twitter linkedin
facebook google+
Mortgage News

Search News
Search more than 30,000 pages of mortgage news.

News by Subject
Complete list of specialty news sections.

Purchase Subscription
Subscribe to MortgageDaily.com and get immediate access to all news, statistics and archives.

Mortgage Advertising
Reach mortgage executives, loan originators and other people tied to mortgage industry.

Consumer Mortgage News
Free mortgage news for prospective borrowers.

Mortgage Newsletter
Free e-mail newsletter with the latest headlines from MortgageDaily.com.

Mortgage News Reprints
Put entire MortgageDaily.com stories in your online or printed newsletter or publication.

Mortgage Feedget RSS code
Condensed MortgageDaily.com stories free on your Web site or for your RSS reader.

News Archives
Archive of MortgageDaily.com stories by month going back to 1999.

Press Releases
Reports and announcements from MortgageDaily.com.

Mortgage Statistics
Data and statistics for real estate finance.

Mortgage Directories
Directories of lenders, branch operators and mortgage service providers.

Mortgage Graphs
Directories of lenders, branch operators and mortgage service providers.

home subscribe advertise reprints e-mail help RSS about us LOG IN

Mortgage News

 

Mortgage News

HOT Topics

production

servicing

compliance

legal

fraud

secondary

jobs

appraisal

site map


subscribe to free Mortgage Daily email newsletter





December 2013 Archive


COFI Plunges to All Time Low
The 11th District Cost of Funds Index took a sharp monthly downturn and fell to the lowest level on record.

Fannie Delinquency, Business at Lowest in Years
More than five years have passed since multifamily delinquency has been this low at Fannie Mae , while it's been nearly that long since serious residential delinquency was this good. New secondary volume also fell to a multi-year low.

Office Properties Lead Improvement in CMBS Lates
The rate of late payments on securitized commercial real estate loans fell to the lowest level in years, and performance on office property loans led the improvement.

Mass. RMBS Settlements Surpass $300 Million
Another settlement with the Commonwealth of Massachusetts over alleged practices used during the issuance of residential mortgage-backed securities pushes the total past $300 million.

Lenders Already Complying With Some Mortgage Rules
New federal mortgage rules that become effective in January are designed to avoid another credit and foreclosure crisis.

FHA Loss Mitigation Compliance Scores
New scores reflecting mortgagees' compliance with loss mitigation requirements on government-insured loans are being released every three months.

Mortgage Market Concentration Likely to Return
Though the last few years have seen less concentration in mortgage market share, the era of expanding mega-lenders is likely to return.

Higher Price Loan Exemptions Raised
The maximum size of a mortgage lender that can be exempted from requirements on higher-priced loans has been raised.

Pending Home Sales Disappoint
Pending U.S. home sales were lower on a year-over-year basis and weaker than expected by analysts. Month-over-month declines, however, came to an end.

Layoffs at Genpact
A company that had been adding to its North Texas workforce is now letting several dozen employees in the region go.

Freddie, Flagstar Settle Repurchase Demands
An agreement reached by Flagstar Bancorp Inc. on agency repurchase demands will cost it just a fraction of the amount it spent a month earlier for a similar settlement.

Wells' GSE Settlements Smaller Than Rivals
Wells Fargo & Co. has reached an agreement on government-sponsored enterprise repurchase demands. Although the company is the largest home lender, its GSE settlement costs are smaller than competitors'.

Year-Over-Year Gain in Mortgage Business
While the holidays took an expected toll on new mortgage business, activity was stronger than a year ago. Government-insured business took the biggest week-over-week hit.
Mortgage Market Index 95 in week ended Dec. 20

Judge Rules Against Stonegate in Defamation Suit
An appellate court in Ohio has reversed the dismissal of a lawsuit against Stonegate Mortgage Corp. alleging defamation.

Volcker Rule Could Create More Lending Capital
A new rule prohibits banks from taking money from depositors and using it for speculative trading -- a change that could push more capital into lending.

Countrywide's Legal Tab Over $50 Bil and Growing
Bank of America Corp. is still knee deep in a litigation war started over its ill-fated acquisition of Countrywide Financial Corp., and it has several battles to fight before reaching a truce. One estimate has BofA halfway through.

Wholesaler Claims Top Spot
The wholesale lending arm of United Shore Financial Services LLC claims its quarterly loan originations were higher than at any other mortgage wholesaler.

