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December 2016 Archive


COFI Bounces Off Record Low
Just a month after declining to the lowest level on record, the 11th District Cost of Funds Index took a turn for the worse.

TransUnion Reaches Advertising Settlement
TransUnion has revealed that it has agreed to settle charges related to the marketing and sale of its consumer reports and credit scores.

Brisk Pace of Integration Among LOS Providers
Recent enhancements to loan origination systems for real estate finance have focused primarily on integrations with other mortgage technology service providers.

Record Low for Mortgage Market Index
A combination of rising interest rates and the holiday season drove the U.S Mortgage Market Index to the lowest level it's been in its seven-year history.


Mortgage Market Index down 29%
Fannie Delinquency Rises 1st Time in Nearly 7 Years
After falling to the lowest level in over eight years, delinquency rose for the first time in almost seven years at the Federal National Mortgage Association.

Mortgage Rates Little Changed, Likely to Fall
There was little movement in fixed rates on residential loans during the past week, and the outlook is for a nice improvement over the next seven days.

Former HUD Secretary Calls Carson Strong Fit
While advocates for low-income and public-housing residents are alarmed at the prospective head of the Department of Housing and Urban Development, one former HUD secretary is not.

PHH Selling All MSRs
PHH Corp. has disclosed that it has reached an agreement to sell its entire portfolio of mortgage servicing rights, though it will subservice the loans.

OH Banks Settle Alleged Mortgage Discrimination
A pair of banks in Ohio have agreed to settle allegations of redlining in predominantly black neighborhoods that are located in Ohio and Indiana.

United Wholesale Parent Reaches FHA Settlement
The parent of United Wholesale Mortgage has agreed to settle allegations that it pressured and compensated underwriters to approve government-insured mortgages.

Mortgage Complaints Down From Year Ago
Despite a year-over-year increase in average monthly financial services complaints, there was a decrease in mortgage complaints.

GSE Initiatives Expected to Cut Mortgage Risk
The risk of bad data in mortgage applications was held in check, and government-sponsored enterprise initiatives will help even more next year.

Drop in Pending Home Sales Led By West
The volume of monthly contracts written on existing residential properties for sale turned lower, with activity in the West leading the drop.

C-Suites, SVPs Among Mortgage Executive Moves
Among several recent mortgage-related executive moves are a pair of c-suite promotions and a pair of senior vice president appointments.

Wells Helps Over 2k With Downpayment Help in 2016
More than 2,000 home-purchase transactions were enabled this year as a result of a Wells Fargo & Co. program that provides down payment assistance.

Florida Metros Lead Monthly Home Price Growth
On a month-over-month basis, cities in Florida dominated home price gains. On a year-over-year basis, a pair of Northwest cities continued to lead.

CMBS Delinquency Dips But Expected to Worsen
An improvement was recorded in the performance of securitized commercial real estate loans, though deterioration is forecasted for next year.

Midwest Leads Gain in New Home Sales
A sharp month-over-month increase in new home sales in the Midwest region was out front of an improvement on a national basis.

Mortgage Business Tumbles Heading Into Holidays
Moving into the holiday weekend, new mortgage business turned sharply lower. After surging in the previous report, jumbo lending activity plummeted.


Mortgage Market Index down 26%
Trio of RMBS Legal Actions Exceed $12 Billion
A trio of legal actions by the government are related to toxic residential mortgage-backed securities and include two settlements for more than $12 billion.

Mortgage Rates Surge to Over 2.5-Year High
Weekly mortgage rates surged to the highest level in more than two-and-a-half years, and the outlook is for them to stay put.

Home Values and Prices Move Higher
National home values and Home Price Indices have gained more than 6 percent on a year-over-year basis, though one forecast has a smaller gain over the next year.

FHA Business Holds Up, But Delinquency Worsens
Residential business held up at the Federal Housing Administration, with refinances accounting for a bigger share of endorsements. But monthly loan performance deteriorated.

Mortgage Delinquency Up, Foreclosures Down
Although mortgage delinquency has deteriorated for three consecutive months, the number of loans in foreclosure fell to an almost 10-year low.

Non-Bank GSE Origination, Servicing Share Surges
The share of mortgages backed by Fannie Mae and Freddie Mac that are originated or serviced by non-bank companies has risen sharply in the last five years.

