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August 2018 Archive


Cashouts Drive Up Weekly Refis, Purchases Sink
A sharp increase in weekly cashout share drove overall refinances significantly higher. But the volume of new purchase-money business turned significantly lower ahead of the holiday weekend -- leading a drop in overall business and also way down from a year ago.
 /stories/Mortgage-Market-Index-083118.asp

Financial Counselors Lift Distressed Mortgage Value
Investors who acquire distressed home loans at a significant discount could raise the value of their investments with financial counselors who help borrowers increase their cash flow.

Artificial Intelligence For The Mortgage Industry
A host of offerings that utilize artificial intelligence to help mortgage firms become more efficient, cut costs and reduce risk have been recently launched. But there are some caveats.

Mortgage Rates Little Changed, More of Same Ahead
Over the past week, there was little change in interest rates on home loans. During the next week, more of the same is likely. Recently rising rates have helped the Federal Home Loan Banks' earnings.

Biggest Commercial Mortgage Servicers of 2018
In the latest ranking of the largest servicers of commercial real estate loans, one organization continued to dominate the field.

St. Louis Mortgage Firm Goes Bust
A residential lender out of St. Louis that was at the center of a bitter divorce has ended operations and could be forced out of receivership.

Short Supply Pushes Home Buyers To Tipping Point
An ongoing inadequate supply of residential properties for sale has pushed prospective homebuyers to a tipping point and driven down year-over-year listings seven months in a row.

CMBS Delinquency Lowest in 9 Years
A more than 20-basis-point drop in delinquency on securitized commercial real estate loans left the rate at its lowest level in nine years. Multifamily delinquency was lowest.

Home Prices Gains Led by Sin City, Silver State
U.S. home prices continued to escalate thanks to historically low interest rates and a persistently tight supply of properties for sale. Las Vegas and its host state saw the biggest gains.

ARM and Refi Share of Apps Down from Year Ago
As fewer prospective borrowers completed a new mortgage application this past week, the share of consumers applying for refinances and adjustable-rate mortgages receded.

Freddie's Delinquency Lowest in Over 10 Years
Single-family serious mortgage delinquency dipped to the lowest level in more than a decade at the Federal Home Loan Mortgage Corp. New business declined, however.

What Borrowers Want From Digital Mortgage Process
With most prospective borrowers doing online research before beginning the mortgage process, home lenders can see big benefits from changes in their digital lending processes.

Moody's Settles RMBS Rating Charges
Moody's Investors Service Inc. has agreed to settle charges by a federal regulator that its rating system for residential mortgage-backed securities was deficient.

Mortgage Servicer Efficiency Increases
Efficiency at the nation's independent mortgage servicing organizations has improved. Servicer earnings moved higher from a year previous but descended from the preceding period.

Independent Wholesale Lenders Suffer Q2 Losses
Independent home lenders turned quarterly losses into profits by cutting expenses, though stiffer competition had income down by half from a year earlier. Wholesale lenders took a beating.

Union Says Wells Sending Jobs Overseas
A trade union claims that several hundred mortgage layoffs disclosed last week by Wells Fargo & Co. are being driven by an expansion of its overseas work force.

Mortgage Exec Moves Incl Head of Biggest Servicer
The nation's biggest mortgage servicer has a new chief to oversee the business. Meanwhile, lesser-ranked rivals have been busy improving their own executive ranks.

LOS, Correspondents Weigh Down Chase Jumbo Rating
A weak loan origination system and an increase in the share of delegated correspondent business has the originator rating of JPMorgan Chase & Co.'s banking subsidiary being downgraded.

2017, 2018 Purchase Lending Outlook Cut by $64 Bil
Forecasted financing of residential property purchases has been reduced by more than $60 billion for this year and last year. There was an improvement, though, for refinances.

MSRs On Over $1 Billion in GSE Being Auctioned
There is a modest three-state concentration in a portfolio of servicing rights on government-sponsored enterprise single-family loans being offered for sale.

1-in-4 Seattle Homeowners Skip Mortgage
Seattle, which is one of the most expensive housing markets, has seen its population of homeowners without a mortgage balloon.

Mortgage Biz Slips, ARMS Lead Decline
There was a modest dip in new mortgage business this week, with adjustable-rate mortgages seeing the biggest decline. Jumbo activity however, defied the overall trend.
 /stories/Mortgage-Market-Index-082418.asp

Originations, Servicing Up at Quicken Loans
New quarterly business moved modestly higher at Quicken Loans Inc., as did the company's mortgage servicing portfolio. No change was reported in company-wide staffing.

