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June 2017 Archive

Hensarling Talks Financial Choice Act
Among several topics covered in an interview with Rep. Jen Hensarling (R-Texas) was his legislation that would be a sweeping rollback of the Dodd-Frank Wall Street Reform Act.

Mortgage Rates Dip to 2017 Low, Likely to Soar
Long-term interest rates on mortgages fell to the lowest level in over seven months. But next week's report is likely to reflect much higher rates.

Non-QM Is Not The New Subprime
A new report indicates that residential lending to borrowers who don't meet Qualified Mortgage rule requirements is not the same as pre-crisis subprime lending.

Mortgage Risk Rises, Purchase Shift Blamed
An increasing share of home purchase transactions is having a negative impact on the risk of defects, fraud and misrepresentation in home-lending applications.

CMBS Slam Into Maturity Wall, Multifamily Meltdown
The performance of securitized commercial real estate loans worsened more than it has in over five years as loans made 10 years ago reached maturity. Apartment loan lates skyrocketed.

3rd Consecutive Month of Falling Pending Home Sales
A frustratingly persistent shortage of inventory in the market for pre-owned single-family properties helped drive down pending sales for the third consecutive month.

Best U.S. Banks
A new ranking of financial institutions based on their reputations had the banking sector improving despite a major scandal involving fraudulently created accounts.

New Mortgage Wholesaler Expands Business
Fresh off a recently made major mortgage acquisition that included a wholesale lending business, Home Point Financial Corp.  is expanding the unit.

Easier Mortgage Credit Conditions Not a Warning
Although mortgage executives plan to relax credit requirements, the easing is not the same as was done before the nation's housing market collapsed nearly a decade ago.

Refinances Lead Decline in Mortgage Applications
With refinance activity leading the way, a weekly decline was reported for the number of prospective borrowers who initiated the home-loan process.

Real Estate Economist Optimistic About Millennials
The chief economist of Stewart Title is optimistic about the U.S. economy, the impact of rising interest rates and millennials.

5 Highest Appreciating Home Markets Include 3 Ds
Although two cities located in the Northwest consistently top the list of areas with the fastest-rising home values, a trio of D-cities recently rounded out the top five.

Bank Unloads Mortgage Business
The mortgage banking remnants of a bank that failed during the depths of the financial crisis have been scooped up by one of the nation's biggest lenders.

Reverse Mortgage Business Acquired
The reverse mortgage unit of a Maryland-based home lender has been sold in a transaction that promises to create a top-tier reverse mortgage lender.

Finance of America Lending/Servicing/Staffing Down
Quarterly mortgage originations were slower at Finance of America Holdings LLC. Also diminishing was the lender's staffing and servicing portfolio.

Office Drives Improvement in CMBS Delinquency
After worsening for several months in a row, the past-due rate on securitized commercial real estate loans moved lower. Office building loans drove the decline.

Ugly House Buyer Deceives Investors
The guilty plea of a former franchise owner of We Buy Ugly Houses has prompted the company to issue a statement condemning the real estate fraud.

Senior Mortgage Executives' Non-GSE Outlook Strong
Senior mortgage banking executives are expecting that demand for non-agency programs will intensify. At the same time, the group expects requirements on such programs to ease.

Ginnie MSRs Being Offered on Behalf of Failed Bank
An auction is being held for mortgage servicing rights on Government National Mortgage Association loans from a financial institution that failed last month.

ARMs, Refis Lead Weekly Mortgage Business Down
A week-over-week decline in new mortgage activity was led by a big drop in demand for adjustable-rate mortgages and refinances. One bright spot was jumbo business, which overcame price deterioration.
Mortgage Market Index drops 18%
LO Busted for Reverse Mortgage Fraud
A loan officer who originates reverse mortgages has been charged with committing mortgage fraud and not completing promised home repairs.

Mortgage Lending Forecasted to Fall After Q2 Peak
After peaking during the current quarterly period, single-family loan production is projected to retreat for the foreseeable future.

Quicken Loans Founder Wealthiest in Michigan
The founder and owner of Detroit-based Quicken Loans Inc. has been ranked as the richest person in the state of Michigan.

South, West Drive Up U.S. Home Sales
A surge in new home sales in the South and the West was enough to offset a plunge in residential sales in the Northeast and Midwest.

Top Latino Mortgage Originator Is At PrimeLending
The latest ranking of Latino mortgage originators is out, and PrimeLending is the employer of the No. 1 producer. The overall group nudged up annual lending.

