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September 2018 Archive


Robust VA Share Lifts Government Mortgage Share
Government share was the most broad it's been in five months thanks to the widest veterans share in at least two years. Although rate-term share was the widest it's been in six months, it was still refinances that led an overall week-over-week decline.
Refis lead drop in overall business

Defunct Foreclosure Trustee Settles With DOJ
A lawsuit filed by a service member against PHH Mortgage Corp. and a defunct foreclosure trustee that was dismissed by a federal judge caught the attention of the Justice Department -- which has extracted a settlement from the trustee on behalf of multiple service members.

Ocwen Acquisition of PHH On Verge of Close
Ocwen Financial Corp. is on the verge of closing on its acquisition of ailing PHH Mortgage Corp. Regulatory approval of the transaction specifies the type of servicing platform Ocwen can use.

Fewer Foreclosures Started, Completed at Banks
The rate of delinquent payments on bank-serviced mortgages has improved over the past year, though there was no quarter-over-quarter change. Fewer foreclosures were started and completed.

7-Year High for Mortgage Rates
Interest rates on home loans continued to ascend on both a weekly and monthly basis, climbing to a seven-year high. Two out of three indices used for adjustable-rate mortgages didn't change.

Originations Soar, Staff Expands at Fairway
Quarterly loan originations soared at Fairway Independent Mortgage Corp., while the payroll grew. Although the servicing portfolio retreated, it was up from a year previous.

FHFA Director Accuser Testifying at House Hearing
The woman who is accusing the man in charge of the Federal Housing Finance Agency of sexual harassment is testifying before Congress Thursday.

Sen. Warren Introduces Housing Bill
Sen. Elizabeth Warren has introduced housing legislation that she says will eliminate the housing supply shortage and create more than a million new jobs. The proposed law would be funded through higher taxes on wealthy families.

Freddie to Buy Shared Equity Mortgages
In an effort to support homeownership in low-to mid-income markets, Freddie Mac will join its secondary mortgage cousin in purchasing shared-equity mortgages.

New Homes Sales Up 1st Time in 3 Months, NE Soars
New house sales turned higher for the first time in three months, with sales surging in the Northeast. But experts worry about the effects of the hurricane, rising rates and escalating home prices.

Refi Share at 6-Mth High, Mortgage Apps Up Again
Mortgage applications were completed last week at a rate that was stronger than the preceding week. Although mortgage rates have risen to a seven-year high, refinance share still reached its widest level in six months.

loanDepot, AMC Settle Claims of Discrimination
loanDepot.com LLC and an appraisal management company have reached an agreement to settle claims that borrowers were discriminated against because their properties were located on Indian reservations.

100s of Real Estate Lending Layoffs at USAA
Hundreds of positions in USAA's real estate lending and rewards divisions are being eliminated. Affected employees work at locations in three states.

Freddie's Monthly Business Best This Year
Monthly secondary mortgage volume ascended to the highest level this year at the Federal Home Loan Mortgage Corp. Serious mortgage delinquency, meanwhile, descended to a fresh new post-crisis low.

United Shore Returns Nearly $2 Mil in Tax Breaks
United Shore Financial Services Inc. has returned nearly $2 million in tax breaks it received for relocating its headquarters in Southeast Michigan -- leaving the funds available for schools and the community.

Proprietary Reverse Mortgage Programs Proliferate
As home equity among seniors continues to balloon, the pace of government-insured reverse mortgage lending has slowed. But several proprietary programs have been created to pick up the slack -- including a new second-lien product.

Chase Philadelphia Expansion Includes Mortgages
A major expansion planned by JPMorgan Chase & Co. in the Delaware Valley over the next few years includes plans for its mortgage business.

Mortgage Lates Down After Dropping to 12-Yr Low
After falling to the lowest level in a dozen years, 30-day delinquency moved down by another 9 basis points. Also improving was the foreclosure inventory rate.

2018 Mortgage Origination Outlook Cut Due to Refis
An improved outlook for home purchase financing this year was was wiped out by a big drop in expected refinancings. But next year's forecast was cut thanks to lowered purchase-money expectations.

