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November 2015 Archive


COFI Slips to Near Record Low
A minuscule decline in the 11th District Cost of Funds Index has it teetering very near its lowest level on record.

Fannie's New Business, Residential Delinquency Down
Although new monthly business subsided at the Federal National Mortgage Association, so did delinquency on its residential loans.

Appraisal Fraud Warning on Reverse Mortgages
A warning has been issued about the use of fraudulent appraisals on the refinance of government-insured reverse mortgages.

Ginnie MSR Offering Has Big Service Fee
An offering of mortgage servicing rights on more than $0.6 billion in Government National Mortgage Association loans comes with an attractive service fee.

Mortgage Biz Down in Holiday Week, ARMs Off Most
New mortgage activity fell last week, though -- given the Thanksgiving holiday and Black Friday -- the decline was modest. Adjustable-rate business sank.


Mortgage Market Index 107 in week ended Nov. 27
Growing Non-Bank Mortgage Sector Raises Concerns
A growing group of non-bank firms are grabbing a bigger share of risker government-insured mortgage originations and making loans that don't meet Qualified Mortgage requirements.

Northeast, West Drive Up U.S. Pending Home Sales
It wasn't a big increase, but monthly pending sales of U.S. residential properties inched up thanks to improvements in the Northeast and West.

GA Counties Sue BofA Over Foreclosure Losses
A trio of counties in Georgia have filed a federal lawsuit against Bank of America Corp. alleging that predatory lending practices led to foreclosures that cost them hundreds of millions of dollars.

Fixed Mortgage Rates Slip, Could Dip a Little More
A slight decline in long-term fixed rates on residential loans this past week could be followed up by a similar move lower over the next seven days.

President Signs Law Limiting GSE CEO Compensation
Multi-million dollar compensation for the chief executive officers of the Federal National Mortgage Association and the Federal Home Loan Mortgage Corp. has been eliminated by a new law.

Remodeling Activity Likely to Rise
Several factors point to increased residential remodeling activity, which could bode well for lenders that make home-equity lines of credit.

Retail Loan Deterioration Hurts CMBS Delinquency
Delinquency on retail property loans surged, helping to drive up the past-due rate for all securitized commercial real estate loans last month.

Northeast Leads Rebound in New Home Sales
A more than doubling of new home sales in the Northeast helped the nation as a whole to swing from a decline to an increase last month.

Conforming Limits Released for 2016
Conforming limits for loans backed by the government-sponsored enterprises have been released for next year, and nearly 40 counties will see an increase in maximum loan amounts.

Big Decline in Wholesale HECM Production
A 12 percent monthly reduction was recorded for government-insured reverse mortgages generated by retail originators. But wholesale activity plummeted by more than a quarter.

Refinances Lead Retreat in Mortgage Applications
Prospective borrowers on home loans completed fewer loans applications last week, and applications for refinances led the retreat.

Mortgage Servicers Change Up Executives
The biggest residential loan servicer and two smaller ones have made some management changes. Another servicer has added a pair of new directors to its board.

Monthly HARP Originations Turn Higher
The number of residential loans that were refinanced through the Home Affordable Refinance Program turned higher for the first time in five months.

GSE MSR Offering Has Minnesota Concentration
A flow offering of mortgage servicing rights on as much as $840 in agency conventional mortgages has a Minnesota concentration.

Former Cop Admits Role in Mortgage Broker Fraud
A former police officer who was honored for his efforts in reducing violent crimes has admitted to his role in a pre-crisis mortgage fraud scheme.

Quicken Launches 8-Minute Mortgage Approval
A team of 'rocket scientists' at Quicken Loans Inc. has created a digital home loan product that promises a hard approval and more in just eight minutes.

Mortgage Service Providers Team Up With Google
Two large mortgage service providers have teamed up with Google Inc. to generate business for their clients through a new service.

MSRs on Around $1 Billion in Agency Loans Available
A pair of flow offerings on the market could land the buyer mortgage servicing rights on more than $1 billion in agency residential loans.

Freddie Supercharges Mortgage Origination Outlook
Freddie Mac has increased its expectations for this year's and next year's combined U.S. residential loan originations by $400 billion.

Softening in Existing Home Sales Led by West
Following a healthy improvement during September, existing home sales slowed last month. Home sales in the West fell the most.

Home Loan Performance Improves 1st Time in 3 Months
For the first time in three months, mortgage servicers brought down the rate of past-due payments on residential loans.

loanDepot Chief Explains Decision to Cancel IPO
The head of loanDepot Inc. has provided insight into the decision to hold off on the mortgage lender's initial public offering.