9-Yr Low for Freddie's Single-Family Delinquency
Residential loan delinquency again turned lower at the Federal Home Loan Mortgage Corp., this time to the lowest level in nearly a decade.

Mortgage Rates Dip, Should Stay Down
Fixed mortgage rates slipped and aren't expected to move much at least until 2018. Home loans for veterans have the lowest average rates.

Mortgage Servicing, Staffing Expand at Caliber
Over at Caliber Home Loans Inc., staffing has expanded by more than 1,500 employees during the past 12 months. Also expanding was its mortgage servicing portfolio.

Decade Low for Serious Mortgage Delinquency
A decade has elapsed since the rate of serious mortgage delinquency was as low as it was in May. The foreclosure rate also fell to a 10-year low.

Small Portfolio of Fannie Mae Loans Sold
A small portfolio of non-performing single-family loans that are owned by the Federal National Mortgage Association has been auctioned off.

100s of Mortgage-Related Hirings in Florida
Hundreds of hirings are planned for a mortgage service provider that is opening up a location in Florida next month.

Record Prices, Market Time as Existing Home Sales Up
Monthly sales of pre-owned residential properties rose. Record prices are being paid for existing homes as properties fly off the market. Time on market was a record low.

Nationstar Mortgage Adding 500 U.S. Jobs
Five hundred U.S. home lending jobs are being created by Nationstar Mortgage LLC as the company changes its staffing strategy.

Refi Share Thins, Conventional Metrics Strong
Refinances accounted for a smaller share of last month's home lending. Conventional refinance share was the widest. Conventional closing rates and turn times were the best.

Ditech Unloading Servicing on HELOCs
The servicing of thousands of active home-equity lines of credit that are securitized is being transferred from Ditech Financial LLC next month.

Mortgage Apps Inch Up Despite Purchase Slowdown
A modest up tick in applications for mortgages was driven by accelerating refinance activity. But applications for home purchase financing turned lower.

Marketplace Home Lender Closing Down
A four-year-old marketplace home lender that was created to transform the manual mortgage process is closing down. Among the factors cited for the demise was regulation.

Nearly $300 Million in Freddie Mac Loans Sold
Nearly $300 million in re-performing and moderately delinquent single-family mortgages have been sold with a securitization to follow.

Mortgage Firms Recognized as Great Employers
Several mortgage banking firms have been recognized as some of the best employers in their communities. One has been designated as the best technology employer.

Mortgage Credit Risk Rises as Rates Increase
After declining to the lowest level of any quarter during the prior 16 years, credit risk on new single-family loans rose. Rising rates contributed to the deterioration.

Delinquency Down on 1st Mortgages, Up on 2nds
Serious delinquency on first-lien home loans took a nice tumble last month. But the same can't be said for the past-due rate on second mortgages.

Mortgage Marketing Moves Forward
Mortgage industry service providers are helping home lenders with their marketing and advertising. Meanwhile, two credit unions won marketing awards.

Purchases Drive Up Monthly Home Lending
A significant month-over-month increase in the volume of purchase-money lending was behind an increase in overall mortgage production.

PHH Closes On Sale of MSRs
A previously announced agreement for PHH Corp.  to sell mortgage servicing right on government-sponsored enterprise residential loans has been executed.

2017 Refinance Forecast Raised By Fannie
In addition to raising its estimate of first-quarter refinances, Fannie Mae boosted its forecast for refinance production during the following two quarters.

Conventional Drives Mortgage Business Higher
A week-over-week surge in conventional activity was the primary driver of a rise in new mortgage business, though cashout refinance and adjustable-rate activity also jumped.

Mortgage Market Index up 4%
Radian Relaxes LTV Ratios
Radian Guaranty Inc. has increased the allowable maximum loan-to-value ratio on some of its mortgage insurance products.

Credit Unions Gain Mortgage Market Share
As the quarterly volume of residential loan production sank, credit unions successfully captured a bigger piece of the U.S. mortgage market.

Completed Construction Up But New Activity Down
The completion of new housing units strengthened last month. But new construction slowed, and multifamily dragged down permits.

Increase in Mortgage Rates Likely to Be Reversed
Even though fixed interest rates on residential loans moved higher this past week, there is a good chance they will be lower in next week's report.

GSE Refis Sink to 3-Year Low, All-Time HARP Low
Government-supported refinance production plunged to the lowest level on record as overall refinances of government-sponsored enterprise loans sank to a three-year low.

