Guaranty Insurance Corp. Still, earnings deteriorated.

2 Mortgage Acquisitions as 2 Firms Raise Capital
A financial institution and an established mortgage banker have reached agreements to acquire a pair of residential lending firms, while two other companies are getting new capital.

Implications of PHH v. CFPB Decision
The attorney who represented PHH Corp. in its lawsuit against the Consumer Financial Protection Bureau talked about the implications from last week's appellate court decision.

Former Fifth Third Executive Sentenced
A former executive at Fifth Third Bancorp's banking subsidiary has been sentenced to prison for alleged bribes and fraud on real estate loans.

BofA Home Lending Dips, Mortgage Earnings Up
Although home lending slipped from the previous quarter at Bank of America Corp., business improved from a year prior. Mortgage earnings strengthened significantly.

PNC's Mortgage Originations, Delinquency Improve
The PNC Financial Services Group Inc.'s quarterly home-lending volume rose and delinquency fell. The servicing portfolio was flat.

Holiday Drives Down New Mortgage Activity
As expected, new residential lending activity slowed during the holiday week, with purchase financing and refinancing activity both taking a similar hit. Jumbo business fared worst.

Mortgage Market Index 129
Citi's Mortgage Delinquency Rises, Servicing Falls
As the mortgage servicing portfolio continued to diminish at Citigroup Inc., the rate of delinquency deteriorated. Home-lending activity was mostly flat.

Ditech President Out
With just a year on the job, the head of Walter Investment Management Corp.'s operating subsidiary is departing -- continuing a series of executive shakeups at the company.

Chase Mortgage Lending Contrasts Mortgage Earnings
Although quarter-over-quarter home lending rose at JPMorgan Chase & Co., mortgage revenues retreated. The opposite was true on a year-over-year basis.

Wells Fargo Mortgage Referrals Hit by Scandal
The fraudulent account scandal at Wells Fargo & Co. had an immediate impact on its home lending business, though quarterly mortgage production and earnings improved.

2 Mortgage Executives Promoted
In addition to a trio of real estate finance executives who were recently hired to fill a variety of positions, two senior executives have been promoted within their own companies.

Another Record Quarter for McLean Mortgage
A rise in home lending at McLean Mortgage Corp. pushed quarterly volume to a second consecutive all-time high and positioned the firm for an annual record.

Mortgage Rates Rise But Might Dip
Week-over-week escalation in fixed interest rates on residential loans is likely to be followed by a modest retreat in next week's rate report.

Home Lending Down at First Republic
Although First Republic Bank managed to grow its mortgage servicing portfolio and residential assets, quarterly home-lending volume receded.

Wells Fargo Chairman, CEO Out
The head of the biggest American mortgage lender is leaving as the company grapples with an epic scandal that resulted in thousands of employee firings and millions of fraudulent accounts created.

Mortgage Lenders Enhance Mobile Platforms
Recent advancements in mobile technology improve the application process, synchronize supporting documents and educate prospective borrowers.

Non-Performing GSE Loans for Sale
Bids are being accepted on nearly $1.4 billion in non-performing government-sponsored enterprise residential loans that are being auctioned off.

Proprietary Reverse Production Up More Than HECM
A bigger month-over-month increase in volume was recorded for proprietary reverse mortgages than government-insured activity. Wholesale rose more than retail.

Mortgage Applications Diminish, Refis Lead Drop
New applications for residential loans during the most-recent week slowed, with refinancing activity dropping more than purchase financing.

Mortgage-Related Conventions Happening
Although one mortgage conference was canceled due to the recent hurricane, another is set to start next week. Several events are targeting banking executives.

Mortgage Business Expands at Lake Michigan CU
Home-lending activity was up by a fifth at Lake Michigan Credit Union's, as the size of its servicing portfolio rose, and its mortgage payroll grew larger.

Over $800 Million in Fannie Mortgages for Sale
More than $800 million in previously delinquent home loans owned by the Federal National Mortgage Association that are now performing are for sale.

Mortgage Industry Wins Huge Legal Battle With CFPB
A federal appeals court has ruled in favor of PHH Corp. in an action challenging a Consumer Financial Protection Bureau order and its structure.

Repossessions Rise, Mortgage Delinquency Down
While serious delinquency on home loans retreated to a nearly nine-year low, the number of homes repossessed rose for the third month in a row.

PRMI Nudges New Business Up
As the loan servicing portfolio expanded, and the number of employees climbed past 2,000 at Primary Residential Mortgage Inc., originations crept up.

Wholesalers Expand Programs, Improve Process
Wholesale lenders have recently added subprime and conventional programs. One wholesaler launched an income verification tool, while another added a broker platform.

Mortgage Business Grows at The Money Source
Third-quarter mortgage results have started rolling in and the first to report, The Money Source Inc., disclosed increased lending, servicing and staffing.

Most Important Factors for Mortgage Shoppers
Among today's prospective mortgage shoppers, neither interest rates nor bank size were the most important factor used in deciding on which home lender to select.

