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June 2015 Archive

Up Tick for COFI
The Cost of Funds Index reversed course and turned higher, as did a far more popular index for adjustable-rate loans.

Servicers Fare Well in Settlement Compliance Report
The latest report card is in for residential loan servicers included is a massive servicer settlement three years ago, and the group fared well.

CMBS Delinquency Up First Time in 8 Months
The rate of delinquency on securitized commercial real estate loans moved higher for the first time in eight months during June. Loans backed by retail and multifamily properties led the increase.

CFPB Seeks More Feedback on Complaint Database
The nation's regulator of consumer financial products wants feedback about how to present data from its controversial complaint database.

New FHA Business Climbs to 2-Year High
It's been almost two years since monthly government-insured mortgage originations were this strong. But despite an acceleration in new business, loan performance deteriorated.

Industrial Properties Lead Drop in CMBS Lates
More borrowers on securitized commercial real estate loans made on-time monthly payments last month, with industrial property owners making the biggest improvement.

Quicken Accused of Illegal VA Ads
Direct mail advertisements sent by Quicken Loans Inc. to veterans in the state of Washington allegedly violated state laws.

Q1 Mortgage Originations Soar from Year Earlier
Residential loan originations -- including traditional mortgages and home-equity products -- leapt during the first three months of this year. First mortgage activity supported the surge.

Northeast Leads Gain in Pending Home Sales
Pending home sales for the country increased last month, and the gain was led by activity in the Northeast.

Former Bank CEO, CFO Arrested
The former chief executive officer and chief financial officer of an Oregon bank have been indicted over alleged accounting fraud.

Former Fannie CEO's Firm Makes Mortgage Acquisition
A mortgage banking firm run by the former chief executive officer of Fannie Mae has announced plans to make a mortgage acquisition.

Refis Lead Increase in Weekly Mortgage Business
New mortgage activity moved higher over the past week, and refinance transactions were out front of the ascension.
Mortgage Market Index 140 for week ended June 26
Banks' Mortgage Performance Improves
Delinquency on home loans owned by banks continued to improve on a quarterly basis as the foreclosure and repossession rate retreated. New foreclosure filings, however, rose.

CFPB Complaint Database Goes Live
A controversial plan to publish complaints about mortgage lenders made by anonymous consumers has come to fruition.

Mortgage Rates Little Changed, Might Hold Again
Interest rates on residential loans didn't move a whole lot during the past seven days, and further inaction is expected during the next seven days. But increases are projected further out.

Silver Lining in Disparate Impact Decision
The nation's highest court has made a decision on disparate impact claims, and it's not all bad for home lenders.

Risk of Occupancy, Valuation Fraud Still a Problem
The risk of overall mortgage fraud retreated last year. Still, the risk of occupancy and valuation fraud remains elevated.

Nearly 2-Year High for Freddie's New Business
It's been almost two years since new business was this strong at the Federal Home Loan Mortgage Corp. Even better, residential delinquency was at its lowest level in more than six years.

Guild CEO Recognized as Entrepreneur of the Year
The president and chief executive officer of a thriving mortgage banker has been locally recognized as the entrepreneur of the year in the financial services industry.

Adjusted TRID Date Proposed
If a proposed implementation date for integrated disclosures is finalized, mortgage firms and their service providers will have a couple more days than expected to make the conversion.

Q2 A Peak for Mortgage Originations
Data from secondary mortgage giant Freddie Mac indicate that the current quarter will be a peak for originations.

Delinquency Worse Despite Foreclosure Decline
The foreclosure rate has moved lower four consecutive months. But foreclosures starts were up, and 30-day mortgage delinquency has deepened two months in a row.

Flagstar Appoints New Mortgage Chief
The home lending unit of Flagstar Bancorp Inc. has a new leader with nearly three decades' experience in the mortgage business.

Lenard Israel named president of mortgage
Q2 Origination Outlook Lifted, 2nd-Half Lowered
The latest real estate finance forecast has second-quarter originations coming in higher than previously expected, while the second-half 2015 outlook diminished.

Problems Persist at Some Mortgage Servicers
A regulatory report indicates that a few servicers of residential loans are illegally engaging in dual tracking or runarounds.

GSE AUS Fees Eliminated
With Fannie Mae's elimination of the fee for its automated underwriting system, both government-sponsored enterprises have now done away with the cost.

Northeast Leads New US Home Sales to 7-Year High
More than seven years have passed since the rate of new home sales was as good as it was last month. The rate soared in the Northeast.

Mortgage Origination Outlook Weak
The latest outlook for the mortgage business has volume declining each of the remaining quarters for the rest of this year, though purchase activity is showing signs of life.