Fewer Banks Offer Mortgages as Non-Banks Grow
The number of financial institutions offering mortgages has fallen, while non-bank providers are up. The shift pushed up non-bank loan officer share.

Genworth Relaxes Jumbo Credit Scores, LTVs
Relaxed jumbo requirements at Genworth Mortgage Insurance include higher loan-to-value ratios and lower credit scores. Some premiums were lowered.

Home Builder Confidence Dips
A modest month-over-month decline in the confidence level of home builders was reported, though the sector is more optimistic than a year ago.

Couple Claims Victory in 10-Year-Old Foreclosure
After nearly a decade of fighting a foreclosure, a couple in the Empire State is claiming victory after their mortgage servicer missed an important deadline.

Fed Funds Rate Raised
An increase by the Federal Reserve Board in a key interest rate was mostly expected and signals that the economy is recovering.

Integrations Enhance Mortgage Pricing Engines
Recent enhancements to product eligibility and pricing engines include integrations with mortgage insurance companies and customer relationship management providers.

New Wholesaler Offers Conventional, Gov and Non-QM
A newly launched wholesale lending program will provide third-party originators with access to conventional products, government loans and reverse mortgages.

Refinances Drive Up Mortgage Applications
More prospective borrowers for residential loans initiated the mortgage process last week. Behind the increase was a surge in refinance applications.

Variety of Upcoming Mortgage Events
Among dozens of upcoming mortgage-related conferences and workshops are events that will cover compliance, politics and technology. One event includes a music festival.

Supreme Court Opinion Could Impact RESPA
An opinion issued by the nation's highest court in a case involving a defaulted car loan could impact the interpretation of the Real Estate Settlement Procedures Act.

Fannie Addresses Credit Report Changes
Changes next month by the credit reporting agencies aren't expected to have a significant impact on Fannie Mae's policies or requirements.

$3 Billion in Reperforming GSE Mortgages Sold
A $3 billion portfolio of government-sponsored enterprise single-family loans that are reperforming has been successfully sold through an auction.

10-Year Low for Serious Mortgage Delinquency
It's been nearly a decade since the rate of serious mortgage delinquency has been this low. Early stage delinquency, meanwhile, sank to a 17-year low.

Mobile Mortgage Lending Advances
Mobile mortgage applications have recently been developed for credit unions and foreign national borrowers as well as real estate agents and home builders.

Mortgage Bankers Lift Q3 Refi Forecast
Mortgage bankers have grown slightly more optimistic about their expectations for refinance originations during the third quarter of this year.

Mortgage Recruiters Hire Entire Retail Teams
While some mortgage banking firms are handling new hires one at a time, others are recruiting entire teams of retail loan originators.

Ginnie Mae MBS Issuance Inches Up
Despite a year-over-year retreat in securitizations on behalf of the Government National Mortgage Association, there was a month-over-month bump.

Texan Behind Financial Choice Act
A Texas Republican is behind legislation that would dismantle much of the Dodd-Frank Wall Street Reform and Consumer Protection Act put in place to prevent another crisis.

Nearly $600 Mil in Non-Performing GSE Loans Sold
A winning bidder has been announced for nearly $600 million in non-performing government-sponsored enterprise residential loans.

Gov Leads Weekly Mortgage Business Higher
With government activity leading the way, weekly new mortgage business leapt higher from the holiday week. Rates on jumbo mortgages became less attractive.

Mortgage Market Index up 36%
Mortgage Executives Land Jobs Across Country
Recent executive appointments in home lending include positions located from the West Coast to the Mountain Region to the East Coast.

Sale of Reverse Mortgages With Deceased Borrowers
The Department of Housing and Urban Development is selling reverse mortgages where the original borrowers in the transactions have died.

House Passes Legislation to Replace Dodd-Frank
House Republicans have come together to pass legislation that would overhaul and replace the Dodd-Frank Wall Street Reform and Consumer Protection Act.

Rates Fall After Weak Employment Report, Might Hold
A disappointing jobs report pulled down interest rates on home loans this past week. Over the upcoming week, rates are unlikely to move much.

New Executive Lineup At Home Point
After swallowing up a recent acquisition, Home Point Financial Corp. has announced its new management lineup, including some of the acquired firm's leaders.

Mortgage Credit Tightens Again, Gov Programs Most
For the second month in a row, home lending institutions have made it harder to get a loan. Constriction was driven by government mortgage programs.

