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July 2017 Archive

CFPB Loses RESPA Lawsuit
A federal trial court has dismissed a lawsuit brought by the Consumer Financial Protection Bureau against a Kentucky law firm accused of violating the Real Estate Settlement Procedures Act's anti-kickback provision. The court said the title agencies set up by the Louisville firm were permitted under RESPA's "safe harbor" provision.

Mortgage Demand Up as Standards Little Changed
Over the past three months, customer demand for agency mortgages was stronger, according to a survey of bank executives. There was little change in credit standards.

Servicing Portfolio Continues to Grow at Quicken
Quicken Loans Inc.'s mortgage servicing portfolio continued to grow both on a quarter-over-quarter and year-over-year basis. Originations also increased.

CMBS Loan Performance Recovers
Just one month after delinquency on securitized commercial real estate loans jumped more than it had in years, it fell by nearly the same amount. Apartment loans, which fared worst last month, fared best this month.

West Leads Rebound in Pending Home Sales
After retreating for three consecutive months, the pipeline of pending home sales moved higher last month. Out front of the bounce was the West.

Home Purchase Financing Accelerates
New mortgage activity was driven higher by home purchase financing this past week. Also significantly improving was government business, which has expanded by nearly a fifth from a year ago.

Mortgage Market Index up 3%
Biggest Mortgage Lenders Q1 2017
As home lending slowed in the first quarter of this year, credit unions took market share from non-bank originators. Just 10 lenders were responsible for nearly half of overall originations.

Servicing, Staffing Expand at PRMI
Servicing and staffing expanded from three months earlier and a year earlier at Primary Residential Mortgage Inc. Home lending activity moved up from the preceding quarter.

Ocwen Victory Good for All NJ Home Lenders
In the recently published decision of Ocwen Loan Services v. Quinn, the Superior Court of New Jersey, Appellate Division, affirmed a decision of the Superior Court, Passaic County, granting summary judgment in favor of a plaintiff-mortgagee, holding that the life estates of two defendants, who did not sign the plaintiff's mortgage, were subordinated to the plaintiff's mortgage based on the equitable principles recognized by the court in Sovereign Bank v. Gillis, 432 N.J. Super. 36 (App. Div. 2013), and the principles of replacement and modification.

Ocwen Settles Investor Class Action
Ocwen Financial Corp. has agreed to settle for $56 million a long-running class action securities fraud lawsuit.

Hilltop's Mortgage Earnings, Originations Up
A quarter-over-quarter gain was reported for mortgage earnings and originations at Hilltop Holdings Inc. Year-over-year gains, however, were lacking as servicing shrunk.

Mortgage Rates Drop, Might Ascend
Interest rates on single-family loans retreated this past week. It's possible, however, that mortgage rates could bounce back up in the next report.

Freddie Boosts US Mortgage Outlook By $140 Billion
Freddie Mac has improved its outlook for industry-wide single-family lending this year and next year by $140 billion. A majority of the increase went to home purchase financing.

Churchill Mortgage Originations Jump
Compared to the previous three-month period and the year-earlier quarter, home-lending activity at Churchill Mortgage Corp. was stronger. Staffing is shrinking, though.

Alexa Helps Mortgage Brokers w/Pipeline Management
A wholesale mortgage lender is providing its mortgage-broker clients with hands-free access to current information about their loan pipelines.

Satisfaction Off at Best Mortgage Servicers
Two of the residential loan servicers that are considered to be among the five best saw borrower satisfaction erode this year. But the other three improved their standings.

Record Mortgage Production at Waterstone
A small increase in home-lending volume at WaterStone Bank SSB was enough to push residential loan production to "a quarterly record."

M.I. Premiums Improve at MGIC
Changes being made to mortgage insurance premiums at MGIC will result in lower costs for some borrowers and greater choices for others.

House Votes to Repeal Arbitration Rule
Legislation to repeal a recently enacted rule that prohibits mandatory arbitration made it through the House this week.