Several Mortgage Firms Ranked as Best Employers
Several mortgage-related companies have recently been recognized among the best places to have a job. Here are a few of them.

Mortgage Bankers Raise Refinance Forecast Again
Just a month after increasing the volume of expected refinance transactions for this year, mortgage bankers are at it again.

Jumbo Recovery Leads Jump in Weekly Mortgage Biz
Following the holiday week, jumbo mortgages led an improvement in overall business. And while interest rates on home loans dipped, jumbo rates tumbled.
Mortgage Market Index 132 in week ended Nov. 20
Top 20 Mortgage Lender Reports No Delays from TRID
A home lender that ranks among the 20-biggest mortgage originators in the nation has reported no delays to its digital home loans as a result of integrated disclosures.

Little Change in Mortgage Rates Likely to Continue
Fixed interest rates on residential loans hardly changed this past week, and the same can be expected over the coming week.

License Exam Cheating Costs New Day NY License
A scheme to cheat on license exams has cost New Day Financial LLC it's license to do business in New York. The action follows a multi-state settlement.

Mortgage Lending, Outstandings Grow, HELOCs Down
The quarterly volume of home loans originated and outstanding increased. But home-secured credit lines outstanding were down.

Appraisal Fees Lead to Multi-State Settlement
Prospect Mortgage LLC has agreed to a settlement with state mortgage regulators. At issue are fees charged to borrowers by an appraisal affiliate.

More Mortgage Servicing Layoffs at Wells Fargo
Less than a month after disclosing nearly 500 planned mortgage layoffs, Wells Fargo & Co. has advised more than a hundred California employees of their impending layoffs.

Fannie Raises Mortgage Origination Forecast Again
Just a month after increasing its three-year outlook for residential loan originations by a whopping half-trillion dollars, Fannie Mae has expanded its forecast even further.

Down Payments on Home Purchases Increase
Faced with an increasingly competitive housing market, homebuyers increased the size of their down payments on home purchases.

House Passes QM Legislation
The House has passed legislation that would give financial institutions a break on Qualified Mortgage rule requirements -- though a presidential veto is likely.

Mortgage Lenders Raise Level of Risk
Credit scores on closed home loans have moved lower for five consecutive months. At the same time, debt-to-income ratios stand at their highest level since early last year.

Building Permits Rise But Fewer Homes Completed
Although the pace of building permits for residential properties accelerated, there was a month-over-month decline in the rate of homes completed.

Continued Strength in Purchase Mortgage Apps
New applications for residential loans moved higher last week, and purchase financing was out front of the weekly gain.

Delinquency, Foreclosure Rates Lowest in Years
It's been more than eight years since 30-day delinquency has been this low, while it's been nearly than long since the foreclosure rate was this low.

Another Mortgage Discrimination Settlement
The vigorous pace of settlements between the government and mortgage firms over allegations of discriminatory lending practices continues in Michigan.

Realtors Criticized for Faulty 1st-Time Buyer Data
Home sales data recently published by the nation's Realtors indicating that first-time homebuyers account for a shrinking share of the market is just plain wrong, according to a new report.

Home Builders Grow Less Optimistic
After climbing to the highest level in a decade, home builder confidence deteriorated this month thanks to land and labor shortages.

2nd Mtg Delinquency Surges, 1st Mtg Rate Also Up
An increase in the rate of serious delinquency last month on first mortgages was eclipsed by a surge in past-due payments on second mortgages.

CT Mortgage Firm Converts From Broker to Banker
Norcom Mortgage has made the conversion from mortgage broker to mortgage banker -- growing from dozens of employees to hundreds in the process.

Lending, Staffing Up From Year Earlier at PRMI
Like many of its peers, Primary Residential Mortgage Inc. lifted mortgage production from a year ago. The payroll also expanded.

Fiscal-Year 2015 Great for FHA
Although new business and delinquency worsened on a monthly basis at the Federal Housing Administration, annual metrics improved substantially.

Help Wanted: Mortgage Loan Originators
The U.S. banking subsidiary of a Canadian bank is pushing deeper into the mortgage market with a new recruiting campaign.

FHA Earns Passing Grade
For the first time in years, the Federal Housing Administration's Mutual Mortgage Insurance Fund has met congressionally mandated capital requirements.

Borrowers More Satisfied With Home Lenders
Borrower satisfaction with home lenders improved this year. Quicken Loans Inc. maintained a tight grip on its top-rated lender status.