Whistleblower Lawsuit Against Wells Revived
A recent Supreme Court decision and Justice Department friend of the court brief has breathed new life into a whistleblower case against Wells Fargo & Co.

N.Y. Judge Arrested for Mortgage Fraud
A small-town judge in the Empire State has been arrested for allegedly lying to a home lender to obtain a mortgage.

Fay Servicing Settles Charges of Foreclosure Abuse
Allegations that Fay Servicing LLC illegally moved forward with foreclosures on distressed borrowers who were actively seeking help have been settled.

Stearns Lending Makes Acquisition
Just months after unloading its own correspondent lending platform, Stearns Lending LLC has made an acquisition that includes a correspondent business.

Robust Purchase Business Drives Up Mortgage Apps
More people applied for a loan to finance a home purchase than during any week in the last seven years -- driving up overall mortgage applications.

AMC Acquisitions, Partnerships and Expansions
In the valuation industry, an appraisal management company has been acquired, while several AMCs have partnered to create a bigger firm. Other AMCs have enhanced their offerings.

Former OneWest CEO Tapped to Head OCC
The former chief executive officer of OneWest Bank FSB is being nominated to run the Office of the Comptroller of the Currency.

MSRs Drive Down Mortgage Servicer Income
Despite growth in the size of their portfolios, mortgage servicers saw deteriorating earnings thanks to lower gains on mortgage servicing rights.

Mortgage Production Income Plunges
As independent mortgage bankers' quarterly lending slowed, income tumbled. Impacting earnings were personnel and direct-production expenses.

New Correspondent Program Launches
A new correspondent lending program that has been launched promises the benefits off correspondent lending without the associated risk.

Another MBS Settlement for Deutsche
Following a pair of recent settlements related to mortgage-backed securities, Deutsche Bank has reached another settlement for nearly $100 million.

2017 RMBS Issuance Well Ahead of 2016
So far this year, the volume of residential loan securitizations has more than doubled the level activity at the same point last year.

Consumer Bankruptcy Filings Increase
Last month, the number of consumers who resorted to bankruptcy moved up on a month-over-month and year-over-year basis.

Mortgage App Fraud Risk Continues to Rise
During each of the past five months, the risk of fraud on applications for a residential loan has moved higher. The Dakotas are emerging as a troubled region.

Growth in Home Purchase Financing Sinks
Quarterly home-lending volume fell to the lowest level since 2014. Growth in purchase financing, meanwhile, slowed.

Memorial Day Slump for New Mortgage Business
New mortgage refinance activity tumbled this past week, dragging down overall home-lending activity. Government lending business, though, held up.

Mortgage Market Index down 7%
Best Mortgage Related Employers
People searching for a job in a mortgage-related field have many factors to consider -- including how well their new employer will treat them. Here are some firms recognized as best employers.

CMBS Delinquency Highest Since 2015
Performance on securitized commercial real estate loans was worse in any month since 2015. Maturing loans and shrinking outstandings were blamed.

Wells Fargo Shakes Up Retail Mortgage Management
Wells Fargo Home Mortgage has shaken up its retail sales management. An insider has been promoted to lead the retail sales organization.

Mortgage Staffing Grows Despite Weak US Employment
Aside from 16-year low unemployment, monthly jobs data indicate weak labor conditions -- driving down rates. But staffing expanded in the mortgage industry.

Commercial Mortgage Delinquency Declines
The quarterly performance of real estate loans secured by commercial properties improved for most investor types. Just securitized loans have worsened from a year ago.

Weakening in Monthly HECM Endorsements
A superficial month-over-month decline was recorded for government-insured reverse mortgage production. Year-over-year results were positive.

Mortgage Rates Likely to Continue Holding
Interest rates on single-family loans were mostly in a holding pattern over the past week, and the forecast is for more of the same.

Office Loans Drive Down CMBS Delinquency
An improvement in the performance of securitized commercial real estate loans backed by office buildings was enough to offset deterioration in every other category.

Mortgage Bankers Criticize GSE Shareholder Plan
Industry insiders say a new proposal for the future of the government-sponsored enterprises is deceitful and would line the pockets of hedge funds at taxpayer expense.

Monthly Agency MBS Issuance Rises
Monthly securitizations of single-family loans backed by the agencies moved up from a month earlier but retreated compared to a year earlier.

Stonegate Acquisition a Done Deal
After less than four years as an independent, publicly traded company, Stonegate Mortgage Corp. has, itself, been acquired.

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