Weekly Mortgage Business Up as VA Activity Soars
An improvement in weekly mortgage business was driven by a surge in prospective loans to veterans. Despite deterioration of 3 basis points in fixed rates, the share of people seeking a rate-term refinance grew to the widest level in six months.
Rate-term refi share at 6-month high although rates up 3 BPS

Stream of Mortgage Layoffs Continues
In addition to some of the high-profile rounds of mortgage layoffs previously reported, a stream of less prominent staff reductions are beginning to add up for the industry.

Free Credit Freeze From All 3 Bureaus
One silver lining from the Equifax data breach has been legislation passed by Congress that requires the credit bureaus to provide credit freeze services free to all consumers.

Mortgage Staffing, Servicing Grow at Alaska USA
Mortgage employees on Alaska USA Federal Credit Union's payroll increased from the prior quarter and a year prior, as did residential loan servicing.

Best Mortgage Jobs
Among the hundred best jobs in the nation are several that are found at home lenders -- including positions in compliance and technlogy. Also making the list were loan originators.

Refi Declines Wipe Out Purchase Gains
Even though purchase-money production is expected to increase by nearly $50 billion between this year and next year, refinances are expected to decline by more than $60 billion.

Wells Fargo Plans to Cut Thousands of Jobs
Wells Fargo & Co. warned that as many as 26,500 layoffs are ahead as it improves its operations, pays more attention to its customers and gets past recent scandals.

Mortgage Rates Increase, Further Escalation Ahead
On a month-over-month basis, mortgage rates were slightly worse. But the deterioration deepened on a week-over-week basis. Further increases are likely.

FHA Delinquency Tumbles, Endorsements Edge Up
There was a monthly up tick reported in new business at the Federal Housing Administration, though a dip will likely follow. Single-family delinquency tumbled 48 basis points.

SF Drives Up Completed Constr, MF Leads Starts Up
Multifamily led a surge in new construction last month, while single-family activity drove up completed construction. But activity is likely to slow based on new permits.

Fed Nets $2.5 Bil From Fund Created to Save Bear
The Federal Reserve Bank has unloaded its last holdings in a fund it created during the financial crisis to enable JPMorgan Chase & Co. to save Bear Stearns Companies Inc. from collapse. The fund generated a profit of $2.5 billion.

Refinance Share of Mortgage Originations Widens
A bigger share of borrowers who closed on their home loans last month were refinancing an existing mortgage than the preceding month. Closing rates climbed to a 12-month high.

Mortgage Applications Rise 1st Time in 4 Weeks
Mortgage applications improved for the first time in four weeks. As rates ascended to the highest level in seven years, more prospective borrowers opted for an adjustable-rate.

Lender Blames CT Bank Regulator for Layoffs
Overzealous licensing requirements in Connecticut are being blamed for the termination of a home lender's planned headquarters expansion and dozens of layoffs.

Builders Say New Tariffs Are Devastating
Optimism within the home-building industry remained at its lowest level in 12 months, and pessimism is setting in as a result of a new round of tariffs.

Slight Escalation in Serious Mortgage Delinquency
Serious delinquency on first-lien residential loans turned modestly higher last month. Among large metropolitan areas, Chicago had the worst deterioration.

1st Mortgages Outstanding Nearing All-Time High
The balance of first-lien home loans outstanding is nearing the all-time high established at the start of the crisis. The trend is down, however, for home-equity products.

Ginnie's Jumbo Issuance Sinks to 4-Year Low
As monthly issuance ascended to the highest level in nine months at the Government National Mortgage Association, jumbo securitizations retreated to a low not seen in nearly four years.

As HARP Wanes, 3.5 Million Benefited
Just one month after sinking to the lowest level on recent record, the number of government-sponsored enterprise loans that were refinanced fell further. An Obama-era program enabled 3.5 million refinances during stressful times.

2019 Home Purchase Financing Outlook Cut
The latest mortgage origination forecast has next year's production of loans to finance a home purchase coming in nearly $10 billion less than was expected just last month.

MSRs Sought on Ginnie Mae Loans
A home lender is looking to beef up its servicing portfolio and is actively seeking the rights to service Ginnie Mae mortgages.

Ellie Says New Service Cuts Turn Times by 3 Days
Developers of a technology platform that enables consumers to complete the steps in the home loan process without an originator are reporting that the platform has cut its clients' turn times by three days.

