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July 2018 Archive


For Sale: MSRs on Over $3.5 Bil in Ginnie Loans
The servicing on more than $3.5 billion in Government National Mortgage Association loans are being auctioned off to the highest bidder. There is a modest concentration in the Lone Star State.

Stabilization in Mortgage Rates Could Continue
Mortgage rates were little changed this past week, and one short-term outlook has them staying put for the next week. Another forecast has quarterly rates not changing at all next year.

Fannie Mae Eases M.I. Termination Requirements
The Federal National Mortgage Association is making it easier for borrower to cancel mortgage insurance through valuation alternatives and looser loan-to-value ratios.

Solid Business Growth at MGIC as Earnings Improve
The book of business, insurance written and earnings all increased from the prior quarter and a year prior at MGIC Investment Corp. Meanwhile, delinquency decreased..

Freddie Refinances Drive Down Overall GSE Refis
Although monthly refinances of Federal National Mortgage Association loans moved higher, a decline in refinances of Federal Home Loan Mortgage Corp. loans left volume at the lowest level in a least seven years.

LOs Continue to Migrate from Banks to Nonbanks
As the number of mortgage loan officers expanded, the quarterly trend of originators fleeing financial institutions for non-bank home lenders continued.

Originations Up at US Bank, Further Gain Likely
Quarterly home-lending volume moved up at U.S. Bancorp and appears to be headed even higher. As corporate income rose, mortgage earnings were lower. The mortgage servicing portfolio contracted.

MSRs For Sale On Over $2 Bil in Agency Loans
Loan servicing rights on more than $2 billion in agency home loans are being marketed for sale. The loans are geographically distributed, and nearly two-thirds of loans were third-party originations.

FHA and Refi Share Down as Conv, Purchase Share Up
As refinance share fell to a new low last month, more loans in process closed. Turnaround lengthened by a day, and government-insured share fell over the past year as conventional share rose.

Midwest Leads Drop in Home Construction, Permits
Midwest and multifamily properties led a country-wide decline in new housing permits and new home construction. The West, meanwhile, kept the pace of completed construction from slowing nationally.

Mortgage Applications Pulled Down by Purchases
A week-over-week drop in new mortgage applications was fueled by a decline in purchase-money applications as refinance activity ascended. The jumbo-conforming spread widened, and government share thinned.

Over $6 Billion in GSE Mortgages Sold
More than $6 billion in government-sponsored enterprise mortgages that were previously non-performing have been sold through the auction process.

Fannie Cuts 2018-2019 Purchase Forecast by $28 Bil
The latest housing forecast from the Federal National Mortgage Association reflects a $28 billion reduction in projections for purchase financing this year and next year.

Mortgage Origination Surge at First Republic
Quarterly mortgage originations moved sharply higher at First Republic Bank. Also expanding were company-wide earnings, the servicing portfolio and single-family holdings.

Nationstar Mortgage Reports Solid Originations
Home lending increased on a quarter-over-quarter and year-over-year basis at Nationstar Mortgage Holdings Inc. Servicing slipped, earnings swung to a profit, and delinquency declined..

Home Builder Confidence Holds, Buyer Traffic Up
Despite an improvement in buyer traffic for new residential properties, a decline in the outlook for the rest of this year kept home builder confidence from improving.

1st Mortgage 90-Day Rate Down 3 Mths in Row
Last month's rate of serious mortgage delinquency moved lower and has shown improvement now for three consecutive months. Miami's drop was biggest.

BofA Earnings, Mortgage Originations Up
Quarterly earnings were stronger at Bank of America Corp. as originations improved. The payroll expanded, and the residential and commercial mortgage portfolios grew.

Monthly Issuance Rises at Ginnie Mae
A modest improvement was made in monthly securitization volume at the Government National Mortgage Association. But a year-over-year drop was also reported.

Citi's Home Lending Up, Mortgage Earnings Down
As company-wide earnings improved at Citigroup Inc., mortgage income fell. Headcount, servicing and single-family assets were all lower, and delinquency was higher. But residential loan originations rose.

Purchases Lead Weekly Mortgage Business Up
New mortgage activity picked up from the holiday week, with home-purchase financing leading the way. But the cashout share of business diminished to the most narrow level since last year.
 /stories/Mortgage-Market-Index-071318.asp

Mortgage Originations Up at Chase, Servicing Down
Although quarterly mortgage earnings deteriorated from a year ago at JPMorgan Chase & Co., company-wide income rose. Mortgage originations fell, as did servicing and headcount.

Fmr Trump Lawyer Got $3.5 Mil Mortgage Before Raid
Just days before his home and office were raided by the FBI, President Donald Trump's former personal lawyer took out a $3.5 million non-traditional mortgage.

Wells Fargo's Home Lending Heightens, Headed Higher
Company-wide earnings deteriorated at Wells Fargo & Co. But it boosted quarterly home lending volume, and the current quarter is poised for further escalation. Correspondent share tumbled.

Tiny GSE MSR Portfolio For Sale
Mortgage servicing rights on less than $200 million in government-sponsored enterprise loans with a three-state concentration are being marketed for sale to the highest bidder.

Escalation Reported for Mortgage Rates
The short-term report is that interest rates on residential loans turned higher this past week. The medium-term outlook is for more of the same.

Mortgage Apps Use AI, Crowd Sourcing Other Tech
Mobile applications for banks and mortgage companies have ascended to new heights thanks to other technologies like crowd sourcing, digital concierge services and artificial intelligence. Lots of recent mobile research has been published.

Banks Take Mortgage Market Share from Non-Banks
Quarterly home-lending actually moved higher on a year-over-year basis. Over that same period, non-banks have given up market share to banks.

