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November 2016 Archive


Alt-Documentation Loans at Greater Risk of Fraud
A new report says that residential loans which are underwritten using alternative documentation are more susceptible to fraud.

New Post-Crisis Low Delinquency at Fannie
Serious residential loan delinquency at the Federal National Mortgage Association dropped to the lowest level since it fell into conservatorship.

11th District COFI Sets Another Record Low
For the second month in a row, the 11th District Cost of Funds Index has descended deeper into record-low territory.

Pending Home Sales Highest in 3 Months
A modest up tick in the volume of contracts written on pre-owned houses put the level of pending home sales at the highest level in three months.

Real Estate Technology Startup Raises $2.3 Mil
A startup real estate technology company has raised millions of dollars that it will use to simplify the process of buying residential properties.

CMBS Delinquency Jumps to Highest Level Since 2015
The surge in maturing loans has driven up delinquency on securitized commercial real estate loans for the third consecutive month to the highest level since last year.

Frmr Owner of Ocwen Unit Named to Trump Cabinet
President-elect Donald J. Trump has indicated that he intends to name two people with mortgage ties to his cabinet. One previously owned an Ocwen Financial Corp. unit, and the other wants to privatize the government-sponsored enterprises.

2017 Refinance Outlook Slashed Over $170 Billion
The recent surge in mortgage rates has impacted expected refinance originations, with next year's outlook being slashed by more than $170 billion.

Mortgage Applications Pulled Down by Refinances
Weekly applications for new residential loans were dragged down by a slowdown in mortgage refinancing activity.

FHA Contracting Restrictions Eased
Requirements on the utilization of contract employees by Federal Housing Administration mortgagees is being relaxed for some functions.

New Business, Delinquency Worse at Freddie
For the second consecutive month, secondary activity has slowed at the Federal Home Loan Mortgage Corp. Also worsening was delinquency.

Mortgage Complaints Diminish Despite Overall Rise
Even though the volume of complaints filed against financial services providers has risen from a year ago, mortgage complaint volume was down.

U.S. Home Values Surpass Pre-Crisis High
A closely watched measure of the nation's residential property values has ascended above the peak reached before the Great Recession.

No Need to Preserve Dodd-Frank Errors
An editorial from The Orange County Register says there is no reason to preserve errors in the Dodd-Frank Wall Street Reform and Consumer Protection Act.

Bank Sued Over Alleged Mortgage Discrimination
A lawsuit filed against a bank in the state of New York alleges it offered better terms and higher loan amounts to white customers than better qualified black customers.

Credit Union Acquires Mortgage Banker
A mortgage banking firm with offices in five states that originates around $300 million a year has been acquired by a credit union.

FHA Endorsements Fall, Could Go Lower
The monthly volume of residential loans endorsed by the Federal Housing Administration declined and could move even lower. A modest improvement was recorded for delinquency.

Mortgage Delinquency Rises, Foreclosures Down
Although mortgage delinquency rose for the second consecutive month, foreclosures starts were the lowest in more than a decade.

Enhancements Made to Mortgage PPEs
Enhancements recently made to product-and-pricing engines for residential loan products have mostly concentrated on integrations with other mortgage technology products.

Home Prices Continue Rising
Home prices moved higher on a monthly, quarterly and annual basis. Year-over-year gains were biggest in the West, while Eastern states led month-over-month gains.

Mortgage Business Plunges in Holiday Week
The holiday week had a significantly negative impact on new mortgage activity, though business held up from a year ago. Leading the week-over-week decline was refinance business.
Mortgage Market Index down 33%
Mortgage Rates Escalate, Further Ascension Ahead
Long-term mortgage rates climbed to the highest level so far this year, have increased for four weeks in a row now and are expected to rise further.

Treasury Secretary Candidate Has Mortgage History
One of the top contenders for Treasury secretary in a Donald J. Trump administration was a big mortgage player in the wake of the financial crisis.

New Home Sales Fade
Despite a spike in new home construction, the rate of new home sales weakened last month. The Midwest led the decline.

Conforming Loan Limits Raised First Time in Decade
For the first time in more than a decade, limits on loans backed by the Federal National Mortgage Association and Federal Home Loan Mortgage Corp. have risen.

Rise in Purchase Apps Exceeds Mortgage Refi Drop
Although the weekly volume of applications for mortgage refinances retreated, purchase financing applications more than offset the decline.

Subprime RMBS Settlement at Ally
Ally Financial Inc. has agreed to settle allegations of misleading marketing on the sale of subprime residential mortgage-backed securities.

Agency Fall Out Home Loans for Sale
Several dozen scratch-and-dent mortgages that are currently performing but don't meet agency requirements are being auctioned off.

