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January 2018 Archive

Pending Home Sales Up Again, But Outlook Weak
Led by the South, pending home sales were up again and most recently stood at the highest level in nine months. But the outlook for strengthening is weak.

Draft of Senate GSE Bill Emerges
Legislation to overhaul the mortgage finance system is making its way through the Senate and likely could have enough support to pass.

CA Mortgage Firm to Hire Dozens in KY
A California home lender is opening a location in Kentucky with plans to hire dozens of mortgage loan originators.

CEO of FHA Mortgagee Criminally Charged
A man who was the chief executive officer of a home lender is accused of providing forged financial states in order to keep his Federal Housing Administration approval.

Office Leads CMBS 30-Day Rate to Lowest Since 2016
Monthly delinquency on securitized commercial real estate loans fell to the lowest level since 2016, and office loans led the improvement. But hotel delinquency substantially deteriorated.

Agency MSRs Being Auctioned
Bids are being sought for mortgage servicing rights on a pool of agency loans. The offering has a heavy concentration of Golden State loans.

Appeals Court Finds CFPB is Constitutional
A federal appeals court has ruled in a closely followed case that the Consumer Financial Protection Bureau's structure is constitutional.

Dip in Weekly Mortgage Apps as Gov Share Down
Fewer prospective borrowers applied for a mortgage last week, though purchase-money activity has strengthened over the past year. Government share was more narrow.

DTI Guidelines Tightened by Radian
Changes are being made by Radian Guaranty Inc. to its guidelines for borrowers who have high debt-to-income ratios. The action follows a similar move by another competitor.

Fannie Updates Impact IRS Installment Agreements
Updates to the Federal National Mortgage Association's guidelines impact appraisals, condominiums and borrowers with income tax installment payments.

Nationstar Settles Alleged MA Servicing Abuses
Allegations of unfair servicing and foreclosure practices in the Bay State have been resolved by Nationstar Mortgage LLC through a multi-million-dollar settlement.

Home Prices Continue to Rise, Seattle Leads
National home values continued to appreciate, with some home price indices continuing to set new records. While Seattle continued to lead the price gains, the nation's capitol hasn't fared so well.

Trump Admin Disassembling Much of Cordray's Legacy
With his appointment of Mick Mulvaney as acting director of the Consumer Financial Protection Bureau, President Donald J. Trump is undoing much of what Richard Cordray put in place.

Permanent Mortgage Chief Named at Wells Fargo
More than two months after firing its mortgage chief, Wells Fargo & Co. has named a permanent replacement from within the organization.

Appointment comes over 2 months after firing of prior chief
Mortgage Servicing, Staffing Grow at loanDepot
Mortgage servicing and staffing both expanded at loanDepot LLC. But despite a quarter-over-quarter rise in home lending, there was a year-over-year decline.

Gender Power Shift Ahead for Mortgage Industry?
From Hollywood to Washington, allegations of sexual harassment and inappropriate behavior have become some of the biggest headlines since last year.

Variety of Mortgage-Related Hirings Planned
Plans by home lenders and mortgage service providers to hire more employees span from the West Coast to the East Coast and involve a variety of positions.

Purchases Lead Weekly Mortgage Business Higher
Purchase financing activity was out front of a week-over-week gain in new mortgage business. Government-insured share, meanwhile, was at its widest level in six months.
FHA share widest in 6 months
LO to Testify Against Judge in Mortgage Fraud Case
A Chicago-area loan originator has pled guilty to her role in mortgage fraud scheme involving a judge whom she has agreed to testify against.

Mortgage Servicing Portfolio Up at PRMI
Although it managed to grow the size of its residential loan servicing portfolio, Primary Residential Mortgage Inc. experienced a drop in production and headcount.

Mortgage Firms Change CEOs, Presidents
The latest executive appointments in the mortgage industry include presidents, chief executive officers and a chief operating officer. A top human resource job has been filled at a government-sponsored enterprise.

Freddie's Monthly Business Jumps to New 2017 High
The Federal Home Loan Mortgage Corp. finished last year on a high note, with monthly business reaching an annual high. But delinquency was the worst in 17 months.