1-Yr ARM Slips, Fixed Rates Inch Higher
While interest rates on home loans barely moved this week, fixed rates crept higher and short-term adjustable rates slipped.

Best Mortgage Job Opportunities
Jobs at the best places to work might be hard to come by, but the mortgage sector has its share of such opportunities.

Rural Banks in 2011 Exempted from Escrows
Some rural financial institutions are exempted from a new regulation that will require mortgage servicers to maintain escrow accounts on high-priced loans.

Settlement Clears Way for LPS Acquisition
A merger involving a prominent provider of mortgage industry data has been given the government's blessing now that the acquiring party has agreed to divest assets.

New Loan Estimate form Falls Short
New mortgage disclosures address a multitude of concerns but fall short when it comes to helping prospective borrowers understand changes to numbers that occur during the origination of their home loans. An addendum has been presented to address this shortcoming.

Appellate Judge Rules for GSEs in IL County Lawsuit
Counties seeking to score big by suing Fannie Mae and Freddie Mac over unpaid transfer taxes have lost an appeal.

CFPB Mortgage Rules Make 3-Worst of 2013
Mortgage rules that are slated to go into effect in January were among the three worst regulations to hit the American public this year, according to a new ranking.

Bank Contributed to Lend America's Demise
An action filed in the bankruptcy case of Lend America alleges that its warehouse bank backed out of an agreement that contributed to the company's demise.

Over 1 Million Likely Work in Mortgage Business
Two primary metrics for measuring the number of people who work in the mortgage industry don't come near actual numbers -- which could exceed 1 million.

3 Million HARP Milestone Likely Reached in November
The number of home loans refinanced through the Home Affordable Refinance Program since it was launched likely blew past 3 million in November. Three states account for a majority of monthly HARP transactions with loan-to-value ratios above 125 percent.

National City Accused of Discriminatory Pricing
A settlement has been reached over government allegations that National City Bank used discriminatory pricing on mortgage lending to minority borrowers.

Early Stage Delinquency Increases
A month-over-month rise in total mortgage delinquency was powered by an increase in one-month delinquencies, as the foreclosure inventory rate was lower.

Watt to Delay Higher G-Fees Until Evaluation Done
Fannie Mae and Freddie Mac sellers can scrap their plans to begin making changes for higher guarantee fees announced earlier this month until after the incoming regulator of the pair of secondary lenders has had a chance to evaluate the impact of a fee increase.

Life Inside Prison for Former Bank Executives
The former chief of a failed Virginia bank and one of his former lieutenants are doing hard time in the same federal penitentiary.

BofA Wins HELOC Decision
A bankruptcy cannot be used to avoid financial responsibility for home-equity line of credit debt that was incurred fraudulently, according to a federal appellate decision.

Mortgage Bankers Trim 2014 Outlook
In their last forecast of the year, mortgage bankers slightly scaled back expected home loan originations for next year.

Freddie Delinquency Near Pre-Crisis Level
Delinquency is nearing pre-crisis levels at Freddie Mac. New business, meanwhile, stabilized after falling for four straight months to the lowest level in more than two years.

Purchase Financing Remains Strong
While overall mortgage business has softened over the past year, purchase financing is up by more than half. Also continuing to show strength is adjustable-rate activity.

Mortgage Market Index 171 in week ended Dec. 20

Ringleader of Nigerian HELOC Scam Sentenced
In a criminal case that could be right out of a fiction novel, the ringleader of a Nigerian group that stole from U.S. home-equity lines of credit who went on the lam has finally been sentenced to prison.

HECM Updates Delayed
In response to industry concerns about changes to the federal reverse mortgage program, the implementation date is being delayed.

Stonegate Emerges from Acquisitions as Billion Dollar Player
Stonegate Mortgage Corp. has completed its second acquisition since executing an initial public offering. Based on year-to-date originations from the combined units, monthly production exceeded $1 billion.

Fannie Slashes Q4 Refi Outlook
The forecast for refinance originations during the final three months of this year has been reduced nearly 40 percent by Fannie Mae. For the first time in three years, mortgages outstanding are expected to exceed $10 trillion.

FHFA Reaches Another MBS Settlement
Another lawsuit filed by the Federal Housing Finance Agency over alleged misrepresentations of the quality of private-label mortgage-backed securities has been settled -- bringing the total to around $7 billion.