Dr. Ben Carson Serious Contender for HUD Secretary
A former contender for the Republican presidential nomination is being considered to lead the Department of Housing and Urban Development.

Huntington Bank Adding Ohio Jobs
The banking subsidiary of Huntington Bancshares Inc. is adding a thousand Ohio jobs. The additional staffing includes positions in mortgage banking.

9-Year High for Existing Home Sales
The annual rate of existing home sales climbed to the highest level in nearly a decade as home shoppers sought relief from the summer's tight inventory.

FCC Denies MBA's Exemption Request
A request from the Mortgage Bankers Association to be exempted from a requirement to obtain prior consent for robocalls has been denied.

Drop in Loan Modifications Driven by Proprietary
A month-over-month decline in loan modifications completed was driven by proprietary activity. Government-supported modifications saw a year-over-year gain.

Non-Bank Servicing Share Forecasted to Grow
A growing share of the nation's residential loan servicing is expected to be handled by non-banks firms as regulatory scrutiny continues.

Fannie Lifts Mortgage Lending Forecast by $100 Bil
Despite a recent surge in mortgage rates, economists at the Federal National Mortgage Association have boosted their forecast for originations by $100 billion.

Performance Deteriorates on CMBS Due to Maturities
A wave of securitized commercial real estate loans made during better times a decade ago are driving up delinquency.

Frank Warns Against Repeal of Dodd-Frank
The co-sponsor of the Dodd-Frank Wall Street Reform and Consumer Protection Act is warning that a repeal of the law could lead to another crisis.

CFPB Seeks Rehearing in PHH Lawsuit
The Consumer Financial Protection Bureau is challenging an appeals court ruling in a lawsuit filed by PHH Mortgage Corp. that would enable the president to fire the agency's director.

ARMs Overcome Drop in Weekly Mortgage Business
Increasing interest rates on residential loans negatively impacted new weekly mortgage business. But, as is typical in a rising-rate environment, demand for adjustable-rate mortgages strengthened.

Mortgage Market Index down 13%
Culture Behind Best Mortgage Employers
Several mortgage bankers and mortgage service providers were among companies recently recognized as best employers. Culture was cited among some for their elevated status.

Across-the-Board Growth at Fairway Independent
In addition to boosting its quarterly home-lending activity, Fairway Independent Mortgage Corp. expanded its residential loan servicing portfolio and grew its payroll.

Mortgage Acquisition Followed by Hirings
A deal that was announced earlier this month to acquire Prospect Mortgage LLC has been followed by the hiring of nearly two dozen loan originators.

Mortgage Rates Skyrocket, Could Go Higher
Mortgage rates shot up to the highest level since the first week of the year thanks to the election, and a further increase could lie ahead in the next week.

3-Year High for GSE Refinances
The latest monthly tally of government-sponsored enterprise refinances indicates that volume was stronger than it's been during any month in more than three years.

Distressed FHA Loan Sales Criticized
Critics of a program to sell distressed Federal Housing Administration loans at a steep discount say investors aren't using those discounts to be more flexible with borrowers.

Home Construction Spikes, Midwest Activity Strong
The pace of residential construction started turned solidly higher last month. The Midwest saw huge gains in permits and completed construction.

Mortgage Bankers Cut 2017 Refinance Forecast
The nation's mortgage bankers have grown less optimistic about the volume of refinance originations during the first half of next year.

Attracting High Producing Mortgage Originators
A survey of high-producing loan originators highlights what the group considers important when evaluating a potential lender for employment.

Increase in Mortgage Closing Rate, Refi Share
As refinances took up a bigger share of monthly mortgage production, the ratio of loans that closed improved. While average credit scores eased, other metrics used to determine credit quality were unchanged.

New Homebuyer Traffic Up, Builder Expectations Off
An improvement in buyer traffic for new houses offset a drop in expectations by the nation's homebuilders for sales during the spring.

Mortgage Applications Subdued by Election
As interest rates on residential loans moved higher following the presidential election, refinances led a reduction in new applications for mortgages.

Major LOS Enhancements, Integrations
In addition to a host of integrations between various mortgage service providers and loan origination systems, major enhancements have been made to a major LOS.

FHA MMI Fund Improves 4th Consecutive Year
For the fourth year in a row, the capital position of the Federal Housing Administration's mortgage insurance fund has shown improvement.

Mortgage Originations Soar at Caliber Home Loans
A surge in quarterly residential lending activity was reported by Caliber Home Loans Inc. As well, the mortgage banking firm grew its servicing portfolio and added to its human resources.

Serious Mortgage Delinquency Ticks Up
Last month, serious delinquency deteriorated on both first mortgages and second mortgages. At the same time, mortgage debt outstanding has been expanding.