Mortgage Servicers v Borrowers
The latest round of servicer litigation activity includes a servicer, evidently weary of a Maryland couple's frequent lawsuits, that asked for a court ruling forbidding them from suing again. A Florida court clarified for mortgage firms what constitutes an attempt to collect a debt when communicating with a debtor about loss mitigation comprise, and a federal appeals court ruled on the timing of online payments.

Conferences Address TRID, Secondary Issues
Among the topics being covered at upcoming mortgage-related events are secondary marketing and the new integrated disclosures required under the Truth in Lending Act and the Real Estate Settlement Procedures Act.

1st Time Buyers Help Existing Home Sales Surge
Sales of pre-owned homes leapt last month to the highest level in more than five years, and it was first-time home buyers who helped fuel the surge.

Non-Bank Mortgage Lenders Gain Market Share in Q1
Home loan production increased during the first-three months of this year, and it was non-bank originators that made the biggest gain.

FHA Leads Business Lower, Though Jumbo Up
Interest rates on home loans improved, but apparently not enough to drive up new mortgage business. Government-insured activity led the decline, while jumbo business inched higher.

Mortgage Market Index 126 for week ended June 19
Big Decision in Repurchase Lawsuit
A federal judge has handed down a decision in a case that could have big implications on other repurchase lawsuits.

Bank Mortgage Lenders and Originators Decline
Compared to a year ago, the number of financial institution mortgage lenders and their loan originators has declined, while non-bank lenders and originators have increased.

Portal Lets Investors Pick Home Loans by TPO Source
A new portal promises to help mortgage brokers and loan correspondents improve profits while allowing investors to pick and choose individual loans.

HUD Takes Steps to Increase FHA Lending
A revised defect classification system is expected to help Federal Housing Administration mortgagees be more confident about making government-insured loans.

Rates Retreat on Mortgages, VA Rates Lowest
Interest rates on residential loans improved this past week and could hold. Loans to veterans had rates that were lower than than on government-insured and conventional mortgages.

Monthly MBS Issuance Slips at Ginnie
Aside from an up tick in reverse mortgage and multifamily activity, issuance of Government National Mortgage Association securities slowed last month. An overhaul of document custody policies is planned.

Foreclosures Worsen from Year Ago
Although there was little change in foreclosure activity on a month-over-year basis, foreclosures have worsened compared to a year earlier.

Total May filings up 1% from previous month
Refinancing of GSE Loans Most Since 2013
After soaring to the highest monthly volume since 2013, refinances of government-sponsored enterprise loans did it again. Freddie Mac loans were behind the surge.

Mortgage Executives See Home Prices Rising
Senior mortgage executives are optimistic about home prices, though a diminishing share expect loan demand to increase over the next three months.

CFPB Relents: Delay Proposed in TRID Implementation
Intense lobbying by the financial services industry and prodding by Congress has apparently swayed the head of the Consumer Financial Protection Bureau.

HAMP Volume Surges
Monthly loan modification volume climbed to the highest level in more than a year. Behind the up tick was a surge in the government's loan modification program.

3 Servicer Orders Terminated, New Restrictions for 6
Consent orders issued four years ago against three large banks have been terminated, while six other financial institutions face new restrictions.

Mortgage Market Conditions Worsen
Home-loan closing rates diminished last month, while turnaround deteriorated. Lenders tightened up on credit scores and debt ratios, though loan-to-value ratios inched higher.

Boomerang Borrowers Could Boost Mortgage Biz
Lending to all borrowers who were negatively impacted by the mortgage crisis but have since recovered would exceed $400 billion over the next few years if all of them returned to the housing market. But many won't even be aware of their eligibility.

Average LTV Declines
Residential lenders saw improvement in their collective equity position as more underwater borrowers moved to a positive-equity position.

Discover Home Loans To Close Down
The home lending unit of Discover Financial Services has failed in its attempt to become the next Quicken Loans Inc. and will shut down.

Record Low Serious Mortgage Delinquency
The rate of serious delinquency on home loans stands at the lowest level on record. On just second mortgages, it was the second consecutive new low.

Building Permits Soar Despite Drop in Construction
The bad news is that home builders started construction on fewer homes last month. The good news is that new permits for home construction were solidly higher.

Best Mortgage Employers
The results are in, and a number of mortgage-related firms are claiming the distinction of being recognized among the best employers.

Guidelines Eased at Genworth
Genworth Mortgage Insurance has lowered credit score requirements, increased debt-to-income ratios and expanded its jumbo limits. Appraisal requirements have been eased.

