2nd Consecutive Monthly Rise in COFI
For the second month in a row, an increase has been recorded for the Cost of Funds Index. A more widely used index, however, was down.
2016 Mortgage Refi Forecast Lifted, Purchase Cut
This year's outlook for mortgage refinance production has been raised, though it was to the detriment of anticipated home purchase financing volume.
Walter Investment 2015 Lending Up Despite Lower Q4
Quarterly originations and earnings fell short of prior-period numbers at Walter Investment Management Corp. Still, full-year home lending activity fared better than 2014.
Radian Improves Pricing for Higher FICO Borrower
On loans backed by Fannie Mae and Freddie Mac, Radian Guaranty Inc. is cutting its rates for some borrowers with higher credit scores.
Mortgage Business Contracts at Ocwen
Quarterly lending at Ocwen Financial Corp. slowed to the lowest level in three years, while the servicing portfolio diminished and losses continued.
FHA Mortgage Originations Surge in 2015
Residential production last year at the Federal Housing Administration shot up by more than two-thirds. But commercial mortgage activity slowed.
PrimeLending Mortgage Servicing, Annual Lending Up
The parent of PrimeLending reported that mortgage originations improved last year despite a decline in quarterly production. Servicing also grew.
Flurry of Foreclosure Litigation Possible in CA
|Post-Holiday Bounce for Mortgage Business
Another week-over-week improvement in home loan rates helped lift new mortgage activity from a holiday week slowdown. But even with the decline in fixed rates, adjustable-rate activity accelerated.
A decision last week from the top court in California has legal experts warning about a possible flurry of litigation in foreclosure cases.
MSRs on Nearly $5 Billion in Agency Loans for Sale
Bids are being taken for three offerings that include mortgage servicing rights on nearly $5 billion in Fannie Mae, Freddie Mac and Ginnie Mae loans.
Mortgage Rates Fall, Could Improve More
An improvement was reported for interest rates on residential loans, and some signs point to a further decline over the next week.
Q1 Looks Strong for Nationstar Originations
Even though mortgage originations weakened on a quarter-over-quarter basis at Nationstar Mortgage LLC, the current quarter is strong.
Zillow Founder, CEO Offer Insight Into Firm
The founder and top executive of Zillow sat down for an interview to talk about the accomplishments and future of the technology organization.
MERS Loses CT Appeal
Mortgage Electronic Registration Systems Inc. has lost an appeal in a Connecticut case challenging higher recording fees that it has to pay compared to other filers.
PHH Mortgage Shrinks, Losses Persist
Quarterly lending was slower, the residential servicing portfolio was smaller and losses persisted at PHH Mortgage -- though annual originations improved.
Movement Mortgage Could Hire Hundreds in Va
A potential deal for Movement Mortgage LLC to pick up new office space in Virginia could result in hundreds of new home-lending jobs in the state.
Delinquency Up 1st Time in Over 3 Years at Freddie
For the first time in more than three years, the rate of serious mortgage delinquency deteriorated at the Federal Home Loan Mortgage Corp.
Home Prices Strong
Despite concerns over the health of the nation's economy, U.S. home prices are proving to be resilient -- though the momentum in home-price growth could begin to diminish.
West Behind Disappointing New Home Sales
New residential property sales worsened last month, and a nearly one-third decline in the West was behind the weak results.
Purchase Mortgage Apps Up Despite Overall Decline
Although refinance activity dragged down overall mortgage applications, there was a weekly increase in applications to finance home purchases.
Executive Ranks Updated at Home Lenders
Among the latest shuffling among mortgage executives is the appointment of three third-party origination managers, a chief financial officer and a pair of directors. A California financial institution has hired a mortgage chief to grow that business.
Existing Home Sales Strong, But Inventory Too Tight
Existing home sales started the year off strong, with the Midwest leading a monthly gain. But a constrained supply of homes for sale doesn't bode well for the market.
Mortgage Conferences Cover Multiple Subjects
Dozens of upcoming conventions, roundtables and workshops across the country will touch upon a variety of topics that are associated with real estate finance.
PRMI Servicing Grows as Lending, Staffing Off
Primary Residential Mortgage Inc.'s servicing portfolio grew on a quarter-over-quarter basis, though originations and employment were down.
New Affordable Lending Program from BofA, No M.I.
Bank of America Corp. has partnered with a credit union and Freddie Mac to offer an affordable lending program with no mortgage insurance.
Redwood Trust Reshaping Business Model
Redwood Trust is transitioning from being a mortgage originator and issuer back to being a firm that generates earnings off of its residential loan investments.
Former Treasury Official Replacing Ocwen Chairman
A former official at the Department of the Treasury is replacing the chairman of the board at mortgage servicer Ocwen Financial Corp. after just a year in the post.
Report Highlights Growing HELOC Opportunities
As the pool of homeowners with available equity in their properties has expanded, so has the origination of home-secured credit lines.
Delinquency Deteriorates Despite Foreclosure Drop
Although the rate of home loans in the foreclosure process improved during the first month of this year, a sharp increase in 30-day delinquency was reported.
Prison for Former FDIC Attorney for Mortgage Fraud
A former attorney for the Federal Deposit Insurance Corp. will be spending hard time behind bars for defrauding Wells Fargo Bank, N.A.