Weekly Mortgage Rates Surge But Might Dip
Although monthly rates on single-family loans were stable, weekly rates turned sharply higher. But next week's rates might be a little lower.

2017 Mortgage Originations Up at Navy FCU
Annual home lending increased at Navy Federal Credit Union, as did its mortgage servicing portfolio. There was, however, a slight quarter-over-quarter drop in residential production.

Justice Department Investigating Lennar Mortgage Unit
The mortgage subsidiary of home builder Lennar Corp. is being investigated over its handling of the lending process on government-insured loans.

Decade High for New Home Sales
New home sales last year soared to the highest level in a decade. In stark contrast to existing home sales, the inventory of new homes for sale was the highest in eight years.

Tax Law to Impact Home-Equity Products
While home-equity loans and home-equity lines of credit can have lower rates than personal loans, the new tax law could lessen the benefit for some borrowers.

Best LendingTree Mortgage Lenders
The latest quarterly list of the top-rated home lenders has been issued by LendingTree. A California company received the highest ranking.

Mortgage Earnings, Lending Worsen at HomeStreet
Mortgage originations declined at HomeStreet Inc. and are likely to fall further. Although mortgage losses continued, residential servicing and assets expanded.

Record Low Existing Home Inventory, Supply
Existing home sales climbed to the highest level in 11 years during 2017. At the same time, the inventory of homes for sale and number of months supply ended the year at a record low.

Huntington's Annual Mortgage Lending, Servicing Up
Annual mortgage and home-equity originations increased at Huntington Bancshares Inc., as did residential assets and servicing. Mortgage income and delinquency, though, deteriorated.

Mortgage Apps Up as Purchases Climb to 7-Year High
Applications for loans to finance a home purchase ascended to a more than seven year high -- leading a week-over-week gain in overall mortgage applications. Government share has thinned over the past year.

Mortgage Earnings, Originations Down at 5th 3rd
Compared to the prior quarter, mortgage earnings, originations and servicing all declined at Fifth Third Bancorp, as did residential assets.

First Republic 2017 Mortgage Originations Up
Although quarterly residential lending turned lower at First Republic Bank, annual activity increased. The mortgage servicing portfolio continued to grow.

Twitter COO Hired as SoFi CEO
Marketplace lender SoFi, which includes mortgages among its consumer credit offerings, has hired the chief operating officer of Twitter as its chief executive officer.

Home Lending Up from Prior Qtr, Yr at Flagstar
Flagstar Bancorp Inc. accomplished what none of its peers thus far have; it generated a quarter-over-quarter and year-over-year increase in mortgage originations. Mortgage assets also expanded.

Mortgage Delinquency at 2-Year High
Thirty-day mortgage delinquency soared to a two-year high, while serious delinquency climbed to a 19-month high. But foreclosure starts were the fewest since the recession.

Annual Originations Slip at Finance of America
Mortgage production last year was down slightly at Finance of America Holdings LLC. Also lower was the servicing portfolio and headcount.

2018 Purchase Outlook Trimmed by Mortgage Bankers
This year's forecasted volume of loans used to finance a home purchase has been trimmed by the nation's mortgage bankers, leaving less overall originations expected.

Fannie Raises Estimate of 2017 US Refinances
Economists at Fannie Mae have elevated their estimate of refinance production last year at the nation's primary mortgage originators. Even the purchase estimate was nudged higher.

Lawsuit Accuses CMG of Raiding New Penn Employees
CMG Mortgage Inc. is in the midst of a lawsuit accusing it of raiding nearly half of New Penn Financial LLC's retail division. CMG is run by the Mortgage Bankers Association's chairman-elect.

Record Cashout Share Despite Drop in Mortgage Biz
With government activity leading the way, new mortgage business turned lower last week. The proportion of people extracting home equity, meanwhile, widened to its broadest share on record.
Government activity leads week-over-week decline
Caliber Home Loans Originations Increase in 2017
Despite annual declines already reported by several of the nation's biggest mortgage originators, Caliber Home Loans Inc. experienced an increase. Servicing has also expanded.

Former Employee Sues Wells Fargo Over Firing
A former Wells Fargo & Co. mortgage banker in Beverly Hills, California, has sued the company alleging he was unjustly fired for his actions in the rate-lock scandal.