Wells CFO: Negative News Is Ad Driven
The chief financial officer of Wells Fargo & Co. suggested at an investor conference that behind some of the negative news coverage of his company is reliable ad sales.

Attorney Still Working on Lehman Mortgages
An attorney who was hired a decade ago to borrowers and mortgage brokers involvded in fraudulent mortgages owned by the bankruptcy estate of Lehman Brothers Holdings is still at it.

ARMs Lead Weekly Mortgage Biz Up, Record ARM Share
New mortgage business really picked up from the holiday week. The strongest showing was with adjustable-rate mortgages -- with ARM share coming in wider than any prior week in at least nearly a decade.
Overall activity accelerates from holiday week

House Bill Addresses Poor CFPB Guidance
Legislation that has advanced in the House of Representatives addresses sharp criticism the Bureau of Consumer Financial Protection kept lenders in the dark about complying with agency guidance.

National MI Names New CEO
The founding chief executive officer of National Mortgage Insurance Corp.'s parent is being replaced by another senior executive who has also been on board since the beginning.

Lots of Prospecting, Rigid Routines for Top LOs
Five top-producing mortgage originators talked about their daily routines and practices at a recent conference. All spend much of their time prospecting, and each exhibited strong discipline. One valuable emerging tool is video.

Solid Jobs Report Pushes Up Mortgage Rates
Mortgage rates deteriorated this past week, and last week's solid jobs report ensures that further increases are ahead. Adjustable-rate mortgage indices saw disparate movement.

Fannie Moving $5 Bil in Loans Off Balance Sheet
More than $5 billion in residential loans are being moved out of the mortgage investment portfolio of the Federal National Mortgage Association. The loans are nonperforming and reperforming.

Refi Recession Drives Up Mortgage Fraud Risk
The quarterly level of fraud risk on residential loan applications has grown over the past year thanks to a decline in refinances and an increase in wholesale lending share.

AZ Branch Mgr Gets Vet Approved After 2 Denials
An active-duty soldier who was being transferred from Kentucky to Florida and was twice denied for a loan guaranteed by the Department of Veterans Affairs was saved by a veteran who is a mortgage branch manager.

Host of Firms Report Mortgage Originations
Residential loan origination data was recently released for a host of small to mid-sized mortgage firms. Included among the companies are several billion-dollar producers.

Mortgage Apps Down as Refis Plunge to 17-Year Low
Applications for purchase-money mortgages accelerated during the holiday week. But a plunge in refinance applications to the lowest level in more than 17 years dragged down overall activity.

Social Media for Mortgage Loan Originators
Business relationships developed through social media can be far more powerful than traditional relationships. With that in mind, there are steps loan originators can take to maximize their social media presence.

Mortgage Delinquency Up, Though 90-Day Rate Down
Mortgage delinquency turned higher last month. But the rate remains below its year earlier level, and serious mortgage delinquency improved. Current hurricane news reports provide a clue about areas likely to see deteriorating performance.

Credit Unions Lose Mortgage Market Share
Non-bank originators took away market share from banks on a quarter-over-quarter basis, but the year-over-year trend favors banks. Credit unions lost market share.

Jumbo Drives Down Mortgage Credit Availability
Credit conditions in the home financing market were tighter last month. Behind the contraction was a drop in the number of available jumbo mortgage programs. Partially offsetting jumbo deterioration was an increase in programs with low down payments.

Banks Lose Thousands of Mortgage Originators
Although the yearly ranks of home loan originators who are employed by banks was reduced by thousands, state-licensed loan officer growth more than offset the losses.

GSE MSR Offering Has Golden State Concentration
Potential buyers are being sought for the servicing on over a half-billion dollars in government-sponsored enterprise single-family loans with a Golden State concentration.

Reperforming Mortgages Outstanding Expand
The number of single-family loans that were previously non-performing but are now paying has climbed this year. A majority of the total have been paying for more than two years.

CFPB Trying to Jump Start Trial Disclosures
A policy change is being proposed by the Consumer Financial Protection Bureau that is intended to jump start the use of trial disclosure programs.