Secondary Activity Up at Freddie Mac
Monthly business was modestly higher at the Federal Home Loan Mortgage Corp., as was the government-sponsored enterprise's portfolio.

Dems Scrutinizing Former OneWest Chief's Record
Senate Democrats are scrutinizing the likely new Treasury secretary's record on foreclosures while he was chief of OneWest Bank Group LLC.

NE Leads Existing Home Sales to Nearly Decade High
Just one month after the rate of existing home sales climbed to the highest level in nearly a decade, sales moved even higher. The Northeast led the rise.

Freddie Nudges Up Q4 Origination Forecast
The Federal Home Loan Mortgage Corp. raised its expectations for current-quarter originations, though the bump came at the expense of the prior period.

Election Not Yet Impacted Mortgage Metrics
Monthly metrics for mortgage originations have yet to reflect the impact from the presidential election -- with the closing rate deteriorating, turnaround slowing and refinance share holding.

Mortgage Applications Rise Despite Worsening Rates
Even though interest rates on home loans have ascended to the highest level in more than two-and-a-half years, new mortgage applications still accelerated.

Non-Banks Grow Share of Mortgage Originations
As U.S. residential lenders saw mortgage production soar on a quarterly basis, non-bank originators grabbed market share from their financial institution counterparts.

HAMP Volume Up from Year Ago
While monthly loan modification volume slowed, there was a year-over-year increase for government-supported modifications.

Record Number of Mortgage Originators in NMLS
More home-lending originators are registered in the Nationwide Mortgage Licensing System than at any time since there registry went live.

Modest Drop in Mortgage Forecast Despite Rate Jump
Despite a 50-basis-point increase in expected long-term mortgage rates during the first half of next year, the reduction to forecasted originations was modest.

Mortgage Risk Lower Over Past Year
Over the past year, average loan-to-value ratios and debt-to-income ratios are lower on mortgage originations, as is the accompanying risk.

2nd Mortgage Delinquency Tumbles
Serious delinquency on second-lien mortgages tumbled 10 basis points on a month-over-month basis, while first-mortgage performance was unchanged.

Small Nonbank Servicers See More Portfolio Growth
Smaller servicers of distressed residential loans have seen the size of their servicing portfolios expand a faster pace than their larger servicing counterparts.

Mortgage Firms Achieve Best-Employer Status
Among mortgage-related organizations to be designated among the top employers in their communities are a financial institution regulator, a mortgage insurer and several mortgage bankers.

New Penn Chief Launches HEL Lender
The chief executive officer of New Penn Financial LLC has co-founded a retail lender that will capitalize on home-equity loan products.

Top Mortgage Executive Leaving Citi
A senior executive at Citigroup Inc. who is responsible for overseeing the firm's mortgage business has notified the company he is leaving.

Refi Slump Overcomes Purchase Boost, Jumbo Soars
A deceleration in new mortgage refinance activity more than offset a week-over-week increase in purchase financing. New jumbo business, however, moved solidly higher.


Mortgage Market Index down 2%
October Mortgage Originations Very Strong
Monthly home-lending volume recently soared thanks to strong refinancing activity. But the nation's mortgage production is poised to tumble.

Mortgage Demand Falls, Credit Standards Hold
As expected, the recent rise in rates is having a negative impact on demand for home financing -- especially refinances. Thus far, credit easing remains elusive.

Another Round of New York Layoffs by PHH
Less than three months after disclosing dozens of mortgage servicing staff cuts in New York, PHH Mortgage Corp. has disclosed dozens more.

Completed Construction Soars to Nearly 9-Year High
New home construction was completed at a pace that hasn't been seen in nearly nine years thanks to a surge in apartment activity. But multifamily dragged down permits.

GSE Refinances Fall, Slowest HARP Month on Record
Just a month after surging to a three-year high, refinances of government-sponsored enterprise loans fell -- with federally funded transactions falling to an all-time low.

Mortgage Rates Up, Further Deterioration Ahead
After ascending to the highest level in more than two years, mortgage rates moved even higher and are likely to be much worse in next week's report.

Ocwen Consolidates Wholesale, Correspondent
Ocwen Financial Corp.'s operating subsidiary has combined its and wholesale and correspondent sales divisions into a single business.

Northeast Leads Surge in Builder Confidence
Residential home builders are more optimistic now than they have been in more than a decade. The biggest improvement was in the Northeast.