Quicken Loans Founder to Never Settle FHA Lawsuit
The billionaire founder of Quicken Loans Inc. has vowed that the company will never settle a lawsuit alleging fraud on government-insured mortgages. A hearing in the case was held Thursday.

Acting CFPB Director Requests $0 Funding for CFPB
The acting director of the Consumer Financial Protection Bureau has requested no funding for the consumer watchdog agency in his first quarterly funding request.

Annual Mortgage Originations Down at SunTrust
Residential loan originations were lower last year at SunTrust Banks Inc., while mortgage delinquency turned sharply higher. The servicing portfolio, however, expanded.

Mortgage Rates Higher Again, To Continue Rising
The latest reading on mortgage rates is that they continued deteriorating on both a weekly and monthly basis. Short- and long-term forecasts have further escalation ahead for fixed rates.

Flagstar Bank Hires Capital One Mortgage Team
Flagstar Bancorp Inc. has picked up some of the employees impacted by Capital One Financial Corp.'s recent decision to get out of home lending.

Consumer Advocate Decries CFPB Request for Input
A request for input from the Consumer Financial Protection Bureau's acting director about how to best protect consumers is troubling to at least one consumer advocate.

2017 Refi Estimate Lifted, Purchase Cut
Last year's estimated refinance production has been raised, while the purchase-money estimate was lowered. Forecasts for both categories were lifted for this year and next year.

MGIC's New Business Down, Delinquency Up
New business during the final-three months of last year declined at MGIC Investment Corp., while delinquency rose. The book of business grew.

Over $70 Mil in Reperforming Mortgages For Sale
A portfolio of more than $70 million in reperforming residential loans with a five-state concentration is being offered for sale to the highest bidder.

South Drives Dip in Housing Permits
A drop in building permits during the final month of last year was driven by the South, while the West was behind an increase in completed construction.

Mortgage Earnings, Servicing Down at BB&T
A quarter-over-quarter rise in home lending was reported by BB&T Corp. But mortgage earnings and servicing were down, while all three metrics were lower on a year-over-year basis.

Mortgage Standards Continue to Loosen
Home lenders have continued to loosen their standards compared to a year ago as turnaround has improved over the period. Refinance share was the widest it's been 10 months.

Home Lending, Servicing Rise at U.S Bank
Home lending inched up from the previous quarter at U.S. Bancorp, as did the size of its servicing portfolio. There was quarter-over-quarter deterioration in delinquency.

Home Builder Confidence Slips But Still Strong
Optimism among the nation's home builders slipped in the first month of the new year as buyer traffic wained. Sill, the sector remains very optimistic about the rest of this year.

BofA Mortgage Losses Widen, Originations Off
As home lending slowed and loan servicing diminished at Bank of America Corp., mortgage losses widened. Mortgage assets expanded, though.

Weekly Mortgage Applications Climb
A nice improvement in mortgage applications was recorded from the week that included New Year's. The gain came even as interest rates reached a 10-month high.

9-Month Low for FHA Endorsements, Could Drop More
New business at the Federal Housing Administration fell to a nine-month low, and a further drop is likely. Delinquency deteriorated. Meanwhile, the book of business continued to grow.

GSE Refinance Volume Highest in 9 Months
The number of government-sponsored enterprise mortgages refinanced climbed to the highest level in nine months. Government-backed refinances, though, continued to fade.

PNC's Mortgage Earnings, Lending Down
Unlike some of its peers, fourth-quarter income at The PNC Financial Services Group Inc. benefited from the new tax law. But home lending dropped, mortgage earnings fell and residential delinquency rose.

2nd Mtg Delinquency Soars, 1st Mtg Rate Steady
The rate of serious delinquency on first mortgages inched higher but has remained stable for two years. The second-mortgage rate, however, has exploded over the past year.

Home Lending, Servicing & Assets Off at Citi
Single-family lending slowed and is likely to fall further at Citigroup Inc. Also diminished was servicing and assets. A massive loss was tied to the new tax law.

LOS Enhancements, Advancements
A major financial institution recently implemented a new loan origination system, while providers of competing LOS offerings have integrated other services into their systems.