Mortgage Lates Down, Super Prime Lending Leaps
Home loan performance continued to improve at an accelerating pace. Super-prime originations have risen by half over the past year.

Jumbo Biz Plunges, Overall Mortgage Activity Down
For the second week in a row, new mortgage business was slower -- and jumbo activity took the biggest beating. Adjustable-rate activity, however, jumped.
Mortgage Market Index 111 in week ended Nov. 13
IPO On Hiatus at loanDepot
Plans for an initial public offering have been put on hold by loanDepot Inc. The up-and-coming mortgage lender cited market conditions for its decision.

FHA Condo Approvals Made Easier
A temporary change in the requirements for condominium lending will make it easier to finance such properties using government-insured loans.

SoCal Firm Rates Best Among Mortgage Lead Handlers
The results are in, and a mortgage firm out of Southern California has been designated as the best handler of mortgage leads.

Mortgage Rates Surge, Could Stay Higher
For the second week in a row, fixed rates on home loans deteriorated -- and there is little chance that they will move down in the next report.

Stonegate Eliminating Dozens of Branches
Dozens of retail mortgage branches are being closed down or sold by Stonegate Mortgage Corp. as it reduces expenses tied to retail originations.

Over 2 Dozen Mortgage-Related Events Next 90 Days
More than two dozen mortgage-related events take place during the next three months. Among the topics to be covered are compliance, warehouse lending and servicing. Social media, mortgage technology and banking are also on the agenda.

CoreLogic to Focus on Growing Multifamily Market
One of the biggest aggregators of real estate data and statistics in the nation is now setting its sites on the growing U.S. apartment sector.

REO Filings Recede as New Foreclosures Increase
Although there was a reprieve in the number of homes lost to foreclosure, servicers started the process on more properties.
October new foreclosure filings up 12% from prior month
Life Insurer CRE Loan Production at Decade High
Quarterly commercial mortgage originations were stronger, with life insurer production at its highest level in at least nearly a decade and a half.

Purchases Sidestep Overall Drop in Mortgage Apps
Although overall volume for mortgage applications slowed, weekly activity maintained on applications to finance home purchases.

Former TARP Chief to Head Minneapolis Fed
The chief architect of the Troubled Asset Relief Program has been tapped by the Federal Reserve Bank of Minneapolis to be its new president.

McLean Mortgage Originations Down, Staff Inches Up
New home lending activity moved lower at McLean Mortgage Corp. The company, however, did manage to increase the size of its payroll.

Real Estate Agents Report TRID Closing Delays
One out of every five home purchases are being impacted as a result of new requirements from the Integrated Disclosure Rule, a survey of buyer real estate agents suggests.

BofA, Nationstar Sued Over Zero-Balance 2nd
A federal lawsuit against Bank of America Corp. and Nationstar Mortgage LLC alleges attempts to collect a second mortgage with no balance.

90-day Mortgage Delinquency Lowest Since 2007
The rate of serious mortgage delinquency fell to the lowest level in nearly eight years. But there was a seasonal surge in repossessions.

Over $1 Bil in Distressed Freddie Loans For Sale
More than $1 billion in distressed Federal Home Loan Mortgage Corp. home loans are being marketed for sale.

Mortgage Production Slips at USA Mortgage
Quarterly home lending activity stepped back at USA Mortgage. The number of employees at the mortgage banker, however, increased.

New Business Worse Again at MGIC
It's been five months since new business has moved higher at MGIC Guaranty Insurance Corp. Delinquency, however, continued to improve.

Mixed Response to Appraiser ID Badges
A relatively new service that provides appraisers with identification badges has not yet been widely adopted by the appraisal industry.

Appraisals Adjustments Hurt Home Sales Transactions
Subjective adjustments to the estimated value of a home by appraisers can be substantial and get in the way of a loan closing.

Nationstar to Service Ginnie Mortgages for Banks
Nationstar Mortgage has negotiated a deal to service Government National Mortgage Association loans for banks that don't want to retain servicing themselves.

Jumbo Surge Reverses, Leads Overall Activity Down
Just as fast as it rose, weekly jumbo mortgage business reversed course -- leading overall new mortgage activity lower this past week.
Mortgage Market Index 118 in week ended Nov. 6 
Movement Mortgage Originations Leap
Solid quarter-over-quarter and year-over-year gains were made in originations at Movement Mortgage LLC. Staffing was also solidly higher, and servicing grew.

