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October 2018 Archive


Drop in Purchases Pulls Down Mortgage Market Index
An exact reversal of last week had an increase in new refinance business being more than offset by a decline in purchase-money business. Adjustable-rate activity soared.

Continued Deterioration in Origination Quality
As home lenders and investors have recently been a little more relaxed about credit qualifications compared to just after the crisis, mortgage quality has weakened. Still, quality is better than before the crisis.

Best Mortgage Lenders By Category
A report based on a recent survey of consumers who were shopping for a residential loan has identified the best home lenders in a variety of categories -- including government programs, jumbo loans and online services.

Business Falls to 6-Month Low at Freddie
New business at the Federal Home Loan Mortgage Corp. retreated to its lowest level in six months. Delinquency, meanwhile, remained at its lowest level in a decade.

Large Agency MSR Offering Hits Market
Bids are being sought for servicing rights on a large portfolio of agency mortgages. The offering has a moderate concentration of Golden State and Sunshine State loans.

Mortgage Rates Up 92 BPS From Year Ago
Over the past year, weekly fixed interest rates on single-family loans have soared 92 basis points. But little change was reported from last week, and more of the same is expected.

Diamond Residential Mortgage Settles Alleged Fraud
Diamond Residential Mortgage Corp. has agreed to pay more than $1 million to settle alleged fraudulent activity by former employees.

OCC Sued Again Over Non-Bank Regulation
A second lawsuit has been filed against the Office of the Comptroller of the Currency alleging that a new OCC charter for non-banks violates federal laws and procedures. But the OCC is confident in its authority.

Mortgage Delinquency Skyrockets
Thirty-day delinquency jumped last month more than it has in a decade. But the level of foreclosures is now lower than before the recession.

Record YTD Originations at Guild Mortgage
Quarterly originations slowed at Guild Mortgage Co., though year-to-date volume ascended to an all-time high. The servicing portfolio reached a new record, and staffing hasn't changed much over the past year.

Rise in Mortgage Applications Driven by Refinances
Mortgage application volume moved higher last week, and it was refinances that drove the increase. Jumbo rates remained lower than conforming rates -- which rose to a seven-year high.

5th 3rd Mortgage Revenues Sink, Originations Drop
As quarterly home-lending volume declined at Fifth Third Bancorp, so did mortgage revenues and company-wide headcount. However, residential servicing and commercial real estate assets grew.

East Coast Mortgages Borrowers Complain Most
Across the country, mortgage complaints accounted for a smaller share of overall complaints last year than in 2016. States where the share of mortgage complaints are highest are all on the East Coast.

Mortgage Revenues Sink at Flagstar
Revenues at Flagstar Bancorp Inc.'s home-lending business sank. But the financial institution has grown its mortgage asset and servicing portfolios over the past year.

Mortgage Earnings Fall at BBT, Originations Ease
As home-lending volume slowed at BB&T Corp., mortgage earnings tumbled. But the financial institution grew both its mortgage investments and servicing portfolio.

Refinances Wipe Out Weekly Purchase Gains
A nice up tick in purchase financing activity was wiped out by a weekly decrease in refinance business. Similarly, an increase in government volume was more than offset by a drop in conventional activity.


Conventional drop offsets rise in government

Quicken Pushes Servicing Portfolio Past $300 Bil
For the first time since it began reporting mortgage servicing data six years ago, Quicken Loans Inc. has pushed the servicing portfolio past $300 billion. Originations and staffing, meanwhile, held steady.

Retail Drives Down SunTrust's Home Lending
A sharp decline in quarterly retail originations at SunTrust Banks Inc. drove overall home lending lower as mortgage earnings sank. But the size of the financial institution's mortgage servicing portfolio has increased over the past year.

Universal American Whistleblower to Receive $2 Mil
A whistleblower will receive nearly $2 million for her role in a lawsuit alleging Universal American Mortgage Company LLC approved loans for government insurance that didn't qualify.