Cloud of Uncertainty Looms Over CFPB Leadership
A ruling in favor of President Donald Trump's choice to temporarily oversee the Consumer Financial Protection Bureau does not provide resolution about who is in charge.

Refi Share Widest Since June 2014
As new mortgage business recovered from a holiday slump, the share of activity that was for refinances reached the widest level in more than three years.
Weekly new mortgage business rises
Monthly, Annual MBS Issuance Down at Ginnie
Securitizations on behalf the Government National Mortgage Association descended on a monthly and annual basis. But its book of business continued to grow -- nearing $2 trillion.

MGIC Tightens DTI Requirements
An alarming number of loans with high debt-to-income ratios have Mortgage Guaranty Insurance Corp. tightening its DTI and credit requirements.

Mortgage Servicing-Related Civil Penalties Issued
Several orders issued six years ago over servicing and foreclosure abuses have been terminated, while new civil penalties have been issued.

PennyMac Opens Broker Channel; New #1 Wholesaler?
Following months of waiting, mortgage brokers can now add PennyMac Financial Services Inc. to their roster of wholesalers. With its entry, the fast-growing lender is poised to become a big player in the wholesale channel.

Mortgage Originations, Servicing Down at Chase
Mortgage income was down at JPMorgan Chase & Co., which doesn't expect much impact from the new tax law. Home lending and servicing declined.

Wells Fargo Earnings, Home Lending Down
Despite a surge in refinance share, quarterly and annual mortgage originations at Wells Fargo & Co. were lower, and a further decline is likely. Earnings also deteriorated.

Mortgage Rates Rise, More Increases Ahead
Weekly rates on single-family loans moved higher, and it was a similar story for monthly rates. Forecasts call for further ascension in the upcoming week and year.

Guild Mortgage Making Acquisition
A mortgage banking firm in the Midwest that generates a billion dollars in loan production annually is being acquired by Guild Mortgage Co.

Credit Scores Climb to 5-Year High
Last year, Americans' credit scores improved to the highest level in five years thanks to improving economic conditions. Credit scores progressively rise with age.

Judge Rules in Favor of Trump's CFPB Appointee
A federal judge's decision not to remove President Donald Trump's choice as acting director of the Consumer Financial Protection Bureau sets up a potential appeal.

TD Bank Names New Mortgage Chief
The U.S. mortgage banking subsidiary of The Toronto-Dominion Bank has hired a seasoned executive with nearly three decades in financial services to run the unit.

Fed Economists Suggest Rapid Mortgage Paydown Plan
Alternatives to the current long-term process of paying down a mortgage include one proposed by a pair of economists at the Federal Reserve Board.

5 Mortgage Firms Recognized Among Best Employers
The latest rankings of best employers are in, and five mortgage organizations made the cut. Also among firms recognized was a compliance service provider and a trade group.

Freddie Mac Settles With Evicted REO Tenant
Freddie Mac has agreed to settle with a woman who was deceived by a fraudulent landlord on a real-estate-owned asset owned by the secondary lender.

Home Equity Business Grows at CA Credit Unions
Despite a tumble in first-mortgage production at California's credit unions, outstandings grew. Home-equity production and outstandings, however, jumped.

New Years Surge in Mortgage Applications
Prospective borrowers completed more mortgage applications in the week that included New Year's than in the week that included Christmas. Refinances drove the gain.

Subprime Share Up as Mortgage Originations Fall
Although the volume of mortgages closed has fallen, the share that are considered subprime has inched higher. Home-equity originations have strengthened.

Mortgage Delinquency Up, Foreclosure Rate Holds
Although overall mortgage delinquency moved higher, early stage delinquency retreated, while serious mortgage delinquency and the foreclosure rate held steady.

Mortgage Credit Tightens to 5-Month Low
After easing to the loosest levels since the financial crisis, credit conditions in real estate finance contracted to the tightest level in five months. Government programs constricted most.

Bank HEL Delinquency Moves Lower
While the quarterly rate of late payments on bank-owned home-equity loans moved lower, the performance of other housing-related assets has worsened.

The Money Source Expanding Staffing, Servicing
A complete makeover planned at The Money Source Inc. will be accompanied by substantial expansion of its staffing and mortgage servicing portfolio.