Fannie Changes Servicing Transfer Requirements
The process for changes servicers on a loan owned or guaranteed by the Federal National Mortgage Association is changing.

Mortgage Rates Up, Could Climb Further
Interest rates on home loans turned higher this past week, and all indications are that they will continue rising.

Proprietary Modifications Slow as HAMP Picks Up
Driven by falling proprietary activity, monthly loan modification volume has slowed down. But modifications completed through the Making Home Affordable initiative have increased.

Huge Ocwen Servicing Settlement
Ocwen Financial Corp. and its loan servicing subsidiary have agreed to a multi-billion settlement over how it allegedly handled distressed borrowers.

Second-Half 2013 Refi Outlook Raised
The forecast for refinance originations during the second half of this year is brighter than it was just a month ago.

Matrix Becoming Significant Mortgage Servicer
A recently acquired mortgage servicer is emerging as a potential player with its growing acquisitions of mortgage servicing rights.

Fannie Changes Force Placed Insurance Requirements
Mortgage servicer requirements on forced-placed insurance have been updated by the Federal National Mortgage Association. Acceptable costs and carriers are addressed.

Fed Tapering Sends Stocks Soaring to Record Highs
The Federal Reserve announced that it would begin paring back its investments in agency mortgage-backed securities and U.S. Treasury securities -- sending stocks into the stratosphere.

Nationstar Prepares for Potentially More MSR Purchases
A deal announced by Nationstar Mortgage Holdings Inc. to sell servicing advances to a related company will provide capital that could be used to continue growing its mortgage servicing portfolio.

Further Consolidation at Impac
Following a disclosure that it would sell off a servicing subsidiary, Impac Mortgage Holdings Inc. said it is slashing its staffing level and eliminating branches.

Fully Paperless Mortgage Looking Less Likely Soon
Preoccupation with upcoming mortgage rules has fewer mortgage professionals expecting a quick migration to paperless closings, according to a new survey.

LoanSifter Acquired
The mortgage pricing engine LoanSifter Inc. has been acquired by a major competitor in a move that creates a pricing engine powerhouse.

Report: Servicers Communicate Modifications Poorly
A report from California's monitor for last year's settlement found that mortgage servicers have done a bad job of communicating with borrowers about loan modifications. Three of the firms, however, were commended for some of their actions.

Mortgage Closing Rates, Turn Times Improve
The share of home loan applications that closed strengthened last month, while the amount of time it took to close those loans was reduced.

BofA Unloads MSRs
Bank of America Corp.'s bank subsidiary this week unloaded mortgage servicing rights on more than 30,000 home loans.

Mortgage Branch Growth is Robust
While many mortgage firms have been cutting back on staffing as refinance business has dissipated, a number of firms continue to expand their branch networks.

CMBS Delinquency Down Over 200 BPS from Year Earlier
Delinquency on securitized commercial real estate loans has plummeted more than 200 basis points over the past year and is well on its way to a four-year low. Industrial property loans had the greatest month-over-month improvement, while multifamily performance deteriorated.

GSE Refi Volume Down 5 Consecutive Months
Monthly refinances closed for the government sponsored enterprises were down by nearly half from a year earlier and have fallen for five consecutive months.

Serious Delinquency Worsens on 2nds
The rate of first mortgages considered seriously delinquent turned lower last month, but the second mortgage rate continued deteriorating.

U.S. LTVs Improve, Negative Equity Diminishes
Hundreds of thousands of underwater homeowners moved into positive territory in the third quarter. Borrowers in Hawaii had the highest level of equity, while equity positions deteriorated in New York.

Slowing Refis Behind NC Layoffs
Dozens of employees have been laid off in North Carolina at a mortgage service provider as a result of declining refinances.

Economy Picks Up Steam
The U.S. economy is showing signs of life, and new home construction and the accompanying new businesses are expected to see growth-- though that doesn't bode well for interest rates.

New Index Measure Mortgage Risk
A new index attempts to predict how newly originated residential loans used for home purchases will perform in a bad economy. Government-insured mortgages fared poorly.

Lower Conforming Limits Proposed
A proposal has been made to begin the process of lowering the size of the maximum loan that can be purchased or guaranteed by Fannie Mae and Freddie Mac.

Mixed Views on Impact of New Rules
The impact of the new Consumer Financial Protection Bureau mortgage rules that go into effect next month varies depending who you ask.