FHA Endorsements Edge Higher, Book of Biz Grows
Monthly residential government-insured mortgage production was nudged up, though commercial real estate endorsements plunged. The book of business continued to grow.

KeyCorp Mortgage Investments Yet to Pay Off
Investments in mortgage origination staff and a financial institution with a mortgage business have yet to pay off for the parent of KeyBank.

Fannie Cuts 2018, 2019 Origination Forecast
The latest housing forecast from Fannie Mae has this year's mortgage originations coming in $35 billion less than previously expected, while next year's outlook was cut by $61 billion.

Mortgage Rate Forecasts Have Little Change Ahead
Thirty-year mortgage rates moved lower this past week and this past month. Short- and long-term forecasts have little movement ahead for mortgage rates.

Business, Earnings Improve at MGIC
New quarterly business was solidly higher at MGIC Investment Corp., as were earnings. Also improving was the rate of delinquency on its book of business.

GSE Mortgage Refinances Bounce Off 7-Yr Low
After plunging to the weakest level in at least seven years, government-sponsored enterprise refinance volume bounced up to the second-slowest month during the period. HARP production fell to a new low.

Nomura Reaches $480 Million RMBS Settlement
The government and the American subsidiary of Nomura Holdings Inc. have reached a settlement over allegations the investment banker misled investors about residential mortgage-backed securities.

US Bank Grows Mortgage Assets, Lifts Originations
U.S. Bancorp increased home lending activity and expanded the size of its residential investment portfolio. But mortgage earnings deteriorated, while servicing was reduced.

Mortgage Credit Conditions Tighten
Average credit scores increased on last month's mortgage production, while averaged debt-to-income ratios declined. The tighter credit conditions came as refinances continued to make up a diminishing share of mortgage production.

Home-Equity Lending Set to Grow
A new report predicts that borrowing against home equity is poised for growth. Lenders can maximize this opportunity by personalizing marketing based on how individual consumers use these loans.

Mortgage Apps Drop Again, Jumbo-Conf Spread Doubles
For the second consecutive week, fewer applications were completed for home loans. As long-term mortgage rates climbed to a seven-year high, the jumbo-conforming spread doubled.

First Republic Bank's Mortgage Originations Tumble
A 15 percent quarter-over-quarter reduction was reported for First Republic Bank's home-lending volume. As the servicing portfolio was reduced, residential assets expanded.

Northeast Leads Builder Confidence Higher
A jump in builder confidence in the Northeast led the national level modestly higher this month. Behind the improvement were strong economic conditions and lower lumber prices.

Home Purchase Financing Outlook Boosted $120 Bil
Mortgage bankers have lifted their latest forecast for the origination of loans to finance house purchases by $120 billion over the next three years. There was even a modest bump in the three-year refinance outlook.

Mortgage Delinquency Down in September
A report that tracks the performance of consumer credit, including mortgages, revealed an across-the-board improvement in consumer delinquency -- with Dallas improving most among large cities. Hurricanes could drive up rates in some regions.

3-Yr Low Ginnie Issuance as Book Surpasses $2 Tril
Annual securitizations were the lowest they've been in three years at Ginnie Mae. Jumbo issuance plunged by a third, but reverse mortgage activity was higher. The government-owned corporation's book of business broke $2 trillion.

Record BofA Pre-Tax Earnings as Home Lending Drops
Quarterly record pre-tax earnings were reported by Bank of America Corp. In the mortgage business, loan production tumbled on a linked-quarter and year-over-year basis.

Citi Mortgage Originations and Delinquency Up
Citigroup Inc. nudged up quarterly home lending. But the residential servicing portfolio continued its contraction, delinquency deteriorated, and mortgage earnings were weaker.

Purchases to Push Up 2019 Mortgage Originations
Even though national home lending by all originators is expected to retreat this year, an increase in purchase financing is expected to push up next year's overall production.