Mortgage Firm Acquiring Virginia Bank
A mortgage company out of Virginia has negotiated an all-stock acquisition where its chief executive officer will become chairman of a bank-holding company.

CMBS Storm Could Begin to Subside
Delinquency on loans included in commercial mortgage-backed securities continued to deteriorate, though conditions could soon begin to improve.

New Home Sales Accelerate, West Leads
Newly constructed residential properties sold last month at an annual rate that was better than both one month earlier and one year earlier. The West led.

Mortgage Results Drive HomeStreet Layoffs
With home-lending business coming in more slowly than expected, HomeStreet Inc. has begun reducing its mortgage workforce. Further downsizing could be ahead.

Refinances Push Mortgage Applications Up Again
Despite a week-over-week drop in purchase activity, refinance business drove overall mortgage applications higher. Refinances were busier for the second week in a row.

Caliber's Lending, Servicing and Staffing Grow
Caliber Home Loans Inc. reported growth in its residential loan originations, mortgage servicing portfolio and human resource assets.

Flagstar's Home Lending Soars, Could Jump Again
A quarterly leap in mortgage originations at Flagstar Bancorp Inc. is set to repeat in the current quarter. But the primary mortgage servicing portfolio was reduced.

Huntington Lifts Home Lending
Huntington Bancshares Inc. beat its single-family lending volume for both the previous quarter and the same quarter last year. Mortgage income was maintained.

Finance of America's Home Lending Increases
In addition to lifting home lending on a quarter-over-quarter basis, Finance of America Holdings LLC managed to maintain mortgage production on a year-over-year basis.

South Leads Drop in Existing Home Sales
Although the number of residential properties sold last month was the highest in years, the annual rate was still lower. The South had the biggest impact on national sales.

Multifamily CMBS 60-Day Rate Surges
The rate of late payments on securitized commercial real estate loans backed by apartment buildings soared more than a hundred basis points last month.

Jumbo Defies Weekly Mortgage Slump
Loan originators, except those who originate jumbo mortgages, were less busy this past week with residential lending activity. Home purchase financing took the biggest hit.

Mortgage Market Index down 12%
Quarter-Over-Quarter Mortgage Gains at Fifth Third
The volume of home-lending activity at Fifth Third Bancorp ascended from the previous quarter, as did mortgage income and the size of the servicing portfolio.

Alleged HECM Scheme Settled
The federal government has negotiated a settlement with a man who is accused of abusing the federally insured reverse mortgage program.

Q3 Mortgage Origination Forecast Lifted
Mortgage banking economists have improved their outlook for loan originations during the current quarter. Full-year expectations have risen for three months in a row.

Mortgage Originations, Servicing Up at SunTrust
In addition to lifting its quarterly home lending, SunTrust Banks Inc. grew its residential loan servicing portfolio. But mortgage earnings deteriorated.

Mortgage Rates Retreat, VA Rates Lowest
An impressive improvement was reported for weekly mortgage rates. On a monthly basis, rates on residential loans for U.S. veterans were the lowest.

New Business Surges at MGIC, Defaults Sink
As quarterly earnings increased at MGIC Investment Corp., new business improved and the share of insured loans that were past due turned lower.

BB&T Mortgage Earnings, Lending & Servicing Drop
Both on a quarter-over-quarter and year-over-year basis, a decline was recorded in mortgage earnings, originations and servicing at BB&T Corp. Company-wide income rose, though.

Foreclosure Decline Offsets Rise in Mortgage Lates
A slight drop in the foreclosure rate was more than enough to offset a modest bump in mortgage delinquency. Serious delinquency has improved for six consecutive months.

RMBS Investors Face New Risk From Clean-Up Calls
An unexpected move last month by a residential mortgage-backed securities trustee has created new risk for investors in non-agency deals issued prior to the financial crisis.

Completed New Construction Highest Since 2007
The volume of building permits was the highest it's been in two years. Even more impressive was completed construction, which soared to the highest level in nearly a decade.