Borrower Claims Countrywide Told Him Not to Repay
A borrower who accidentally received an embarrassing message from former Countrywide Financial Corp. chairman and chief executive officer Angelo Mozilo claims that the company, in an effort at damage control, told him he could stop paying his loans and they wouldn't foreclose.

Mortgage Fraud Prosecutions Fall to Post-Crisis Low
The quarterly level of prosecutorial activity on cases involving mortgage fraud fell to the lowest level since the financial crisis erupted. Despite the diminishing activity, two states saw a surge.

Mortgage Fraud Index 655 in Q3 2013

Texas Bank Fails
A financial institution near Houston failed last week, and the expected cost to the bank insurance fund is more than $10 million.

HOEPA Fee Trigger Being Raised Twice Next Month
The fee threshold for loans subject to Home Equity Protection Act requirements is being increased in two stages next month.

ARM, Jumbo Activity Jump Despite Overall Slowing
Mortgage rates jumped this week, sending new activity lower. But the volume of jumbo inquiries soared, while adjustable-rate business moved higher.

Mortgage Market Index 156 in week ended Dec. 13

Regulators Reassure Banks on Non-QM Lending
Federal financial regulators have clarified what they expect from financial institutions when it comes to making Qualified Mortgages and non-QM loans.

Lender Loses Mortgage Lead Lawsuit
A mortgage firm that claims LendingTree gave its best mortgage leads to its own mortgage banking subsidiary has lost an appeal.

FHA Makes Progress With Finances
While the Federal Housing Administration's Mutual Mortgage Insurance Fund is still operating in the red, the deficit has diminished.

Mortgage Firms Stop Lending as Bank Failures Plummet
Some mortgage lenders continue to abandon origination channels. Bank failures, however, have slowed to a trickle and are on track to come in lower than during any year since the financial crisis hit.

Stonegate Completes Acquisition of Wholesale Business
Stonegate Mortgage Corp. has completed the acquisition of a significant wholesale lending business in a move that is likely to push its overall production up by three-quarters.

Mortgage Rates Slip, Could Move Up
With a dearth of economic data this week, interest rates on home loans meandered lower. But one indicator suggests rates could increase in the next report.

Exemptions Finalized on High Priced Appraisal Rule
Exemptions to a rule that goes into effect next month on appraisal requirements for higher-priced mortgages have been finalized. Special provisions were made for financing manufactured home.

Evictions Suspended on GSE Loans
In what is becoming an annual ritual, evictions on foreclosed properties are being suspended for conventional agency loans during the holidays.

Home Loan Performance Encouraging
Mortgage delinquency is on track for its fourth annual improvement, albeit the degree of improvement is diminishing. The outlook for next year is another decline.

Another Servicer Helps Unemployed Borrowers Find Work
Another mortgage servicer is helping its distressed borrowers find jobs in a strategy that it hopes will help homeowners avoid foreclosure.

MSR Sale Driving Majority of EverBank Layoffs
A recent sale of mortgage servicing rights is behind a majority of layoffs announced by EverBank Financial Corp., though falling originations also took a toll.

Guide Helps Mortgage Firms Evaluate if Ready for Rules
An updated guide is intended to help lenders, servicers and financial institutions determine whether they are prepared for a host of new mortgage rules.

New Foreclosure Filings Fall to Bubble Era Levels
The last time new foreclosure filings have been this low was during the height of the real estate bubble. All other foreclosure metrics also showed significant improvement.

Total filings down 15% in November

ResCap Bankruptcy Plan Approved
After more than a year in bankruptcy, a judge has approved Residential Capital LLC's Chapter 11 Bankruptcy Plan.

Final Guidance Issued for Social Media
Final guidance for the use of social media by mortgage lenders and financial institutions acknowledges the value of the medium while discussing the risks and requirements for social media users.

Record Multifamily Issuances at Freddie
The year isn't even over yet, but the Federal Home Loan Mortgage Corp. is already proclaiming 2013 its best year ever for multifamily issuance.

DTIs Revised on Manually Underwritten FHA Loans
In an attempt to reduce lender overlays, revised guidelines on debt-to-income ratios have been issued for Federal Housing Administration-insured loans that are manually underwritten .