Purchase Surge Overcomes Mortgage Refi App Decline
Even though refinance business slowed to the lowest level since the turn of the century, a surge in loan applications for purchase financing drove overall activity up.

FHA False Claims Actions Among Industry Concerns
Among the concerns shared by attendees at a recent secondary marketing conference is the legal uncertainty accompanying government-insured originations. A majority want a company-wide production management dashboard.

Mortgage Insurers Warn About GSE-Paid M.I.
The nation's mortgage insurers are raising red flags about a new enterprise-paid mortgage insurance product at the Federal National Mortgage Association.

Mortgage Bankers Cut 3-Yr Purchase Forecast
U.S. mortgage bankers have lowered their three-year housing forecast for purchase-money loan originations by more than $80 billion.

12-Year Low for Mortgage Delinquency
It has been slightly more than a dozen years since the rate of delinquency on single-family loans was as low as it was in the most-recent monthly report.

Politician Questions Wells Fargo Mortgage Layoffs
A U.S. senator is demanding more information from the chief executive officer of Wells Fargo & Co. about mortgage job cuts in his state as the company outsources work overseas.

Jumbo Lending Lots Looser as Lenders Fight for Biz
Residential lenders relaxed credit requirements last month to the most flexible level since January. Driving the improvement were ambitious lenders fighting for jumbo business.

Dodd-Frank Rollback Raises Risk for Non-Banks
Recently enacted legislation to roll back some of the provisions of the Dodd-Frank Wall Street Reform and Consumer Protection Act is likely to have a negative impact on non-bank home lending.

Max Non-QM Loan Amount Raised to $5 Million
A nonprime correspondent investor has raised the maximum loan amount to $5 million for some of its programs that allow the origination of loans that don't meet Qualified Mortgage requirements.

Bank-Owned HEL Delinquency Up, HELOC Rate Down
As the past-due rate on consumer credit held by banks deteriorated, so did the rate on home-equity loans. But performance on home-secured credit lines fell.

Deputy Director Drops CFPB Lawsuit
Following President Donald J. Trump's nomination of a permanent director for the Consumer Financial Protection Bureau, a challenger to the acting director has dropped her lawsuit.

Monthly Mortgage Originations Slump
As publicly traded organizations prepare to report second-quarter earnings and mortgage originations, monthly data suggests there was a slump in lending. Despite record equity, home owners are reluctant to extract it.

Mortgage Tech Enables Lenders to Close Without LO
An enhancement to a widely used loan origination platform can enable a home lender to close a loan without a mortgage originator -- though some clients require a human touch.

Mortgage Biz in July 4 Week Lowest Since Holidays
As Americans celebrated the 242nd birthday of the United States, new mortgage business sank to the lowest level since the holidays. Adjustable-rate volume took the biggest hit. But jumbo activity accelerated.
 /stories/Mortgage-Market-Index-070618.asp

Another RMBS Settlement for RBS
Another settlement has been reached by the Royal Bank of Scotland over its handling of the sale of residential mortgage-backed securities. RBS has so far paid more than $13 billion in such costs.

Wells Fargo Cutting Md Mortgage Jobs
As the inventory of foreclosed properties has diminished at Wells Fargo & Co.'s mortgage banking unit, the company is reducing headcount in Maryland.

Mortgage Employment Expands Despite Broker Drop
After sinking to the lowest level since the turn of the century, unemployment rose as the labor participation improved. Despite a drop in broker count, non-bank mortgage employment grew.

Consumer Bankruptcy Filings Decline
A month-over-month and year-over-year reduction in the number of new consumer bankruptcy cases was recorded for last month.

Mortgage Rates Lowest Since April
Home-lending interest rates retreated again and now stand at their lowest level since April. Average rates on hybrid adjustable-rate mortgages plummeted.

Decade-Low Monthly Reverse Mortgage Production
It's been more than a decade since the production of new federally insured reverse mortgages came in as low as it did last month.

Mortgage Refi App Slump Overcomes Purchase Bump
A few more applications that were completed for house-purchase loans were more than offset by a decline in the volume of refinance applications. Government share was unchanged, and jumbo rates lost some luster.

Several Mortgage Conferences, Events in July
Among mortgage industry events planned for this month are a loan officer expo, a consumer bankruptcy forum and an annual meeting hosted by a mortgage technology provider.

MSRs On Nearly $5 Billion in GSE Loans Sold
As it continues taking steps to stem mortgage banking losses, HomeStreet Inc. has sold mortgage-servicing rights on nearly $5 billion in government-sponsored enterprise loans.

New Mortgage Call Center Will Employ Over 100
A new call center in South Carolina that was launched by Princeton Mortgage Corp. will be the home for in excess of a hundred new employees.

Over 100 Mortgage Jobs Being Created in NM
Less than a month after hiring a new president, Waterstone Mortgage Corp. announced plans to add more than a hundred people to its staff in the Land of Enchantment.

Major Mortgage Mergers & Acquisitions Activity
This year has been busy for mergers and acquisitions in the mortgage industry. Some major and minor players have sold stakes in their business, while other prominent players are selling entirely.

Wells Fargo Shifting Staff to Lower-Cost Areas
St. Louis is among lower-cost cities that Wells Fargo & Co. is looking to relocate some of its workforce to as it moves some staff out of high-priced areas.

Agency MBS Issuance Up Despite Decline at Fannie
A dip in monthly securitizations at the Federal National Mortgage Association was more than offset by an increase in activity at both of its two housing finance counterparts.

Fannie Mae Delinquency Lowest Since 2017
As serious mortgage delinquency fell to the lowest level since last year at the Federal National Mortgage Association, new business jumped to the second-highest level this year.
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