Ginnie MBS Issuance Up Despite Multifamily Slump
Even though apartment loan securitizations slipped last month at the Government National Mortgage Association, overall issuance moved higher.

Mortgage Credit Tightens, FHA Loses Share to VA
Over the past year, there has been a shift in mortgage market share among government programs. Meanwhile, credit conditions contracted from the previous month.

Mortgage Earnings, Originations Up at U.S. Bank
A quarter-over-quarter improvement was reported by U.S. Bancorp for its residential loan originations and its mortgage revenues.

Refinances Drive Up Mortgage Applications
More people completed applications for loans secured by residential properties this past week, and it was refinance activity that drove the increase.

Ginnie MSRs For Sale on Over $600 Mil in Loans
More than $600 million in loans are behind an offering of Ginnie Mae mortgage servicing rights. Nearly half of the loans are secured by properties in Texas.

Fannie, Freddie Refis Diminish 6 Consecutive Months
The Federal Home Loan Mortgage Corp. was responsible for a drop in monthly refinances of government-sponsored enterprise residential loans. It was the sixth month in a row of declines.

CMBS Lates Soar, Further Deterioration Likely
Delinquency on securitized commercial real estate loans soared more than 20 basis points last month and is expected jump at least 50 BPS more by year-end.

Builder Confidence Deteriorates Again, South Most
For the second month in a row, confidence among the country's home builders weakened. Leading the latest decline were builders in the South.

Serious Mortgage Delinquency Declines
A month-over-month improvement in serious mortgage delinquency was recorded for junior- and senior-lien assets. First mortgage lates also fell from a year earlier.

Mortgage Assets, Earnings, Originations Up at BofA
Quarterly growth was recorded for mortgage assets, earnings and originations at Bank of America Corp. Contraction continued, however, in the mortgage servicing portfolio.

Home Purchase Finance Outlook Improves
The forecast has improved for the production of residential loans used by U.S. homebuyers to finance home purchases.

Proposal Eases HELOC HMDA Threshold
Fewer home-equity line of credit lenders will be subject to Home Mortgage Disclosure Act requirements under a proposed change.

Ditech Cutting Hundreds of Texas Jobs
The mortgage operating unit of Walter Investment Management Corp. is closing an office in Texas. Hundreds of employees are impacted.

PNC Successfully Shifts to Home Purchase Financing
A reduction in mortgage refinance production at The PNC Financial Services Group Inc. was easily offset with a sharp increase in the origination of loans to finance home purchases.

Strong Mortgage Originations at First Republic
A nice quarter-over-quarter and year-over-year gain was made in home-lending activity at First Republic Bank. The servicing portfolio was trimmed, and mortgage assets grew.

Quicken Loans Loses Class Action Appraisal Lawsuit
Quicken Loans Inc. has lost a class action in which it was accused of suggesting values to appraisals. But the mortgage giant expects to be vindicated on appeal.

Wells Fargo Sued Over Rate Lock Extension Fees
A former employee of Wells Fargo & Co. has filed a federal lawsuit alleging the lender wrongfully charged customers for rate-lock extension fees.

Weekly Mortgage Business Leaps, ARMs Soar
New residential lending activity made a healthy gain following the holiday week. Even more impressive was skyrocketing adjustable-rate mortgage activity.

Mortgage Market Index up 61%
Mortgage Originations Down at Citi and Headed Lower
Residential loan production fell on a quarter-over-quarter basis and sank on a year-over-year basis at Citigroup Inc.The firm continued to cut its mortgage servicing and assets.

Mortgage Credit Eases
A standardized quantitative index that reflects credit conditions in home lending indicates that lenders loosened their purse strings last month.

Chase's Mortgage Servicing Down, Assets Up
While there was little change in quarterly mortgage originations at JPMorgan Chase & Co., the residential servicing portfolio declined as mortgage assets grew.