Another GSE MSR Offering Hits Market
For the second time in as many months, an offering of mortgage-servicing rights on close to $4 billion in government-sponsored enterprise loans with a Texas concentration has hit the market.

Frmr CFPB Director Facing Nemesis in Ohio Gov Race
Richard Cordray, the former director of the Consumer Financial Protection Bureau, is battling his nemesis for the chief executive job in the Buckeye State.

Chase's Mortgage Earnings Sink, Lending Edges Up
A modest quarter-over-quarter rise in single-family lending at JPMorgan Chase & Co. didn't translate into more profit for the segment. Mortgage holdings expanded, and delinquency improved.

Purchases Lead Mortgage Biz Lower in Holiday Week
Weekly mortgage business slowed during the holiday week and was also down from last year. Home purchase financing business took the biggest weekly hit, while refinances suffered least.

Mild dip for refinances

Wells Earnings Climb as Mortgage Originations Drop
Quarterly earnings moved solidly higher at Wells Fargo & Co., though mortgage earnings and originations were down from a year ago. The servicing portfolio continued to be reduced.

MSRs on Nearly $1 Billion in Ginnie Loans for Sale
Mortgage servicing rights are being offered on nearly 1 billion in Government National Mortgage Association loans. Most of the properties are located in the Golden State.

Record Non-QM Originations at Angel Oak
Growth in non-QM home lending has driven quarterly mortgage production at Angel Oak Companies to an all-time high.

Large Non-Performing GSE Portfolio Sells
A significant portfolio of non-performing government-sponsored enterprise single-family loans that hit the market last month has found a buyer.

Mortgage Rates Soar, Could Sink in Next Report
An expected surge in mortgage rates came to fruition this week. The latest forecast has fixed rates tumbling in next week's report. A new index for adjustable-rate mortgages moved lower.

Executive Leads Recovery from Wells Fargo Scandals
The executive who is guiding Wells Fargo & Co.'s community banking unit through a reputational recovery is confident in the firm's ability to right itself.

California Pummeled by Mortgage Layoffs
A Mortgage Daily analysis of individual states' employment data has uncovered thousands of previously unreported mortgage-related layoffs this year. California employees suffered the most, while banks took a beating.

Man Murdered While Appraising Property
A Michigan man opened fire on two men when they came to value and secure his property that had been foreclosed. One of the victims has died.

Flagstar Hires Former PrimeLending President
The former president of PrimeLending has been hired by Flagstar Bank to work in its retail production division. His career spans several major home lenders.

Rising Rates Drive ARM Share to 16-Month High
As interest rates on home loans climbed to the highest levels in seven years, refinances led weekly mortgage applications lower, and adjustable-rate mortgage share jumped to a 16-month high.

HSBC Finalizes Large Subprime RMBS Settlement
A large settlement being negotiated between the government and HSBC Holdings plc over the British bank's role in the issuance of residential mortgage-backed securities has been finalized.

Interim CEO Starts Next Week at Fannie
The president and chief executive who has guided the Federal National Mortgage Association through $180 billion in profits is leaving next week.

Serious Mortgage Delinquency at 11-Year Low
Monthly mortgage delinquency tumbled, and further declines are expected except in the Aloha State and the Mid Atlantic. Serious delinquency was the lowest it's been in more than a decade.

Over 2 Dozens Mortgage Events in Q4
More than two dozen events are on the Mortgage Daily Mortgage Conference Calendar for the final quarter of this year. Their locations span from Florida to Nevada.

Mortgage Biz Surges as Gov Activity at 4-Mth High
New mortgage business surged this past week as a four-month high was reached for government activity. Cashout share was the most narrow it's been in a year, while rate-term share was it's widest in seven months.
Cashout share thinnest in year, rate-term share widest in 7 months

Bank Accused in Lawsuit of Mortgage Discrimination
A bank in Connecticut is accused in a federal lawsuit of discriminating against consumers who lived in predominantly minority neighborhoods.