Quicken Wins Venue Battle in FHA Lawsuit
Quicken Loans Inc. has won a battle in its war against the Department of Justice over alleged improper underwriting on government-insured residential loans.

Movement Mortgage Originations Up, Staffing Grows
A modest improvement was made by Movement Mortgage LLC in its quarterly loan production. In addition, the home lender grew its staffing and mortgage servicing.

Ginnie MBS Issuance Backs Off Record
Following an all-time high reached at the Government National Mortgage Association, monthly mortgage securitizations settled back to a still-robust pace.

MSRs On $1.8 Billion in Ginnie Loans for Sale
An offering of mortgage servicing rights is being made on more than $1.8 billion in Ginnie Mae loans. The pool has a concentration of loans in the Golden State.

Full Repeal of Dodd-Frank Unlikely
While changes are likely to the Dodd-Frank Wall Street Reform and Consumer Protection Act under a Donald J. Trump administration, a full repeal is unlikely.

Appraisers Wary of Freddie's Automated Appraisals
A plan by the Federal Home Loan Mortgage Corp. to abandon formal appraisals on some home-purchase transactions has appraisers up in arms.

Churchill Mortgage Originations Rise
Quarterly home-lending activity turned solidly higher for Churchill Mortgage Corp. But the company saw a decline in its staffing and small servicing portfolio.

Home Purchases Drive Up Mortgage Activity
Home purchase financing activity drove overall new mortgage activity to the highest level in more than three months. Adjustable-rate activity soared by a quarter.

Mortgage Market Index up 13%
Big Mortgage Bankers Appoint Executives
Some of the country's biggest mortgage banking firms have made changes to their management ranks. Most of the recent executive activity was on the production side.

Stearns Lifts Originations, Servicing and Staffing
Quarterly mortgage originations increased at Stearns Lending Inc., while the size of the mortgage servicing portfolio was larger, and the number of people on the payroll rose.

Mortgage Rates Rise, Set to Soar
Before the impact of the presidential election, mortgages rates were already rising. In the next report, fixed interest rates are likely to leap.

Over $1 Bil in Non-Performing GSE Mortgages Sold
More than $1 billion in government-sponsored enterprise residential loans that are currently not performing have been sold at auction.

Mortgage Delinquency at Decade Low
As the delinquency rate on mortgages retreated to a level not seen in a decade, the foreclosure rate declined to a new nine-year low.

Trump and Dodd-Frank
The election of Donald J. Trump as president of the United States could have a huge impact on the regulation of financial services and the mortgage industry.

PrimeLending Settles Allegations of Overcharges
PrimeLending has agreed to settle allegations that it overcharged interest to hundreds of California borrowers on new home loans they took out.

TRID Behind Buyers Remorse With Mortgage Lenders
Although customers who took out a new mortgage are more satisfied this year, a significant share have experienced buyer's remorse.

Staffing, Servicing Reduced at Walter Investment
In addition to reducing the size of its residential loan servicing portfolio, Walter Investment Management Corp. cut the size of its staff.

PHH Settles Alleged Servicing, Origination Abuses
Allegations that PHH Mortgage Corp. has been deficient in its mortgage origination and servicing practices in New York have been been settled.

PHH Dumping PLS, Selling GNMA Servicing
Drastic steps being taken by PHH Corp. will slash its mortgage production by more than three-quarters and reduce its servicing portfolio by nearly $15 billion.

Slump in Mortgage Refi Apps Exceeds Purchase Rise
A modest boost in applications for loans to finance a home purchase was outdone by a reduction in mortgage refinance applications.

Several Mortgage Events Left in November
There are several conventions, workshops and events which are related to the home-lending industry that take place during just the next few weeks.

Alaska USA Reports Mortgage Growth
Quarterly home-lending activity was up at Alaska USA Federal Credit Union. Growth was also experienced in the financial institution's mortgage servicing portfolio and mortgage staffing.

Re-Performing GSE Mortgages Sold
A buyer has been named in the auction of nearly $800 million in re-performing government-sponsored enterprise residential loans.

9-Year Low for Serious Mortgage Delinquency
It's been more than nine years since the rate of serious residential loan delinquency has been this low. It was a similar story for the nation's foreclosure rate.

Navy FCU Grows Mortgage Staff, Servicing Portfolio
While there was a little upward movement in mortgage production at Navy Federal Credit Union, loan servicing and mortgage staffing jumped higher.

7-Year High for MTA ARM Index
It has been more than seven years since the obscure Monthly Treasury Average has ascended to the level that it reached as of last month.

CRE Standards Tighter as Residential Demand Up
Banks are reporting that lending standards on commercial real estate loans have recently been more restrictive. On the residential lending side, demand is on the increase.