HUD Establishes QM Definition
The Department of Housing and Urban Development has established a definition for qualified mortgages on government-insured loans. HUD made some exceptions on special loan programs.

MSR Purchase to Push Walter Portfolio Past $200 Bil
A deal that has Walter Investment Management Corp. acquiring mortgage servicing rights on agency loans will push its servicing portfolio past $200 billion.

Watt Confirmed as FHFA Director
President Barack Obama's nominee for director of the Federal Housing Finance Agency has been confirmed by the U.S. Senate.

HUD Updates REO Appraisal Requirements
The Department of Housing and Urban Development has outlined new appraisal requirements for Federal Housing Administration financing on HUD real estate owned.

Fannie to Maintain Problem Appraiser List
Fannie Mae is updating its appraisal requirements and plans to provide sellers with a list of appraisers whose reports will require extra scrutiny or won't be accepted.

Repurchase Settlements With Freddie Pass $4.6 Bil
With its latest settlement over repurchase demands, the Federal Home Loan Mortgage Corp. has collected more than $4.6 billion.

Mortgage Insurer Improves Rescission Terms
A relatively new mortgage insurance company is cutting the amount of time that lenders must wait before their M.I. policies can no longer be rescinded.

BofA Making Progress on Mortgage Litigation
Brian Moynihan, the chief executive officer of Bank of America Corp., says that the company has been making progress on its mortgage litigation and working its way through the loans it inherited from Countrywide Financial Corp. He notes that BofA has been ahead of the regulatory curve.

Watt Expected to Win Senate Confirmation
President Barack Obama's nominee to lead the regulator and conservator of Fannie Mae and Freddie Mac is expected to overcome GOP opposition and secure a senate confirmation.

LTVs Tighten
Among the factors contributing to a slight tightening of credit last month was a pullback by investors on loan-to-value ratios.

G-Fees Raised
The cost of doing business with the Federal National Mortgage Association and the Federal Home Loan Mortgage Corp. just became more expensive. The good news is that loans in most states will no longer be assessed an adverse market fee.

Further Improvement in MGIC Delinquency
The inventory of delinquent policies fell to the lowest level in years at MGIC Guaranty Insurance Corp. New business, meanwhile, slowed.

Warning Issued on HELOC Performance
Cracks are beginning to appear in the nation's book of junior lien credit lines, and the problem could grow.

Pace of HAMP Growth Accelerates
The number of government-funded active loan modifications increased at a pace that was more than double the previous month's.

Active permanent HAMPs up 7,918 in October

Judge Approves BofA MBS Settlement
A federal judge has approved a settlement between Bank of America Corp. in investors of residential mortgage-backed securities.

Dodd-Frank Drives Hard Money Firm Out of OO Lending
Requirements of the Dodd-Frank Wall Street Reform and Consumer Protection Act are forcing at least one hard money lender to abandon owner-occupied transactions.

Ocwen Discloses Texas Layoffs
Among hundreds of mortgage layoffs recently disclosed by Ocwen Financial Corp. are more than 200 at three locations in Texas.

Nearly 5-Year Low for Serious Delinquency
The monthly rate of serious delinquency moved lower, hasn't risen in nearly two years and is at its lowest level in nearly five years. The number of completed foreclosures plunged.

City of LA Sues Another Lender
For the third time in two days, the city of Los Angeles has sued a large mortgage lender over allegations that discriminatory practices led to a wave of foreclosures.

FNF Servicer Rating Raised
Thanks to improvement in its operations compared to its peers, FNF Servicing Inc. saw its mortgage servicer rating improved.

2.5 Year Low for Ginnie MBS Issuance
Although monthly securitizations of reverse mortgages and jumbo mortgages moved higher at the Government National Mortgage Association, overall activity tumbled to the lowest level in two-and-a-half years. Multifamily issuance plummeted.

High Cost FHA Loan Limit Lowered
The new loan limits for mortgages that are insured by the Federal Housing Administration have been released.

FHA Purchase Business Leads Spike in Activity
Prospective mortgage borrowers came charging out of the Thanksgiving holiday week -- driving new business to the highest level since October. Leading the improvement was government-insured purchase financing.

Mortgage Market Index 187 in week ended Dec. 6

New Business Sinks at Radian
It's been 18 months since new business has been this bad at Radian Guaranty Inc. Delinquency, however, maintained an improving trend.