Wells Fargo Cutting Over 600 Mortgage Positions
Just three months after notifying 400 mortgage employees that their jobs are being eliminated, Wells Fargo & Co. has advised in excess of 600 more home lending workers they will be laid off.

CFPB Chief Nominee Approved by Senate Committee
Despite the Senate Banking Committee's partisan approval today for Kathy Kraninger to serve as director of the Consumer Financial Protection Bureau, she has plenty of detractors.

Mortgage Originations, Servicing Up at HomeBridge
As quarterly mortgage production moved higher at HomeBridge Financial Services Inc., so did the company's servicing portfolio. Headcount, however, was diminished.

Weekly Mortgage Rates Ease, Unlikely to Rise
Over the past seven days, fixed mortgage rates were slightly lower. More of the same could be in store for the next seven days. While a longer-term increase is forecasted, little change is expected next year.

12-Year Low for Mortgage Delinquency
The rate of 30-day delinquency, excluding foreclosures, retreated to the lowest level in a dozen years. Foreclosure starts climbed as Texas is still feeling the sting of last year's hurricane season.

NE Plunge Drives New US Home Sales to 9-Month Low
With the sale of new homes in the Northeast sinking by more than half on a month-over- month basis, national sales dipped to a nine-month low. Sales in the Midwest and West, however, were stronger, while the U.S. inventory reached a nine-year high.

NE Leads Existing Home Sales Lower
Existing home sales fell to the slowest monthly pace in at least two years, with the Northeast seeing the biggest decline. The West, however, saw an increase.

Freddie Securitizing Re-Performing Mortgages
More than a billion dollars in single-family loans that were previously non-performing are being moved from Freddie Mac's balance sheet to a securitized trust.

Higher Home Lending Limited to Best Borrowers
While mortgage originations have recently been higher, the loans are primarily being made to just the best quality borrowers. But ongoing restrictiveness has led to better performance.

Mortgage Apps Up as Refi Share Widest in 5 Months
Applications for loans secured by single-family properties turned higher last week as refinance activity leapt and refinance share was the most broad it's been in five months.

Mortgage Events for MSR Market, Brokers
Mortgage market participants interested in servicing rights, mortgage brokers or regulatory compliance have multiple events they can attend over the next several months.

Mortgage Origination Growth at Navy FCU
Mortgage production and servicing have both increased on a quarter-over-quarter and year-over-year basis at Navy Federal Credit Union.

CMBS Originations Lead CRE Lending Up From Q1
Commercial real estate loans originated for securitization soared from the prior quarter, while government-sponsored CRE financing activities had the biggest gain from a year prior.

GSEs Reducing Expanded Role in SF Rental Market
Pilot programs previously put in place by the government-sponsored housing enterprises will be concluded as that market appears to operate fine without them.

Mortgage Delinquency Holds, Miami's Rate Plunges
Serious delinquency on first mortgages was little changed last month, as has been the case for a half-decade. In Miami, serious consumer delinquency plunged more than 60 basis points.

Judgment Against RE Agent Impacts Mortgage Firms
A recent decision in a federal lawsuit has a real estate agent liable for negligently passing on fraudulent wiring instructions. The case has implications for mortgage lenders.

PRMI Exec Makes Transition From Another Industry
A division president for Primary Residential Mortgage Inc. previously left his career in electronics for the mortgage industry and now oversees home lending in several states.

Mortgage Bankers Cut 3-Yr Purchase Forecast
A $65 billion reduction has been made to the three-year outlook for the origination of loans to finance the acquisition of residential properties. The good news is that the bulk of hit is two years from now.

5-Month High for Weekly Rate-Term Refis
The share of prospective borrowers who sought to refinance their existing mortgages jumped to the highest weekly level in five months. What's unusual is that the share of adjustable-rate mortgages also swelled.
 /stories/Mortgage-Market-Index-082018.asp

Hirings Planned for CoreLogic's Appraisal Unit
CoreLogic Inc. held a ribbon-cutting ceremony this week in Oklahoma City to tout its new presence in the state. Hirings are planned for the location.