Fastest Growing Public Mortgage Firms
FORTUNE's latest list of the fastest-growing publicly traded companies is out, and there are several mortgage-related firms -- mostly banks -- that made the cut this year.

Home Lending Inches Up at Regions, Servicing Grows
Mortgage earnings didn't move on a quarter-over-quarter basis at Regions Financial Corp., while a modest gain was made with originations. But there was growth in mortgage servicing.

Across the Board Growth at Guild Mortgage
Quarterly home lending activity moved higher, the residential loan servicing portfolio grew larger, and employment expanded at Guild Mortgage Co.

Earnings, M.I. Business Improve at Essent
Earnings and new mortgage insurance activity increased at Essent Guaranty Inc., while its book of business grew. Defaults worsened, though.

Strong Quarter at Genworth M.I.
Despite a loss at its parent company, Genworth Mortgage Insurance Corp. experienced greater profits, increased new business and growth in its book.

Mortgage Refinances Overcome Weekly Purchase Slump
An increase in refinance activity more than offset a week-over-week slump in purchase financing as prospective refinance borrowers rushed to lock in their rates.


Mortgage Market Index up 1%
Mortgage Employment Up Despite Broker Job Drop
The number of non-bank positions in real estate finance expanded despite a month-over-month decline in the number of mortgage broker employees.

Record Earnings, Mortgage Originations at PennyMac
PennyMac Financial Services Inc. reported an all-time high for earnings. In addition, quarterly residential loan originations were the highest on record.

Mortgage Rates Jump, Volatile Week Ahead
Mortgage rates soared to the highest level in nearly five months. While current signs point to no changes in the week ahead, tomorrow's jobs report could change that.

Stonegate Swings to Quarterly Profit
Quarterly earnings at Stonegate Mortgage Corp. swung to a profit from a loss three months and a year prior. Originations rose, but the servicing portfolio tumbled.

Wells Fargo Discloses Government Investigations
Wells Fargo & Co. has disclosed it is being investigated about the origination and securitization of home loans as it faces more fallout from the fraudulent account scandal.

Fannie Reports Strong Quarter
Earnings improved at the Federal National Mortgage Association as the secondary lender financed a greater volume of residential and apartment loans.

Mortgage Credit Conditions Continue to Improve
After ascending to a post-crisis high, mortgage credit conditions loosened for the second consecutive month. The improvement came as refinances are slowing.

Consumer Bankruptcy Filings Fall Again
For the second month in a row, fewer U.S. consumers resorted to U.S. Bankruptcy Courts to absolve themselves of debt.

Impac Mortgage Originations Soar, Servicing Grows
Home-lending activity took a giant leap at Impac Mortgage Holdings Inc. In addition, the organization reported sizable growth in its mortgage servicing portfolio.

National M.I.'s Earnings, Book of Business Jump
Quarterly earnings and insurance in force was up significantly at National Mortgage Insurance Corp. A more modest gain was made with new insurance written.

LendingTree Adding Hundreds of NC Employees
A planned expansion at LendingTree LLC will result in hundreds of new hirings in North Carolina over the next half-decade.

Wave of Maturing Loans Drives Up CMBS Delinquency
There was significant deterioration in the performance of securitized commercial real estate loans last month due to a wave of maturing loans.

Record Servicing Portfolio at Nationstar Mortgage
In addition to lifting home-loan originations and swinging to a quarterly profit, Nationstar Mortgage Holdings Inc. reported a record servicing portfolio.

Life-to-Date HECM Production Surpasses 1 Million
Last month's production brought to more than a million the number of reverse mortgages that have been insured by the federal government.

Mortgage Application Activity Slips, Refis Most
Applications for residential loans slowed during the most-recent week, with applications for mortgage refinances receding more than purchases.

CMBS Leads Rise in CRE Loan Originations
Quarterly commercial real estate loan originations moved higher, and it was lending for commercial mortgage-backed securities that led the gain.

Wells Agrees to Appraisal Fee Settlement
A settlement has been reached in a class-action lawsuit accusing Wells Fargo & Co. of overcharging distressed borrowers for property valuations.

Merger to Create Top-20 Mortgage Banker
An upcoming acquisition will create a mortgage banking firm with more than 3,000 employees that ranks among the nation's 20-largest home lender.

Freddie's Dividend Repayments Surpass $100 Billion
Since it was bailed out by the U.S. government, the Federal Home Loan Mortgage Corp. total dividends paid to the Treasury Department exceed $100 billion.

Freddie, Ginnie Drive Down Agency MBS Issuance
After soaring to the highest level in nearly four years, agency issuance retreated last month thanks to declines at Freddie Mac and Ginnie Mae.

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