Carrington Recruiting Branches
Carrington Mortgage Services LLC is recruiting existing mortgage branches in an effort to boost next year's home loan originations. New recruits are promised strong marketing support.

Another Freddie Repurchase Settlement
The Federal Home Loan Mortgage Corp. has racked up another settlement with a large seller-servicer over repurchase demands.

Short Sale Tax Decision Came Day After Realtor Donation
A decision by the Democrat-dominated California Franchise Tax Board not to tax borrowers involved in short sales came just one day after Realtors donated $500,000 to the state Democratic party.

Wells Fargo, Citi Sued by Los Angeles
Two mortgage lending giants have been sued by the city of Los Angeles over allegations of predatory and discriminating lending practices.

Former Wharton Professor Sees Model for GSEs
A former professor at the University of Pennsylvania's Wharton School says that while an opportunity to eliminate Fannie Mae and Freddie Mac was missed, a model from one European country could work.

Contraction Continues With Mortgage Jobs
While the country as a whole continued to add jobs at a healthy pace, the mortgage sector continued to lose jobs. Mortgage employment was higher, however, on a year-over-year basis.

Fixed Rates Worsen, Could Keep Climbing
It's been more than two months since mortgage rates were this high, and all signs point to further increases. Short-term adjustable rates, however, moved lower.

Cordray Dispels Ability-to-Repay Myths
The head of the Consumer Financial Protection Bureau said that some rumors circulating about the Ability-to-Repay rule are just not true. He said that loans can still be made to borrowers with debt-to-income ratios that exceed 43 percent.

REIT Acquires Small Servicer
A real estate investment trust has acquired a mortgage servicer out of Texas with a servicing portfolio less than $10 billion.

Underwriting Standards to Ease on RMBS Loans
Next year will see a slow return for non-agency residential mortgage-backed securities, while underwriting standards will be relaxed. Borrowers on loans not designated as Qualified Mortgages will pay more than QM borrowers.

Cities Find Ally for Eminent Domain Scheme
In the eminent domain battle between municipalities and mortgage-backed securities investors, the municipalities have gained two more allies.

BofA Cutting Distressed Servicing Jobs
Continued improvement in loan performance has Bank of America Corp. eliminating more positions at California location that handles distressed borrowers.

Bankruptcy Filings On Pace for Six Year Low
Bankruptcy filings tumbled last month, with filings on pace to come in at the lowest level in six years. Consumer bankruptcies might fall below a million for the first time in six years.

Fifth Third, Former CFO Accused of Improper Accounting
Cincinnati-based Fifth Third Bank has been accused of using improper accounting on commercial real estate loans during the depths of the financial crisis.

PHH Accused of Deceiving Distressed Borrowers
PHH Mortgage Corp. has agreed to settle allegations that it misled distressed borrowers about the options available to them.

New Home Sales Surge
Increasing interest rates on residential loans wasn't enough to hold back buyers of new homes, according to the latest government figures.

Impac Selling Servicing Subsidiary
Impac Mortgage Holdings Inc. is selling a mortgage servicing subsidiary in a move that is expected to free up cash to grow its own servicing portfolio.

Non-QMs Present More Risk for RMBS
Home loans that don't carry a Qualified Mortgage designation will present more risk for loan securitization trusts, though the degree of additional risk will depend on the originator and the strength of the representations and warranties.

Growing Servicing Staffs Cut Into Profits
Small and mid-sized mortgage servicers have recently grown their servicing portfolios. But staffing expanded on a quarter-over-quarter basis, reducing efficiency and cutting into per-loan profits.

Per Loan Profits Plunge for Mortgage Lenders
As residential loan originations slid in the third quarter, the bottom line per loan plummeted due in large part to rising per-loan employee costs and dwindling secondary marketing gains. Still, per-loan revenue move higher.

Servicers Fall Short on Settlement Compliance
A review of how mortgage servicers have complied with requirements of last year's massive settlement found that they came up short in several areas -- though they are addressing the shortcomings.

Super-Jumbo Foreclosures Surge
The number of super-jumbo mortgages that have been foreclosed has soared over the past year, though the problem might not be as bad as it sounds.

Iowa Employees Impacted by Ocwen Layoffs
A decision by Ocwen Financial Corp. to reduce its mortgage servicing workforce impacts employees in three states, including Iowa.