Facebook Accused of Enabling Housing Discrimination
A complaint filed against Facebook alleges that the social media giant gives its housing-related advertisers control over who sees their ads -- leading to discrimination.

No Mortgage Firms Among 100 Fastest Growing
Although there were several real estate companies on the list of this year's 100 fastest-growing firms, there were no mortgage-related firms and very few financial services businesses.

MSRs For Sale on Small GSE Portfolio
An auction is being held for the servicing on a very small portfolio of government-sponsored enterprise mortgages. The portfolio is concentrated in the eastern half of the country.

Ditech Plans 100s of SD Layoffs as Office Closes
Hundreds of layoffs planned next year in South Dakota by Ditech Financial LLC will push the number of layoffs over the prior couple of years at the struggling company past 1,300.

2018-2019 Home Lending Outlook Cut By $26 Billion
The forecasted volume of residential loans to be originated this year and next year has been reduced by $26 billion. Home purchase financing took the biggest hit.

New Low for GSE Refinances
Monthly refinances of government-sponsored enterprise loans sank to the lowest level on recent record. Refinances of Federal Home Loan Mortgage Corp. loans suffered most.

NewDay Takes LO Training to New Level
Recruiting for loan originators at NewDay USA is focused on recent college graduates, while training for the license exam is done through an in-house program.

Drop In Mortgage Rates Likely to Hold
Interest rates on home loans tumbled over the past week, and they are likely to remain there over the next week. A report on monthly closings had loans to veterans with the lowest rates.

Construction Permits Up, Completed Constr Down
Even though the volume of housing permit issuance was up last month, the pace of completed construction slowed. Construction starts were little changed.

Mortgage Delinquency Falls to 13-Year Low
The percentage of the nation's mortgages that were either past due at least a month or in the foreclosure process fell to the lowest level in 12 years. But the outlook is less than stellar.

Jump in USA Mortgage Originations
The quarterly volume of home lending turned sharply higher at USA Mortgage. Also expanding was the number of people on the mortgage banking firm's payroll.

Builder Confidence Sinks to Nearly 1-Yr Low
As buyer traffic weakened, home builders grew more pessimistic about the new home market. Many continue to worry about the impact from decreasing affordability.

Refi Share Stays at Record Low, Closing Rate Up
As refinances continue to make up the smallest monthly share of mortgage originations during recent years, the closing rate has strengthened, and conventional share has widened.

Bids Sought for MSRs on Over $3 Bil in Agency Loans
Servicing rights on more than $3 billion in agency loans are being auctioned off. A majority of the portfolio is government mortgages, and there is a Southeast concentration.

Purchases Pull Down Mortgage Applications
Loan originators were less busy last week completing mortgage applications on behalf of prospective borrowers thanks to slowing purchase financing. Government share was unchanged, and the jumbo-conforming spread thinned.

DOJ Touts Record RMBS-Related Penalty
A penalty included in a settlement between the Department of Justice and The Royal Bank of Scotland Group plc is reportedly largest of its kind ever for the department.

Regions Bank's Home Lending, Delinquency Improve
In Regions Financial Corp.'s mortgage business, earnings were lower and the servicing portfolio diminished. New originations and delinquency improved, however.

GSEs Unloading Nearly $6 Bil in Reperforming Loans
The government-sponsored enterprises are moving nearly $6 billion in reperforming residential loans off of their balance sheets.

Q2 Mortgage Metrics Strong, HELOC Weak
Although quarterly mortgage debt outstanding ascended, home-secured credit lines contracted. As mortgage originations increased, lenders were more restrictive than a year ago.

Home Loan Performance Improves
Serious mortgage delinquency and the foreclosure rate moved lower on a month-over-month basis, while both metrics -- along with the non-current rate -- improved on a year-over-year basis.

Loan Originator Sentenced to Prison
A Florida loan originator is headed to prison after admitting to federal authorities that he helped in the sale of condominiums by fooling mortgage lenders with bogus documents.

Mortgage Originations Soar at Lake Michigan CU
In Lake Michigan Credit Union's mortgage business, loan production leapt, the servicing portfolio continued to grow, and the number people on the payroll expanded.

Ginnie's HMBS Issuance Falls to Nearly 4-Year Low
Reverse mortgage securitizations on behalf of the Government National Mortgage Association fell to an almost four-year low. Overall issuance was little changed.