Q1 2017 Mortgage Origination Forecast Trimmed
A 30-basis-point increase in expected interest rates has led to a small reduction in projected first-quarter mortgage production.

HUD Eases DE Test Phase Process
The process of obtaining direct endorsement authority from the Federal Housing Administration has been made a little easier.

Mobile Mortgage Apps Expected to Exceed $30 Bil
Next year, residential loan applications are expected to be completed by millennials through a mobile device for more than $30 billion in mortgages.

Mortgage Delinquency Forecasted to Fall
Mortgage delinquency has been falling and is forecasted to continue the decline, though the rate of improvement is expected to slow.

New CEO at PennyMac
A new chief executive officer has been named by PennyMac Financial Services Inc. In addition, the young mortgage banking firm announced several other executive appointments.

Refi Share Widens Despite 2-Year High for Rates
Even as interest rates on residential loans surged to the highest level in more than two years, refinance share of mortgage applications widened.

Rule Requires GSEs to Support Underserved Markets
A final rule has been issued that requires the Federal National Mortgage Association and the Federal Home Loan Mortgage Corp. to support home financing in underserved markets.

Monthly Ginnie Mae MBS Issuance Dips
Monthly securitizations on behalf of the Government National Mortgage Association eased, though the firm's book of business grew.

Defaulted Mortgage Liquidation Timelines Improve
The amount of time it takes to liquidate a securitized defaulted mortgage appears to have peaked, and the timeline is starting to decline.

Continued Drop in Mortgage Lates, Foreclosures
Further improvement has been made in the performance of home loans, while the foreclosure rate and pace of repossessions moved lower.

GSEs Announce Annual Foreclosure Moratorium
In what has become an annual tradition, the government-sponsored enterprises are suspending foreclosure evictions during the holiday season.

Mobile Mortgage Experience Enhanced
Mortgage bankers and their service providers continue to make headway improving the mobile experience for prospective borrowers and lenders alike. Bankers have some tips about mobile security.

Marketplace Lender Securitizes Jumbo Loans
A marketplace home lender that is operating out of Northern California has pulled off its first securitization of jumbo residential mortgages.

Massive GSE MSR Offerings
A pair of offerings have hit the market for mortgage servicing rights on more than $10 billion in government-sponsored enterprise home loans.

Ally Bank Reveals New Mortgage Program
Just one year after telling investors that it planned to wade back into the mortgage waters, Ally Financial Inc. has taken a big step into submerging itself into real estate finance.

Weekly Mortgage Activity Up Again
New mortgage activity increased for the second consecutive week likely due to anticipation of a rate hike next week by the Federal Reserve.


Mortgage Market Index up 22%
Solid Mortgage Growth at Finance of America
As quarterly home lending took a giant leap at Finance of America Holdings LLC, the mortgage servicing portfolio expanded and staffing increased.

Appraisal Regulations, Compliance and Updates
As appraisers urge the nation's lawmakers to reduce the amount of regulations appraisers are subject to, service providers are helping lenders maintain their own compliance.

Mortgage Risk Falls on New Originations
A new index that measures the risk of default on new home-loan originations indicates that mortgage investors have seen risk fall.

Mortgage Firm Adding Jobs on East, West Coasts
A three-year-old residential lender based on the East Coast is adding staff on the West Coast and has plans to expand its east coast staff.

2017 NMLS Renewal Activity Robust
Loan originators and the companies they work for have been busy renewing licenses through the Nationwide Multistate Licensing System.

10-Day Loan Closing Program Launched
A brand new loan program offers the possibility of cutting the time necessary to approve and close a loan from over a month to fewer than 10 days.

2-Year High for Mortgage Rates
It has been more than two years since long-term interest rates on residential loans have been this high, and some signs point to further escalation.

Home Equity Improves as Average LTV Drops
Home lenders' loan portfolios have grown less risky as average loan-to-value ratios have improved and average home equity has grown.

$1 Bil in Home Lending at Marketplace Lender
A marketplace lender says it has exceeded $1 billion in mortgage originations, more than doubled its staff and launched a securitization vehicle.

Freddie Implements Common Securitization Platform
As anticipated, the Federal Home Loan Mortgage Corp. has implemented the common securitization platform on some of its securities.

MSRs on $1 Billion in GSE Loans On the Market
An offering of mortgage servicing rights on more than $1 billion in government-sponsored enterprise home loans has hit the market.