Wells CEO: We're Biggest Mortgage Lender
Despite claims to the contrary, the chief executive officer of Wells Fargo & Co., Timothy Sloan, contends that his company is the biggest mortgage lender in the country.

30-Day CMBS Rate Dips to New Post-Crisis Low
A tiny decline in the monthly rate of delinquency on securitized commercial real estate loans was enough to take it to a new post-crisis low. Most of the distressed loans are pre-crisis.

MSRs on Nearly $2 Bil in Ginnie Mae Loans for Sale
Servicing rights are being marketed on a nearly $2 billion Ginnie Mae portfolio with an elevated delinquency rate and a moderate coastal concentration.

Mortgage Biz Off 4 Wks in Row Despite Purchase Bump
New mortgage business retreated for the fourth consecutive week, with the holiday dragging down the latest seven-day period. Even more significant was the year-over-year decline. Cashout and veterans activity were the slowest since last year. But one bright spot was purchase-money business.

Activity plunges from same holiday week in 2017

Mortgage Jobs Contract Despite Broker Growth
A monthly expansion in the size of the mortgage broker workforce wasn't enough to push mortgage headcount higher. In the overall job market, employers filled more positions last month.

CashCall Owner Operates Another Similar Firm
The owner of a California lender that was sued by the Consumer Financial Protection Bureau runs another similar firm that operates the same way.

Housing Finance Overhaul Bill Has Little Chance
A bill that was proposed on the 10-year anniversary of the government seizure of Fannie Mae and Freddie Mac has little chance of becoming law.

Mortgage Rates Remain Stable, No Change Likely
Again, there was little week-to-week movement in interest rates on home loans. The upcoming week is likely to continue the trend and see rates stay within a narrow range. Indices for adjustable-rate mortgages moved higher.

Bids Sought for Non-Performing GSE Mortgages
A fairly big portfolio of non-performing mortgages that were acquired by a government-sponsored enterprise are being marketed for an upcoming auction.

4-Month High for Consumer Bankruptcies
Consumer bankruptcies worsened last month, with filings climbing to the highest level in four months. If the trade group for the bankruptcy industry has its way, more consumers will have access to bankruptcy.

HECM Endorsements Up 2 Months in Row
For the second consecutive month, the production of federally insured reverse mortgages has nudged higher. But activity remains well short of the year-earlier level.

MSRs Offered On Nearly $4 Billion in GSE Loans
The servicing on nearly $4 billion in single-family loans that are backed by the government-sponsored enterprises is being offered for sale. The portfolio has a Lone Star State concentration.

New President at Freddie Mac, CEO Leaving
In addition to disclosing that it has appointed a new president, the Federal Home Loan Mortgage Corp. has revealed that its current chief executive officer will be leaving. The domino effect impacts its multifamily business.

Churchill Mortgage Maintains Originations
Compared to a year previous, quarterly home-lending volume at Churchill Mortgage Corp. has changed little. Hardly any variation was also reported for staffing.

Dip in Refi Mortgage Apps Offsets Purchase Bump
Heading into the holiday weekend, mortgage application volume held steady. Purchase-money activity was up, and refinances were lower -- though refinance share was the widest it's been in nearly six months. Veterans' share was the thinnest it's been in over three months.

Record Low Bank CRE Loan Delinquency Rate
A record-low was reported for delinquency on commercial real estate loans owned by banks. The rate on securitized CRE loans was its lowest in nearly a decade with further improvement to follow.

CoreLogic Expects a Monthly Drop in Home Prices
While the country's home values continued to escalate, CoreLogic Inc. expects that when last month's final numbers are tallied, values will be lower than in the preceding month.

Serious Delinquency at Fannie Lowest in Nearly 11 Years
Monthly new business slipped at Fannie Mae. Loan performance on the secondary lender's residential portfolio was the best it's been in nearly 11 years.

Fannie Mae's MBS Issuance Soars to 19-Month High
Securitizations of residential loans that are backed by the Federal National Mortgage Association soared to a 19-month high, leading overall agency issuance higher.

Quicken, UWM Parent Claim Bad Reporting by Other
A dispute that started out with disparaging flyers handed out by employees of United Wholesale Mortgage's parent about Quicken Loans Inc. has escalated into accusations of false reporting by both firms.

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