Govt Leads Weekly Mortgage Business Up
After retreating for three consecutive weeks, new mortgage business turned higher. Government business surged, and government share widened. The jumbo-conforming spread was trimmed.
 /stories/Mortgage-Market-Index-081318.asp

Record Guild Mortgage Originations
Home lending increased at Guild Mortgage Co. to the highest level ever. Meanwhile, the size of the national staff and the residential loan servicing portfolio both increased.

Case Could Cost Summit Funding $1.6 Million
A former executive who sued Summit Funding Inc. for age discrimination is expected to obtain a $1.6 million judgment against the Sacramento, California-based company.

FHA Endorsements Inch Up, Might Rise More
Monthly Federal Housing Administration business inched higher and might accelerate further. Delinquency turned sharply higher, and reverse mortgage production was the slowest it's been in four years. But commercial mortgage endorsements doubled.

Fine Against Citi Unit for Servicing Practices
The good news is that a seven-year-old consent order against Citigroup Inc. has been terminated. The bad news is that a subsidiary was hit with a fine over its handling of mortgage documents.

Mortgage Originations Up at Finance of America
New quarterly mortgage business was better at Finance of America Holdings LLC. But the size of the company's servicing portfolio and staff was down.

Biggest Players in Real Estate Appraisals
A new report has identified four companies, including two financial institutions, as being the key players in the real estate appraisal market over the next four years.

Mortgage Rates Dip, Could Recede Further
A small decline in mortgage rates this past week could be followed by a slightly larger drop next week. Two indices for adjustable-rate mortgages also moved lower.

Risk Rises On New Mortgage Originations
As quarterly home-lending moved lower, the risk of default on those newly originated mortgages deteriorated and now stands at its worst level in three years.

Ditech Originations Dip But Likely Turning Higher
Though quarterly originations softened at Ditech Holding Corp., an increase is underway for the current period. The servicing portfolio continued to shrink, as did reverse mortgage headcount. Losses subsided, but liquidity remains a huge concern.

CashCall Charges Leave Impac With Huge Loss
A re-evaluation of of CashCall Inc.'s value has left Impac Mortgage Holdings Inc. with a huge loss as the company takes the consumer-direct channel in a new direction.

PHH Production Plummets, Delinquency Rises
Residential loan production volume has fallen to a small fraction of its year-earlier level at PHH Corp. Delinquency worsened, though the company cut its losses.

Gateway Mortgage Group Acquiring Bank
A small bank in Oklahoma is being acquired by a mid-sized mortgage banker in the same state. After the deal is done, the lender will become a subsidiary of the financial institution.

Single LO License Test Approved for All States
Mortgage loan originators in all states can now apply for a license in one or more states and only be responsible for passing a single national test.

Refis Hurt Most from Mortgage Application Downturn
A drop in new mortgage applications was most pronounced with refinances. A week-over-week and year-over-year thinning was recorded for adjustable-rate share.

Banks Maintain Mortgage Credit Standards
For most single-family lending programs, credit standards at banks were little changed during the second quarter. While demand for residential loans was up at a good share of banks, it was also down at a good share.

Tiny Offering of GSE MSRs
A tiny portfolio of servicing rights on single-family loans that are backed by the government-sponsored enterprises is being sold through the auction process. There is an East Coast concentration.

Mortgage Servicing, Originations Up at Citizens
Residential assets and servicing grew at Citizens Financial Group Inc. A quarter-over-quarter rise in home lending was accompanied by a drop in conforming share.

Post-Crisis High For Mortgage Credit Availability
Credit conditions in home lending were more relaxed last month than at any time since the financial crisis. Out front of the loosening were jumbo mortgages. But government conditions tightened.

Digitization in Non-Bank Home Lending
A report from the Department of the Treasury highlights technological advances made in financial services and offered recommendations for non-bank firms.

Zillow Acquiring $1 Billion Mortgage Originator
A company that originates in the range of $1 billion annually is being acquired by Zillow Group Inc. The deal is expected to create opportunities with real estate brokers.

North Dakota Seeks Waiver of Appraisal Requirements
A severe shortage of real estate appraisers has North Dakota officials making a request to waive appraisal reports, at least temporarily, on some residential loans. Banking regulators see the move as necessary.

Large RMBS Settlement at HSBC
The U.S. subsidiary of HSBC Holdings plc is near a large settlement with the government over its role in the issuance of pre-crisis residential mortgage-backed securities.

