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January 2017 Archive


DOJ Sues MN Bank Over Mortgage Redlining Charges
The federal government has filed a lawsuit against a bank out of Minnesota alleging housing discrimination against minorities.

NJ Bank is First to Fail in 2017
The nation's first bank failure of 2017 was located in the Northeast. Two other financial institutions to go down were further west.

HomeStreet Hurt by Market Forces, Settles w/SEC
HomeStreet Inc. revealed a small settlement with the Securities and Exchange Commission and said income was disrupted by the mortgage market.

Moody's Reaches RMBS Settlement
Moody's Investor Services Inc. and some Moody's affiliates have agreed to settle allegations of misleading investors about mortgage-backed securities.

Home Lending Slows at PNC
A quarter-over-quarter slump in mortgage lending at The PNC Financial Services Group Inc. was met with annual production that managed to keep up with the prior year.

First Republic Grows Mortgage Business
Mortgage production, servicing and assets at First Republic Bank all increased on a quarter-over-quarter and year-over-year basis.

MSRs Being Auctioned on $1.4 Billion in GSE Loans
A bulk offering of mortgage-servicing rights on government-sponsored enterprise originations includes rights on more than $1.4 billion in loans.

Falling Rates Drive Up Mortgage Refinance Biz
A recent decline in mortgage rates has driven up demand from borrowers who missed out on the last refinance opportunity, though home buyers were also busier.

Mortgage Market Index up 32%
BofA 2016 Mortgage Originations Beat 2015
More residential loans were originated last year at Bank of America Corp. than in the prior year. A quarterly improvement was also made by the home lender.

Chase's Staff, Mortgage Originations Increase
Quarterly home-lending volume accelerated at JPMorgan Chase & Co., while the financial institution's human resource assets have been expanding.

3-Year High for Wells Fargo Mortgage Originations
The country's biggest U.S. residential lender and servicer, Wells Fargo & Co., pushed up annual home-loan production to a three-year high.

Senate Hearing Held for Carson as HUD Secretary
President-elect Donald J. Trump's choice to the head of the Department of Housing and Urban Development testified before senators Thursday.

Mortgage Firms Report Hirings
Several real estate finance firms have reported hundreds of hirings they have recently made, while a number of other organizations still have plans to expand their payrolls.

Declining Mortgage Rates to Hold
Pricing on residential financing products was better this past week, and all of the latest indications are that they will be similar in the next rate report.

Wells Fargo MN Borrowers Surprised by Notice
The home-lending subsidiary of San Francisco-based Wells Fargo & Co. had some Minnesota borrowers briefly worried about paid property taxes.

Treasury Nominee Reports Holdings, Divestiture Plan
President-elect Donald J. Trump's nominee to head the Treasury Department revealed a divestiture plan that includes the firm that acquired OneWest Bank.

Lake Michigan CU Originations Off, Servicing Up
Quarterly mortgage originations were down from the prior period at Lake Michigan Credit Union, as was annual lending. The servicing portfolio grew, though.

Record Annual MBS Issuance, Outstandings at Ginnie
Annual loan securitizations ascended to an all-time high last year at the Government National Mortgage Association, as did the company's book of business.

Purchase-Money Mortgage Milestone for Arvest Bank
The volume of loans made to finance home purchases at a bank operating from Arkansas has surpassed the billion-dollar milestone.

Post-Holiday Mortgage Apps Ascend
Moving on from the latest holiday season, loan originators initiated more new business during the latest seven-day period.

Senators Want Trump's Swift Firing of CFPB Chief
Two Republican senators are calling on President-elect Donald J. Trump to quickly tell the director of the Consumer Financial Protection Bureau 'you're fired' after taking the oath of office.

Post-Crisis Mortgage Success Stories
Several non-bank home lenders have risen from the ashes of the financial crisis to become some of the biggest players in the nation's new mortgage banking sector. Here are their stories.

HEL, HELOC Delinquency Improve
The quarterly rate of delinquency on home-equity loans that are owned by banks tumbled. Also dropping was the rate on home-secured credit lines.

Home Repossessions Nearing Pre-Crisis Pace
The monthly rate of real-estate-owned filings has fallen to a level that is very near the pace of completed foreclosures prior to the housing crisis.

Private M.I. Firms Unhappy With FHA Premium Cuts
Private mortgage insurance companies are annoyed at the Federal Housing Administration's decision to lower mortgage insurance premiums.

HAMP Tab Reaches $23 Billion
Government funds used to pay for the Home Affordable Modification Program have reached nearly $23 billion as the program neared its sunset.