Declining Mortgage Lates Behind Chase Layoffs
JPMorgan Chase & Co., which has recently been expanding its payroll, is eliminating hundreds of positions in its real estate finance business. Improving mortgage performance is behind the layoffs.

Mortgage Jobs Expand Despite Sharp Broker Drop
Although job growth among all U.S. industries slowed last month, prior-month data was revised up and unemployment fell to its lowest level in nearly a half-century. Despite a steep decline in mortgage brokers, non-bank mortgage jobs expanded.

Mortgage Rates Dip, But Likely to Skyrocket
Mortgage rates retreated a modest amount just one week after climbing to a seven-year high. The next rate report, however, is likely to reflect significant escalation.

This Year's Movement Mortgage Layoffs Surpass 300
A fresh round of job cuts at Movement Mortgage LLC has pushed total layoffs so far for this year past 300. The latest staff reductions are the result of lower-than-expected home lending volume.

Acquisition of PHH Corp. a Done Deal
The acquisition of PHH Corp., which has operated as an independent organization for more than a dozen years, has been completed.

Government Loans Drive Mortgage Credit Tightening
Changes to government mortgage programs last month drove down overall mortgage credit availability. Jumbo credit conditions, however, were looser.

Bank HEL Delinquency Soars
Quarterly performance on bank-owned home-equity loans substantially deteriorated. Delinquency was down, though, for mobile home and property improvement loans.

Consumer Bankruptcies Drop from Month, Yr Earlier
A sharp drop in monthly consumer bankruptcy filings was complimented by a year-over-year improvement. States with the most filings per capita were concentrated in the South.

ARM Share of Mortgage Apps Widest in 4 Mths
A weekly bump in purchase-money applications was offset by a dip in refinances. The share of loan applications for adjustable-rate mortgages was the most broad it's been in four months.

Freddie Sells Over $500 Mil in Nonperforming Loans
More than $500 million in loans owned by the Federal Home Loan Mortgage Corp. have been sold through the auction process. A majority of the loans have been modified and fallen delinquent again.

Dozens of SoCal Mortgage Hirings In Process
A two-year-old East Coast mortgage banking firm is increasing its West Coast presence with a new location in Southern California that will be staffed by dozens of new production employees.

Former Co-Owner of Troy & Nichols Dies
Local Baton Rouge, Louisiana, business leaders remembered the former co-owner of the Troy & Nichols mortgage firm, who died last week.

Annual HECM Endorsements Sink to 13-Year Low
The volume of reverse mortgages insured by the federal government descended last month, leaving annual activity at the lowest level in 13 years. New appraisal requirements are likely to exacerbate the slowdown.

Growth Drives Hirings at Gateway Mortgage Group
Continued growth is being cited by Gateway Mortgage Group LLC for a recruiting campaign to add a hundred employees to its network of mortgage locations.

CMBS Loan Performance is Spectacular
The monthly performance of securitized commercial real estate loans continues to improve, with delinquency establishing yet another post-crisis low. Industrial properties led the latest drop.

Fannie Leads Agency MBS Issuance Lower
After leading agency issuance higher for two consecutive months, Fannie Mae was out front of a decline in securitizations last month. The spread between Freddie Mac's and Ginnie Mae's volume has been slashed from recent highs.

11-Yr Low For Fannie Serious Mortgage Delinquency
Serious mortgage delinquency on loans backed by the Federal National Mortgage Association tumbled to the lowest level in 11 years. Monthly business also improved.

2nd Appraisal to Be Required on Some HECMs
Ongoing losses in the government-insured reverse mortgage program have led to a new policy that will require a second appraisal on some transactions.

Nationstar Affiliate Laying Off Dozens in Texas
The real estate buying platform affiliated with Nationstar Mortgage Holdings Inc. is laying off dozens of North Texas employees as it sifts through a recent acquisition.

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