Consumer Bankruptcy Filings Slowest in Five Months
A modest reduction in the number of monthly bankruptcies that were filed by U.S. consumers left the pace of filings at its lowest level in five months.

Wells Fargo Mistakenly Denied Modifications
A calculation error by a tool used by Wells Fargo & Co. to determine whether a borrower would qualify for a loan modification caused borrowers to be denied -- including hundreds who lost their homes to foreclosure.

NV Super Lien Decisions Benefit Mortgage Firms
In August 2017, we saw the first controlling decision published by the Ninth Circuit Court of Appeals concerning the application of the Housing and Economic Recovery Act of 2008 in the context of a Nevada homeowners' association non-judicial foreclosure sale. Berezovsky v. Moniz, 869 F.3d 923 (9th Cir. 2017).

FHA Share Sinks as New Mortgage Biz Down
As new mortgage business fell last week -- government-insured share sank to the most narrow level since last year, the jumbo-conforming spread thinned, and demand for adjustable-rate mortgages tumbled most.
 /stories/Mortgage-Market-Index-080618.asp

Buyer Sought for Small GSE MSR Portfolio
Bids are being sought for the servicing on nearly $300 million in government-sponsored enterprise residential loans with a Golden State concentration.

Capital One Cuts 100s of Texas Mortgage Jobs
Hundreds of mortgage employees in North Texas are being laid off by Capital One Financial Corp. The job cuts come less than a year after over 700 people were let go from the same location.

Business Grows as National MI Sees Record Earnings
Quarterly earnings set a new record, while new business was better at National Mortgage Insurance Corp. As the book of business expanded, delinquency declined.

Non-Bank Mortgage Jobs Expand 3 Months in Row
Monthly mortgage job gains continued for the third consecutive month. Among all U.S. industries, jobs data for last month was healthy.

Survey Shows Bipartisan Consumer Support for CFPB
A new survey suggests that consumers -- Republican and Democrat -- haven't been swayed by Trump administration efforts to paint the Consumer Financial Protection Bureau as bad for the economy.

Former Lehman Unit Fined for Fraud
The former mortgage servicing subsidiary of Lehman Brothers Holdings Inc. has been fined for allegedly enabling fraudulent loans to make it through the system.

Earnings, Servicing Increase at PennyMac
Earnings increased and servicing expanded at PennyMac Financial Services Inc. But originations were down from last year, and delinquency deteriorated.

Fixed and ARM Mortgage Rates Rise
Across the board, interest rates on residential loans moved higher this past week. Also rising were indices on adjustable-rate mortgages.

Fannie's Earnings Up, Delinquency at Decade Low
Quarterly earnings at the Federal National Mortgage Association improved, as did secondary activity and serious mortgage delinquency.

New American Schooling LOs in Social Media
New American Funding is rolling out a social media training program for its mortgage originators that it says will make them "social marketing geniuses."

Monthly HECM Endorsements Up From Decade Low
As federally insured reverse mortgage production had a moderate bounce off decade-low monthly volume, the biggest originators retreated again.

Excellent Quarterly Performance at Arch M.I.
Quarterly business skyrocketed at Arch Mortgage Insurance Co., while earnings strengthened and delinquency improved. The company's book of business expanded.

Acquisition of Nationstar Completed
The previously announced acquisition of Nationstar Mortgage Holdings Inc. by the former parent of failed Washington Mutual Bank has been completed.

Former BofA Exec Named CEO of Gateway Mortgage Grp
A financial services executive who spent more than two decades at Bank of America Corp. has been appointed chief executive officer of Gateway Mortgage Group LLC.

Industrial Leads CMBS Delinquency Down
Led by industrial properties, securitized commercial real estate loans saw stronger monthly performance. Apartment delinquency, however, worsened.

Wells Fargo Reaches $2 Bil Subprime RMBS Settlement
More than two years after revealing a government investigation into how it handled sales of subprime residential mortgage-backed securities, Wells Fargo & Co. has agreed to a more than $2 billion settlement.

Fannie Drives Up Agency MBS Issuance
With a little help from its government-owned counterpart, the Federal National Mortgage Association drove overall issuance of agency mortgage-backed securities higher just one month after retreating.

Mortgage Applications Fall, Purchases Most
Weekly purchase-money loan applications were affected more than refinances from a week-over-week drop in mortgage applications. Government share widened, as did the jumbo-conforming spread.

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