VA Updates Mortgage Policies for Same-Sex Couples
The Department of Veterans Affairs has revised its policies for processing and underwriting loan applications for same-sex married couples.

Banks Advised About TRID Examinations
Chief executives and compliance officers of small- to mid-sized banks have been advised about what to expect in integrated disclosure rule compliance examinations.

Originations Slip, Losses Widen at Walter
On trend with most of its peers, Walter Investment Management Corp. saw home loan production dip. Delinquency rose, and losses widened, but the servicing portfolio grew.

Mortgage Jobs Expand, U.S. Employment Strong
U.S. employers were aggressive about hirings last month, sending unemployment to a seven-year low. Mortgage jobs also fared well in the government report.

Mortgage Rates Jump, Further Deterioration Likely
Fixed interest rates on residential loans surged this past week, and all indications are that mortgage rates are likely to head even higher.

Wells Fargo Agrees to Bankruptcy Settlement
Wells Fargo & Co. settled allegations that its banking unit violated federal bankruptcy requirements on borrowers who were in Chapter 13 bankruptcy.

Size of Servicing Portfolio Explodes at Impac
Home lending activity slipped at Impac Mortgage Holdings Inc., though year-over-year performance benefited from a prior acquisition. The servicing portfolio ballooned by half but has since deflated.

New Business, Earnings Down at Fannie
New single-family business slowed at the Federal National Mortgage Association. While income was down, more than $2 billion in earned profits will be paid back to taxpayers.

PHH Home Lending and Servicing Shrink
Quarterly residential loan originations were weaker at PHH Mortgage. As well, other business metrics such as servicing, delinquency and income were down.

Continued Gains in Availability of Mortgage Credit
The availability of credit in home lending expanded last month, has eased four consecutive months and stands at the highest point in six years.

Enhanced Service Helps With Jumbo Modeling
Jumbo assets are among the most liquid in the secondary mortgage market, and an analytics system enhancement targets jumbo metrics.

Fannie Relaxes LLPA, Condo and Coop Requirements
Fannie Mae eased restriction on refunds of loan-level price adjustments and expanded policies for condominiums and cooperatives.

Mortgages Outstanding Not Growing With Originations
Although this year's home lending activity has been up, residential assets on the industry's collective balance sheet have not..

Mortgage Firm Sues Property Owners Over Title
A mortgage firm has been filing lawsuits against property owners in a Texas county where it claims to have title in a development due to a loan that it acquired.

Mortgage Apps Ease as Government Share Thins
New applications for residential loans dipped lower this past week as government-insured and government-guaranteed share thinned.

Originations, Servicing Up at Nationstar Mortgage
There was growth in loan originations and the mortgage servicing portfolio at Nationstar Mortgage LLC. Profits, however, turned to losses.

Consumer Bankruptcy Filings Rise
More consumers resorted to bankruptcy last month than did during September. Business bankruptcy filings also moved up.

Freddie Swings to Red on Hedging Losses
Hedging its interest-rate risk proved costly to the Federal Home Loan Mortgage Corp., though existing reserves will let it avoid another Treasury draw.

Office, Lodging Lead CMBS Delinquency Decline
Performance on securitized commercial real estate loans improved again, with lodging and office-building delinquency down most.

Non-QM Demand Weakens at Banks
A survey of lending officers at the nation's banks suggests that demand for loans which don't meet the Qualified Mortgage Rule standards weakened over the past three months.

2015 Ginnie MBS Issuance Likely to Beat Record
Securitizations of mortgages on behalf of the Government National Mortgage Association are likely to reach an all-time high this year.

Monthly HECM Production Declines
The first month of fiscal-year 2016 was a slow one for originators of government-insured reverse mortgages as the number of active firms diminished.

Genworth Expands Guidelines
Updates that have been made at Genworth Mortgage Insurance widen the availability of rate-term and cashout refinances and expand guidelines for super-jumbo loans.

MTA Rises to 4.5-Year High
Last month, the Monthly Treasury Average moved higher, ascending to a level that has not been seen in four-and-a-half years.

BofA Settles With Investors for Over $300 Million
Investors have reached an agreement with Bank of America Corp. to settle a federal lawsuit over risky mortgage-backed securities.

Solid Month at Fannie
Despite a quarterly slip, monthly new business improved at Fannie Mae, while its book of business grew and delinquency fell to a new seven-year low.

Drop at Fannie Leads Agency MBS Issuance Down
The Federal National Mortgage Association led a decline in monthly agency issuance, while the Government National Mortgage Association was out front of a year-over-year rise.

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