Servicing Consent Order Against HSBC Terminated
Five years after a consent order was issued against, HSBC Bank USA, N.A., it has been terminated -- though the bank still was hit with a penalty.

FHA Cuts M.I. Premiums
As a result of ongoing economic improvement, mortgage insurance premiums on government-insured loans have been reduced.

Biggest Q3 Mortgage Companies
As the country's mortgage lenders boosted quarterly production, there were some changes among the top-ranked originators and servicers.

BofA Charged With Discriminating Against Hispanics
Bank of America, N.A., has been charged with treating Hispanic mortgage applicants in South Carolina worse than their non-Hispanic counterparts.

Modest Recovery for Weekly Mortgage Business
Just one week after plummeting to an all-time low, the U.S Mortgage Market Index rebounded, although it still remains well below recent norms.

Mortgage Market Index up 23%
Quicken Parent Getting In Mortgage Lead Business
With a deal reached to make two upcoming acquisitions, the parent of Quicken Loans Inc. will be in the business of mortgage lead generation.

Attorney Who Forged Assignments Only Gets Probation
A Massachusetts attorney who forged mortgage assignments so he could fraudulently collect over $1 million in payoff proceeds has avoided prison.

2016 HECM Originations Slump Despite Monthly Surge
Despite a surge in the final month of last year for federally insured reverse mortgage production, annual production slumped.

US Jobs Report Weak as Mortgage Staffing Strong
Although the employment report for all industries was less than stellar, non-bank mortgage employment has expanded for nine consecutive months.

Mortgage Rates Sink, Further Decline Likely
A nice improvement was recorded this past week for interest rates on residential loans, and the forecast is for a further decline.

Dozens Laid Off at Wyndham Capital Mortgage
Current market conditions are being blamed for dozens of layoffs that took place earlier this week at Wyndham Capital Mortgage Inc..

Over $300 Million in HELOCs Sold
A whole-loan transaction has been executed on the sale of more than $300 million in seasoned home-equity lines of credit.

10-Year Low for Consumer Bankruptcy Filings
Last year, there were fewer consumer bankruptcies filed than in any year during the last decade. Monthly filings, though, rose from a year earlier.

Bank Mortgage Delinquency, Foreclosures Fall
Quarterly delinquency on residential loans serviced by banks moved lower, as did the number of foreclosures that were initiated and completed.

4 Consecutive Months of Easing Mortgage Credit
Credit conditions in residential real estate finance have loosened for four consecutive months. Jumbo lending eased most last month.

Companies Issue Mortgage Production Reports
A variety of mortgage origination statistics have been reported for home lenders, including rural lending and lending in the Big Apple.

Fannie Announces M.I. Updates
Corporate changes at mortgage insurance companies have prompted the Federal National Mortgage Association to issue mortgage insurance updates.

Walter Investment Unloading Insurance Subsidiary
The insurance subsidiary of Walter Investment Management Corp. is being sold. Word of the deal drove up its sagging share price.

eMortgage Warehouse Product Launched
A bank that is operating out of the Lone Star State has unveiled a warehouse lending product that is completely electronic.

Holidays Hamper Mortgage Applications
New applications for residential loans took a turn for the worse during the holidays, though purchase-money activity mostly held up compared to a year previous.

Another Credit Bureau Settlement Reached
Just days after a settlement was disclosed by one provider of credit services, another settlement has been revealed with another credit services provider.

Range of Mortgage-Related Conferences During Q1
A range of mortgage-related events taking place during the first quarter of this year include a pair of commercial real estate conferences, a bankruptcy convention and an independent lender event.

Offering Could Yield MSRs on Up to $1 Bil in Loans
A new offering could provide the successful bidder with mortgage servicing rights on as much as $1 billion in government-sponsored enterprise loans.

Acquisition Creates New Biggest Mortgage Insurer
The recent closing of an acquisition by Arch Capital Group Inc. has created a new behemoth among the nation's mortgage insurance companies.

M.I. Premium Deduction Expires
The ability to write off mortgage insurance premiums has expired, though it is possible that lawmakers could extend the M.I. deduction.

Surge in CMBS Delinquency Led by Office Loans
A wave of maturing securitized commercial real estate loans continued to take a toll on performance. Office delinquency deteriorated most.

Monthly MBS Issuance Surges at Fannie Mae
Issuance of mortgage-backed securities at the Federal National Mortgage Association soared last month, driving up overall agency issuance.

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