Sen Warren Says Mulvaney's CFPB Actions Unjustified
Sen. Elizabeth Warren (D-Massachusetts) has written to the head of the Consumer Financial Protection Bureau questioning his decision to stop data collection. She is demanding answers.

Role Vacated by Controversial CFPB Figure Filled
The slot left open when the outgoing Consumer Financial Protection Bureau director promoted his chief of staff to lead the agency has been filled by a House staffer.

Huge GSE MSR Portfolio on the Market
Bids are being sought for mortgage servicing rights on just over $3 billion in government-sponsored enterprise loans with a four-state concentration.

Mortgage Firms Report Growing Originations
While industry-wide annual mortgage originations are forecasted to retreat again, there are some lenders that are driving up loan volume.

Record Cashout Share as Mortgage Business Rises
As rising rates have driven down the share of borrowers seeking rate-term refinances to the lowest level in six months, rising home values have driven the share of borrowers seeking cashout loans to a record high.
Rate-term share at thinnest in 6 months
Monthly Consumer Bankruptcies Lowest in Decade
As the annual volume of new bankruptcies decreased for the eighth year in a row, monthly consumer filings declined to the lowest level in a decade.

Record Issuance of Freddie Multifamily Securities
For the second year in a row, the Federal Home Loan Mortgage Corp. has reported securitizing a record level of apartment loans.

Bank Owner Pleads Guilty to Mortgage Fraud
A major stockholder in a bank that failed several years ago has admitted to deceiving officials about his interest in loans made by the bank and to mortgage fraud.

3rd Month in Row of Mortgage Job Losses
Amid a relatively weak U.S. jobs report, the number of non-bank mortgage jobs retreated for the third consecutive month.

New CEO at Envoy Mortgage
The chief executive officer of Envoy Mortgage LTD is relinquishing his role, and an insider has been named to take his place.

Weekly Mortgage Rates Retreat
Several macroeconomic factors have impacted, and will continue to impact, mortgage rates. Most recently, rates turned lower ahead of the jobs report.

Non-Agency RMBS Issuance Doubles in 2017
Last year's issuance of private-label residential mortgage-backed securities was more than double 2016's level. Further growth is expected this year.

Continued Growth Expected in CRE Lending
Annual commercial mortgage lending is again expected to expand this year, with the outlook most optimistic for government-sponsored enterprise activity.

CMBS Delinquency Best Since 2016, Could Fall More
The rate of past due payments on securitized commercial real estate loans retreated to its lowest level since 2016 and could go lower. Retail properties improved most.

MSRs For Sale on Big Portfolio of Agency Loans
Mortgage servicing rights on hundreds of millions of dollars in agency loans with a Midwest concentration are being offered for sale to the highest bidder.

PHH Reaches Mortgage Servicing Settlement
A settlement has been reached between PHH Corp.'s home-lending unit and dozens of states over alleged servicing abuses that took place during the foreclosure crisis.

Annual HECM Production Jumps to 4-Year High
It has been five years since the number of federally insured reverse mortgages closed was as high as it was last year. The increased volume was generated by fewer lenders.

Final Week of 2017 Slow for Mortgage Applications
Even after accounting for seasonal factors, fewer prospective borrowers applied for a mortgage in the final week of last year. Applications for loans to finance a home purchase fared better than refinances.

Fannie's Multifamily Lates at Nearly 4-Year High
Serious mortgage delinquency climbed to the highest level in 8 months at the Federal National Mortgage Association. Meanwhile, multifamily delinquency soared to a nearly 4-year high.

Wholesale Lenders Promote Non-QM, Alt-A Programs
Several wholesale mortgage lenders are now offering Non-QM programs. Other recently announced offerings include Alt-A, jumbo and nonprime programs.

Annual Agency MBS Issuance Drops
Despite an increase in securitizations at Fannie Mae, overall issuance of agency mortgage-backed securities fell in the final month of 2017. Annual activity also eased.

Record Low for Weekly Mortgage Business
Mortgage business went out with a whimper in 2017, with new activity during the final week -- which included Christmas -- plunging to the lowest level since tracking began. Jumbo activity has doubled over the past year.
Jumbo activity doubles on year-over-year basis
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