Pa. Jobs Among Hundreds Eliminated by Ocwen
Several hundred employees were notified by Ocwen Financial Corp. that their positions are being eliminated, including more than 200 in Pennsylvania.

Servicing Income Mitigates Loss of Refinance Business
Falling refinance originations impacted the bottom line at independent mortgage bankers. But some lenders mitigated the impact with their servicing businesses.

Lodging Loans Lead Improvement in CMBS Performance
Past due payments on securitized commercial real estate loans tumbled last month, with late payments on hotel loans improving the most.

Mortgage Holdings Grow at Credit Unions
The amount of first mortgages owned by credit unions grew in the third quarter, but the number of credit unions was down.

CRE Loan Delinquency Reaches 2008 Levels
Late payments on commercial real estate loans for some investor types has fallen to levels not seen in five years.

Reverse Production Moves Higher
The U.S. government insured more reverse mortgages in November, and it looks like this year will finish with an annual gain.

Mortgage Daily Celebrates 15 Year Anniversary
Mortgage Daily is celebrating 15 years in business, a period that included record high originations, a sector meltdown and a sweeping overhaul of financial regulation.

Wholesaler Offers Lender Paid M.I.
A wholesale mortgage lender operating out of California is now offering a mortgage insurance product that is paid by the lender.

MTA Hits Lowest Level on Record
As expected, the Monthly Treasury Average hit a new low last month, and odds are that another new low is ahead.

MERS On a Streak
MERSCORP Holdings Inc. won another battle in its war with counties across the country that claim the registry is illegally skirting recording fees.

CMBS Quality Falls on Recent Vintages
The quality of loans being originated for commercial mortgage-backed securities has been deteriorating, though loan performance is expected to maintain.

GSEs Change, Align M.I. Requirements
Mortgage insurance requirements at the two government-sponsored housing enterprises have been updated and aligned. The changes are expected to go into effect next month.

Agency Issuance Down Over Half from Year Earlier
Securitizations by government-controlled housing finance agencies was down for the seventh consecutive month, with the Federal National Mortgage Association taking the biggest hit. Compared to a year earlier, business has plummeted by more than half.

COFI Up 3rd Consecutive Month
For three months' in a row, the 11th District Cost of Funds Index has moved higher -- though it still sits at just 1 basis point more than its record low.

Legal Uncertainty Weighs on BofA Shares
Shares of Bank of America Corp. have come a long way since falling below $3 during the depths of the financial crisis. But the price of BofA's common stock remains well below its pre-crisis high as future litigation costs remain uncertain.

BofA Reaches Repurchase Settlement With Freddie
A repurchase settlement between Bank of America Corp. and the Federal Home Loan Mortgage Corp. pales in comparison to another repurchase settlement BofA reached earlier this year.

Logout forgot
password?

SUBSCRIBERS: Edit Subscription | Subscription Help | or call 214.521.1300

Subscribe Contact Us Site Map

Copyright © 2017 Mortgage Daily, D a l l a s
Subsribers Only:

AMC directory

ARM indexes

mortgage company directory

mortgage regulations

net branch directory

p r i c i n g engine directory

wholesale lender directory

More Mortgage News Resources (full site map):

advertising news

appraisal news

bank news

biggest lenders

commercial mortgage news

corporate mortgage news

credit news

FHA news

financial regulation news

foreclosure news

free mortgage news

GSE news

jumbo mortgage news

interest rates

loan modification news

loan originator survey

LOS Newsletter

MBS

mortgage associations

mortgage-backed securities

mortgage books

mortgage brokers

mortgage compliance

mortgage conferences

mortgage directories

mortgage education

mortgage employment

mortgage employment index

mortgage executives

mortgage fraud

mortgage fraud blog

mortgage fraud local news

Mortgage Fraud Index

Mortgage Graveyard

mortgage insurance news

mortgage lawsuits

mortgage leads

mortgage lender ranking

mortgage licenses

mortgage litigation

Mortgage Litigation Index

Mortgage Market Index

mortgage mergers

mortgage news

mortgage politics

mortgage press releases

mortgage production

mortgage public relations

mortgage rates

mortgage servicing

mortgage statistics

mortgage technology

mortgage video

mortgage Webinars

net branch

net branch directory

nonprime news

origination news

originator tools

real estate news

refinance news

reverse mortgage news

sales blog

secondary marketing

social media

servicing news

subprime news

wholesale lenders

wireless mortgage news