Radian Loosen Guidelines
Changes to Radian Guaranty Inc.'s guidelines increase some loan-to-value ratios, ease credit requirements and make construction loans easier to do -- among other things.

Quicken's Gilbert Faces Off With Branson
It was a showdown between billionaires as Sir Richard Branson and Quicken Loans Inc. Founder Dan Gilbert offered personal advice on entrepreneurship.

A Few Moderate Dems Hold Fate of Dodd-Frank Reform
If there is any chance that there will be changes to federal financial regulations, it rests with four moderate Democrats on the Senate Banking Committee.

Refis Retreat on Rising Rates
Refinances led weekly mortgage activity lower as fixed interest rates on residential loans made a move higher.

Mortgage Market Index 135 for week ended June 12
HUD Expands HECM Non-Borrowing Spouse Protections
Spouses of deceased borrowers on government-insured reverse mortgages who weren't on the original loan have been provided more protection.

Wholesalers Add FHA, VA and Non-QM Products
Wholesale mortgage lenders have been expanding their offerings recently, and government programs and non-QM programs were among the additions.

Legal Experts Weigh In on CFPB Action Against PHH
Several legal experts have weighed in on the Consumer Financial Protection Bureau's decision to order PHH Corp. to pay $100 million more than was recommended by an administrative law judge.

Mortgage Rates Surge, But Could Retreat
Fixed rates on home loans soared to the highest level since October. But some market indicators point to a decline in the next report.

MSR Sales Help Ocwen Liquidity, But Outlook Weak
Ocwen Financial Corp.'s recent and upcoming sales of mortgage servicing rights will help cut its debt. But its ongoing business model doesn't look promising.

Quicken Loans Hiring Hundreds in Arizona
Hundreds of open positions in the Grand Canyon state at Quicken Loans Inc. are expected to be filled relatively quickly.

The Department of Housing and Urban Development has lost its chief financial officer. He had only been in the job just since last year.

Brad Huther had been in role since 2014
CoreLogic Employee on Leave for Role in McKinney Melee
In addition to the resignation of the police officer at the center of the McKinney, Texas, controversy, CoreLogic Inc. has placed an employee on leave for her role instigating the incident.

Mortgage Firms Add to Payrolls
Several real estate finance firms have been recently adding to theirs staffs, with many of the new positions being in mortgage production.

Auditor to Assess Ocwen Servicing Compliance in CA
An auditor has been named by a California regulator to determine whether Ocwen Financial Corp.'s mortgage servicing practices comply with federal and state laws.

Over 2/3 of Top Latino LOs Work at Wells Fargo
A ranking of the 250 top-producing Latino mortgage originators is out, and more than two-thirds of the group are employed at Wells Fargo & Co.'s home lending unit.

Host of Executive Roles Filled at Mortgage Firms
A number of executives have been recruited or promoted by a variety of mortgage firms. Among the roles filled are economist, chief compliance officer and chief operations officer.

Regulatory Impact on Banks' Mortgage Business
A new report indicates that some banks see mortgage regulations impacting their originations and servicing. The report also identified the most widely used loan origination systems by banks.

7-Year Low for Serious Mortgage Delinquency
Residential loan servicers were able whittle down the rate of serious delinquency to the lowest level in more than seven years.

Wholesale HECM Business Up Even As Retail Drops
Although monthly production slowed at retail originators of government-insured reverse mortgages, wholesale reverse mortgage lenders saw an up tick.

Kentucky Counties Lose Appeal in MERS Lawsuit
A decision by a federal court to dismiss a lawsuit filed three years ago by counties in Kentucky against Mortgage Electronic Registration Systems Inc. has been upheld on appeal.

Big Portfolio of Ginnie MSRs Up For Sale
Mortgage servicing rights on more than $2 billion in Government National Mortgage Association home loans are on the market.

CFPB Reaches YSP Settlement With 6th Lender
Just days after  disclosing a settlement with a lender over the use of yield spread premiums, the Consumer Financial Protection Bureau is at it again -- bringing to six the number of recent YSP-related settlements.

Best Month in Years at MGIC
It has been years since new business has been this good at MGIC Guaranty Insurance Corp., and the story was the same for delinquency.

Biggest Mortgage Lenders Increase Quarterly Volume
Most of the 10-largest home lenders improved on their quarterly loan originations. But among the 10-biggest mortgage servicers, half saw their portfolios diminish.

FHA, Purchases Lead Rise in Weekly Mortgage Biz
Weekly mortgage activity bounced back from the holiday week, and it was government-insured loans and purchase financing that led the rebound.
Mortgage Market Index 140 in week ended June 5
Lenders Lose On Appeal in FL Foreclosure Litigation
The Sunshine State is a hotbed for foreclosure litigation, and standing continues to bedevil lenders -- with several lenders losing on appeal.