Office Loans Lead Rise in CMBS Delinquency
Slight month-over-month deterioration was recorded for securitized commercial real estate loans, and office building loans led the way.

Servicers Face New Requirements on NY Vacant REOs
The New York Abandoned Property Neighborhood Relief Act of 2016, recently signed into law by Gov. Andrew Cuomo, seeks to ease neighborhood blight by imposing new duties on mortgagees or their servicing agents to inspect and maintain abandoned properties secured by a delinquent mortgage.

Weekly Mortgage Activity Slowed by Refinances
A week-over-week slowdown in refinancing activity helped pull down overall new mortgage activity. But one category -- jumbo business -- turned positive for the week.


Mortgage Market Index 162
Ginnie MBS Issuance Surges to New Record
Monthly loan securitizations on behalf of the Government National Mortgage Association soared to a new all-time high, with jumbo activity reaching a record high.

Mortgage Employment Highest In Nearly Decade
Despite a weak report on the U.S. job market, the number of people working in real estate finance has reached the highest level in nearly 10 years.

Cabinet Post for Cruz?
Could one senator's transformation to Trump supporter from adversary of the billionaire be a signal that the Republican lawmaker from the Lone Star State has his eye on a cabinet post that impacts home lending?

Mortgage Rates Hold, Could Climb
Interest rates on residential loans held steady this past week. But an increase is likely in the next report unless tomorrow's employment report is weak.

Thousands Apply for Hardest Hit Funds in GA
Thousands of underwater borrowers in Georgia have applied to take advantage of money available in the state from the Hardest Hit program.

Mortgage Firm's Owner On Trial for Mortgage Fraud
The owner of a defunct mortgage firm is accused using fake appraisals and fraudulent documents in a multi-million-dollar mortgage fraud conspiracy.

Bank HEL Delinquency Down, HELOC Lates Up
Although there was a quarterly improvement in the performance of home-equity loans, the rate of late payments deteriorated on home-secured credit lines.

Post Crisis High for Mortgage Credit Availability
Credit conditions in the residential lending business are more lax now than they have been at any time since the financial crisis erupted.

Service Level Drove KB Home Away from Nationstar
The head of KB Home told investors that the builder is ending the joint venture with Nationstar Mortgage LLC due to the level of service.

MSRs On Nearly $1 Billion in Agency Loans For Sale
Mortgage servicing rights on almost $1 billion in agency home loans with a heavy concentration on the West Coast are up for bid.

Monthly Consumer Bankruptcies Down
After climbing to the highest level in four months, the number of American consumers who resorted to bankruptcy was down last month.

$2.5 Million NY Foreclosure Dismissed
A foreclosure action on a $2.5 million home loan has been dismissed by a state judge in New York because the statute of limitations was exceeded by the mortgage lender.

Nearly $1 Billion in Distressed GSE Mortgages Sold
A deal has been reached to transfer ownership on nearly $1 billion in severely distressed government-sponsored enterprise residential loans.

Refinances Drive Increase in Mortgage Applications
Strengthening in the mortgage refinance category was behind a week-over-week improvement in the volume of applications for residential loans.

Mid-Level Managers Appointed at Mortgage Firms
Several executives recently appointed at home-lending firms are mid-level managers who oversee various origination channels at a number of different locations.

HECM Monthly Endorsements Decline
Compared to a month earlier, the volume of federally insured reverse mortgages was lower. There was also a decline from a year earlier.

Merrill Lynch Ending PLC Contract With PHH
After losing a chunk of outsourcing business earlier this year from its largest client, PHH Corp.'s operating subsidiary will lose the rest of the client's business.

Sharp Drop in Annual Mortgage Refinances Predicted
An increase from this year to 2017 in the volume of new loans to finance home purchases will be more than offset by a sharp drop in refinance production.

FHA False Claims Settlements for UT Mortgage Firms
A pair of Utah mortgage firms have agreed to settle for nearly $10 million allegations they violated the False Claims Act on government-insured loans.

Bank Mortgage Delinquency Up, Foreclosures Down
Residential loan performance on mortgages serviced by large banks worsened, though there was a decline in new, pending and completed foreclosures.

MTA Higher Than at Any Time Since 2009
After heading north for the 23rd month in a row, the Monthly Treasury Average has now escalated to its highest reading since late in 2009.

Demand for Servicing Jobs Diminishes at Banks
As loan performance and efficiency continues to improve at banks, they have reduced their mortgage servicing staffs even as non-banks have held steady.

Record RMBS Settlement at RBS
A settlement reached between the Royal Bank of Scotland's U.S. securities unit and Connecticut is the largest in the state's history.

Agency Issuance Most Since 2012, Record at Ginnie
The issuance of agency mortgage-backed securities leapt to the highest level since 2012, with monthly activity soaring to a record at Ginnie Mae.

CMBS Delinquency Climbs to 2016 High
Last month, the rate of delinquency on securitized commercial real estate loans ascended to the highest level this year. Office loans led the rise.

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