Wells Fargo's Home Lending Jumps, Headed Higher
Quarterly residential loan originations accelerated at Wells Fargo & Co. and are likely headed even higher despite industry forecasts to the contrary.

Bank Mortgage Delinquency Down, Foreclosures Up
The performance of residential loans that are serviced by the nation's financial institutions improved on a quarter-over-quarter basis. But the number of foreclosures started and finished worsened.

Higher Mortgage Rates Likely to Hold
An increase in fixed rates on residential loans this past week is likely to be followed by little movement in mortgage rates over the upcoming week.

Home Lending, Servicing Rises at Lake Mich CU
A healthy increase in mortgage originations was reported by Lake Michigan Credit Union. Also expanding was the organization's servicing portfolio.

HELOC Sale Done
The sale of a portfolio of home-equity lines of credit that are both performing and non-performing has been successfully executed.

FHA Endorsements Drop, Headed Lower
Monthly business turned lower at the Federal Housing Administration, and a further decline is likely. Meanwhile, delinquency deteriorated.

Flow GSE Offering for MSRs On at Least $720 Mil
A new offering will provide the successful bidder with mortgage-servicing rights on at least $720 million in government-sponsored enterprise loans -- though the amount could be much more.

RBS MBS Settlements Exceed $7 Billion
A massive settlement reached by the Royal Bank of Scotland Group plc brings to more than $7 billion the amount the bank has paid in actions related to mortgage-backed securities.

Apps for Home Purchase Financing Up From Year Ago
Despite a week-over-week decline in new applications for mortgages, the volume of people applying for loans to finance a home purchase has strengthened from a year ago.

Mortgage Firms Hire Seasoned Executives
Among several recent hires at home-lending organizations are two executives with more than two decades in the mortgage business and two more with more than three decades' experience.

Lender Loses FHA Approval Over Bogus Financials
A mortgage banker out of Pennsylvania has lost its approval to originate government-insured loans because it submitted false financial statements.

Fed's QE Unwind Presents Challenge
As the Federal Reserve executes its plan to unwind its massive bond holdings accumulated through quantitative easing, it will be challenged not to disrupt markets.

Early Stage Delinquency Jumps, Foreclosures Down
Although the volatile early stage mortgage delinquency rate turned sharply higher, other performance metrics were better and are likely to continue improving.

Several Mortgage Firms Report Strong Production
A number of single-family lenders recently reported solid levels of residential loan production -- even record activity. The volume drove growth in profits and staffing.

Founder of James B. Nutter & Co. Dies
The founder and chairman of James B. Nutter & Co., who was a strong supporter of liberal causes and politicians, has died.

IRLC Valuation Changes Could Have Big Impact
Most warehouse lenders think that net worth calculations for mortgage banking firms are incorrect because of the way that locked pipelines are valued. The correction of the calculations could significantly impact the reported net worth of companies.

VA Extends Appraisal Requirements by 2 Years
Previously issued appraisal requirements for single-family loans that are guaranteed by the Department of Veterans Affairs have been extended by two years.

Weekly New Mortgage Business Sinks
During the week that included Independence Day, new mortgage activity significantly declined. A substantial drop from a year earlier was also recorded. Jumbo business, however, mostly held up.

Mortgage Market Index down 28%
Phishing Scams Target Prospective Borrowers
Federal agencies are warning about a scam that targets prospective borrowers who are about to close on their home loans. It's similar to a scheme being used on job seekers.

TRID Amendments Finalized
Amendments have been finalized for integrated disclosures required under the Truth in Lending Act and the Real Estate Settlement Procedures Act. In addition, comments are sought for a new proposal.

Appraisal News Daily
The federal government has weighed in on one state's proposal to fix appraisal fees paid by appraisal management companies. Other valuation services activity include a new consumer valuation tool, an appraisal webinar and an integration between two service providers.

Freddie Changes Downpayment Requirements
Changes to down payment requirements for its first-time homebuyer program have been made by the Federal Home Loan Mortgage Corp.