Rates Soar on Strong Employment Data
U.S. employers added more jobs last month than any month this year -- sending bond yields soaring. The strong results spilled over into mortgage employment.

Mortgage Rates Hold, Could Inch Up
Mixed economic data helped keep long-term fixed interest rates on residential loans from moving this past week. Rates might inch up in the next report -- though an upcoming economic report could significantly alter that forecast.

Solid Growth at Stearns Lending
Stearns Lending Inc. has grown its mortgage servicing portfolio and expanded its staffing. Loan originations have more than doubled over the past year.

Borrowers Being Misled by Reverse Mortgage Ads
The results of a new study indicate that many prospective borrowers on reverse mortgages are being left with false impressions about the product.

Another YSP Settlement
A slew of recent settlements center on the use of yield spread premiums and the impact they have on borrowers. The latest such agreement alleges that a lender used tactics to hide such illegal activities.

Cashout, FHA 203k Loans Drive Up Credit Availability
Credit conditions in residential lending continued to improve last month, with cashout and government-insured home-improvement loans behind the easing. Jumbo conditions, however, tightened.

Mixed Responses to TRID Regulatory Relief
Today, the Consumer Financial Protection Bureau said it would recognize the mortgage industry's good-faith compliance efforts on integrated disclosures. But not everybody is happy with the response.

Employment Settlement for Mortgage Service Provider
A company that provided services on distressed loans insured by the government has agreed to settle charges it didn't provide adequate compensation to contract employees.

Mortgage Servicing, Staffing Expand at Navy FCU
Although quarterly mortgage production was basically flat at Navy Federal Credit Union, there was growth in its mortgage servicing and staffing.

MSRs Hurt Mortgage Servicing Income
Deterioration in income derived from mortgage servicing rights kept home loan servicers in the red during the first three months of this year.

Secondary Gains Drive Up Mortgage Production Profits
A surge in secondary marketing gains helped push up how much mortgage bankers earned on their quarterly loan production.

Mortgage Firms Set Up Shop in New Locations
Several mortgage companies have opened new offices in eight different states. In addition, a recruiting firm seeks mortgage professionals for branches in the Lone Star State, on the East Coast and on the West Coast.

Staff, Originations Grow at Prosperity Home Mortgage
Quarterly loan production at Prosperity Home Mortgage LLC ascended. In addition, the size of the firm's staff increased.

Mortgage Servicers Face More Regulation in Hawaii
A new law that has been enacted in the Aloha State requires mortgage servicers to make a good-faith effort to modify loans and avoid foreclosure -- among other things.

Bankruptcy Filings Move Lower
The number of consumers who resorted to bankruptcy last month was reduced on a month-over-month and year-over-year basis.

FHA Originations Explode, Delinquency Tumbles
A surge in refinance activity helped push up Federal Housing Administration lending by nearly three-quarters on a month-over-month basis. Loan performance also made a big improvement.

Prison for Chase Secondary Marketing Employee
A former employee in the secondary mortgage market division of JPMorgan Chase Bank, N.A., has been sentenced to hard time for taking bribes.

Another Decline in HECM Production
For the fourth month in a row, originators of government-insured reverse mortgages have seen loan production slow. The decline was most apparent at Walter Investment Management Corp.'s reverse lending unit.

CMBS Loans Lead Decline in CRE Delinquency
Although past-due payments on commercial real estate loans for most investor types moved lower, it was securitized loans that saw the biggest improvement.

Fannie New Biz Highest Since 2013 But Set to Slide
New business ascended to the highest level since the fall of 2013 at the Federal National Mortgage Association -- though volume is poised to turn lower. Serious residential delinquency, meanwhile, was at its lowest level since the secondary lender was forced into conservatorship.

MTA Ascends to 2-Year High
It's been more than two years since the Monthly Treasury Average has been as high as it was last month.

Bankruptcy Courts Can't Strip Jr Liens
Junior liens held by mortgage lenders can't be voided by a bankruptcy judge just because the borrower is in a negative-equity position, according to a decision from the nation's high court.

Fannie Leads Decline in Agency MBS Issuance
For the first time in four months, the volume of agency mortgage securitizations turned lower -- with the the Federal National Mortgage Association taking the biggest hit.

Aggregator Doubles Jumbo Mortgage Limit
A company that aggregates and securitizes jumbo mortgages has more than doubled its jumbo loan limit on a government sponsored enterprise program.

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