Reverse Mortgage Firms Agree to Settlements
A trio of reverse mortgage companies has agreed to settle allegations that they misled prospective borrowers with deceptive advertising.

MSR Income Helps Mortgage Servicers Cut Losses
An improvement in losses tied to mortgage servicing rights helped the nation's servicers of home loans reduce their losses during the most-recent quarter.

Lower Expenses Drive Up Mortgage Production Profits
As quarterly home-lending volume escalated, mortgage banking organizations were able to lower their per-loan production expense and boost their per-loan profits.

Despite Drop in CRE Loan Delinquency, CMBS Worse
While quarterly performance on most types of commercial real estate loans improved, late payments deteriorated on securitized CRE loans.

Rise in Purchase Apps Offsets Weakened Refinances
Escalation in applications for loans to finance a home purchase offset a descension in the volume of applications for mortgage refinances.

Mortgage Firms Report Rising Originations
Multiple residential lenders have recently reported strong mortgage originations. Some have touted all-time high quarterly activity, while monthly records were announced by others.

Credit Standards to Ease Due to Rising Rates
Credit standards for loans included in residential mortgage-backed securities are expected to loosen next year as interest rates rise.

CashCall Cuts Mortgage Staffing
A recent round of layoffs at CashCall Inc. has been attributed to seasonal and market factors that are expected to impact the entire home-lending industry.

Mortgage Firms Make Executive Appointments
Among several recent appointments at real estate finance organizations are an addition to the board of directors at a government-sponsored enterprise, a chief financial officer at a residential lender and a pair of wholesale executives and a large mortgage banking firm.

Mortgage Events Taking Place on East Coast
Several mortgage-related events being held over the next few months on the East Coast will cover mortgage-backed securities, compliance and regulation-related topics.

Consumer Bankruptcies Down 3 Months in Row
In addition to falling from a month earlier and a year earlier, the number of consumer bankruptcy filings has retreated for three consecutive months.

Mortgage Credit Eases, Further Loosening Likely
For the third month in a row, credit conditions in residential lending have loosened -- a trend that is likely to continue given recent events.

Trump Makes Carson HUD Secretary Choice Official
The president-elect has made official his choice to run the Department of Housing and Urban Development. Unlike some of his recent predecessors, the pick has no housing experience.

House Passes Bill to Peel Back Dodd-Frank Provision
On Thursday, the House of Representatives voted to pass legislation that would raise the threshold for banks that are considered to be too big to fail.

Quicken Lobbyist Named to Trump Transition Team
A Quicken Loans Inc. executive who until recently was registered as a lobbyist for the firm has been named to President-elect Donald J. Trump's transition team.

Monthly HECM Production Diminishes
Government-insured reverse mortgage production retreated last month, though there were a few large producers that were able to lift volume.

New Mortgage Business Recovers From Holiday
As expected, new home-lending activity bounced back from the holiday week. Refinance and adjustable-rate business were the biggest beneficiaries, while jumbo activity took the biggest hit.

Mortgage Market Index 129
Risk Retention to Exacerbate Maturing CMBS Defaults
Growing defaults from a wave of securitized commercial real estate loans that are maturing are likely to be exacerbated by the upcoming implementation of the risk retention rule.

Mortgage Jobs Increase But Likely to Decline
Mortgage employment has expanded for eight consecutive months now, though recent market conditions are likely to lead to contraction.

16-Month High for Rates, Further Spike Likely
It's been nearly a year-and-a-half since fixed mortgage rates have been as high as they are now, and the outlook is for another sharp increase.

2017 FHA Loan Limit Raised
Following last week's escalation in the conforming loan limit, the limit on mortgages insured by the Federal Housing Administration has been increased.

Former Net Branch Giant Loses FHA Lawsuit
The government has won a lawsuit against a former net branch mortgage giant that will cost the firm and its chief nearly $100 million.

Former BBT Chief Eyes Fed Chair Job
The former chief executive officer of BB&T Corp., who has called for abolishing the Federal Reserve, says he'd be interested in running the central bank.

Rise in Refis Offset by Drop in Purchases, HELOCs
An increase the number of quarterly refinances was more than offset by a decline in purchase-money and home-secured credit line volume.

Fannie Drives Down Agency MBS Issuance
Issuance of agency mortgage-backed securities retreated to the lowest level in four months, and it was the Federal National Mortgage Association that drove the decline.

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