Job Growth in Mortgage Industry
As was the case for all industries, monthly employment expanded in the mortgage sector. The positive news hurt interest rates. Still, unemployment inched higher, and wage growth stalled.

Mortgage Rates Jump, Further Ascension Possible
Long-term interest rates on residential loans took a giant leap this past week, and there is a good chance that they will be even higher in the next report.

Monthly Bankruptcies by Consumers Decline
Compared to a month earlier, the number of consumers who resorted to bankruptcy last month was down by 4 percent.

GSEs to Support Manufactured Housing Market
Plans are in the works for the government-sponsored enterprises to begin supporting the market for manufactured housing.

Fed Officials Ready to Start Unwinding QE Holdings
Within the next couple of months, several Federal Reserve officials revealed at a recent meeting that they want to reduce massive asset holdings.

Founder of Mortgage Service Provider Dies
The founder of a mortgage service provider that was sold to First American Title who was also active in the Republican party has died.

HSBC Cutting Nearly 200 Florida Jobs
The wind down of HSBC Holdings Plc.'s U.S. finance unit has nearly 200 Florida employees losing their jobs during the next few months.

HECM Production Climbs from Year Earlier
Federally insured reverse mortgage production was barely changed on a month-over-month basis. But there was a nice year-over-year improvement.

HEL Performance Defies Overall Bank Deterioration
While the quarterly rate of past-due payments on consumer credit at financial institutions deteriorated, home-equity loan performance improved.

Home Purchases Drive Up Mortgage Applications
An increase in applications for loans to finance a home purchase more than offset a modest decline in the volume of applications for mortgage refinances.

LOS Adoption and Integration
Multiple mortgage service providers have recently integrated their offerings into a loan origination system. Meanwhile, a reverse mortgage LOS developer has landed two new lender clients.

PHH Completes Sale of Fannie Mae MSRs
As part of its strategy to eliminate its entire mortgage servicing portfolio, PHH Corp. has sold mortgage-servicing rights on its Fannie Mae loans.

Another Settlement for Prospect Mortgage
Just months following a settlement over illegal fees paid to an appraisal affiliate, Prospect Mortgage LLC has agreed to a settlement tied to government-insured loans.

Over 70 Mortgage-Related Events Through End of Year
More than 70 events tied to home lending and financial services are scheduled through the end of this year. Topics to be covered include banking, bankruptcy and technology.

Mortgage Wholesalers Offer Nonprime, Non-QM, 120%
Recent offerings by wholesale mortgage lenders include nonprime programs, loans that don't meet Qualified Mortgage standards, and loan-to-value ratios up to 120 percent.

Mid-Level Mortgage Executives Find New Homes
A number of recent management appointments at real estate finance firms included several mid-level executives filling regional positions.

Monthly Agency MBS Issuance Jumps
Monthly issuance at the three federally controlled housing finance agencies turned solidly higher from the prior month, though there was a year-over-year decline.

CFPB Provides Guidance for Mortgage Servicing Rule
The Consumer Financial Protection Bureau has issued policy guidance on early compliance with the 2016 Mortgage Servicing Final Rule.

COFI ARM Index Climbs to 9-Month High
A modest month-over-month ascension was enough to push the 11th District weighted-average Cost of Funds Index to the highest level in 9 months.

Decade-Low for Fannie's Mortgage Delinquency
New monthly business was better at the Federal National Mortgage Association. An even bigger improvement was made in delinquency, which sank to the lowest level in nearly a decade.

ARMs Out Front of Rise in Weekly Mortgage Business
Heading into the holiday week, new mortgage activity accelerated, and it was interest in adjustable-rate mortgages that saw the greatest increase.

Mortgage Market Index up 11%
BofA Investment a Windfall for Warren Buffett
Billionaire Warren Buffett's company is exercising Bank of America Corp. warrants that will work out to a paper profit of $12 billion.
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