Over 100 Mortgage Servicing Jobs Open
More than a hundred mortgage servicing positions are open at two locations, and job applicants don't necessarily need any prior experience.
Foreclosure Activity Improves
Fannie's Annual Business Better, Earnings Worse
New foreclosures started, total foreclosure filings and repossessions all moved down on a month-over-month basis. But completed foreclosures rose from a year ago.
The Federal National Mortgage Association reported that it earned less last year than in 2014, while its annual single-family acquisitions were higher.
Mortgage Bankers More Optimistic About Business
Mortgage bankers have again raised their expectations for new lending, with nearly $400 billion more expected for the years 2015 through 2018.
Impac Mortgage Business Shrinks
Quarterly residential loan originations contracted at Impac Mortgage Holdings Inc., as did the size of its servicing portfolio and its employees on staff.
Freddie Swings to Profit, Annual Business Up
Quarterly income at the Federal Home Loan Mortgage Corp. moved out of the red and into the black as both residential and multifamily annual business volume rose.
Frozen Mortgage Rates Could Persist All Year
One short-term outlook has fixed mortgage rates drifting lower over the next week, while a longer-term forecast has them frozen for the entire year.
Caliber Home Loans Has Biggest Year-Over-Year Gain
Among the nation's top-tier lenders, Caliber Home Loans Inc. had the biggest quarterly year-over-year increase in mortgage production.
Mortgage Delinquency Lowest in Nearly a Decade
Delinquency on residential loans continued to improve, with the 30-day past-due rate falling to the lowest level in nearly a decade.
Mortgage Refinance Outlook Significantly Bolstered
The recent decline in interest rates has pushed up the refinance forecast for this year and next year by more than $150 billion. Even last year's estimate increased.
GSE Regulator Warns About Ongoing Conservatorships
The regulator and conservator of Fannie Mae and Freddie Mac has issued a warning about leaving the mortgage duo in their current state of conservatorship.
Freddie Loosens Jumbo Mortgage Guidelines
Lending requirements on super conforming residential loans are being eased next month at the Federal Home Loan Mortgage Corp.
Closing Rates Up as TRID Lengthens Closing Times
Mortgages take four days longer to close than before implementation of integrated disclosures, though a bigger share of applications are closing.
Detroit to Provide 2nd Mortgages
The city of Detroit plans to announce a new program that will provide second-mortgage financing to help homebuyers make improvements to run-down properties.
Refi Rush Behind Rise in Mortgage Originations
A year-over-year gain in quarterly mortgage production was attributed to borrowers rushing in to lock rates before an anticipated rate increase.
Monthly Reverse Mortgage Production Increases
Originators of reverse mortgages -- including government-insured loans and proprietary loans -- successfully lifted the number of units closed in the final month of 2015.
Surge In Refinances Drives Up Mortgage Applications
A more than one-year high for new applications to refinance existing residential loans was behind a week-over-week surge in overall mortgage application activity.
GSE Refinances Climb in 2015
Although monthly refinances of government-sponsored enterprise mortgages retreated, annual GSE refinance production increased by more than a third.
Building Permits Slip, Completed Construction Up
A plunge in building permits in the Northeast dragged down the U.S. rate last month. But the region, along with the South, pushed up the rate of completed construction across the country.
Mortgage LOS Enhancements and Advancements
Technology service providers that provide loan origination systems to residential lending firms have enhanced, expanded and integrated their mortgage offerings. Compliance continues to be a top issue.
Quarterly Mortgage Metrics Down at Regions
Mortgage earnings, originations and servicing all moved lower on a quarter-over-quarter basis at Regions Financial Corp., as did delinquency.
Buyer Traffic Leads Home Builder Confidence Lower
Home builders are less optimistic this month thanks mostly to falling buyer traffic. Builders in the West had the most deterioration.
YOY Drop in 1st Mtg Delinquency, 2nd Mtg Rate Up
Compared to a year ago, performance on first mortgages has improved. But the same can't be said for second-mortgage delinquency.
Mortgage Firms Tout Agency Approvals
Residential lenders have reported that they have been approved to sell and service government-sponsored enterprise loans and government-insured mortgages. Two big names in the business disclosed agency approval on commercial mortgages that are secured by apartment buildings.
Appraisal Services Integrated With EAD
Several firms have integrated their appraisal offerings into the electronic portal for government-insured mortgages. Other advancements were announced by appraisal management companies.
Former CitiMortgage CEO to Run Caliber Home Loans
The former chief executive officer of CitiMortgage Inc. is stepping in to take over as the new senior executive at Caliber Home Loans Inc.
Annual Originations Up at McLean Mortgage
Although quarterly loan production eased at McLean Mortgage Corp., full-year origination activity moved higher. The entity trimmed its staff by just a few employees.
Rash of Credit Union Failures Continues
More than half of last year's over two dozen mortgage-related business closings and failures were credit unions, and the trend is continuing this year.
Business Down at United Guaranty, AIG Expands Board
Mortgage Rates Sink to 10-Month Low, Could Go Lower
New business tumbled at United Guaranty as the firm's behemoth parent announced that it will add two new directors to its board.
Mortgage rates fell again this past week, and it just appears likely that there is no end in sight for the recent downward spiral.
Agency Jumbo TRID Kickbacks On the Market
Some of the first jumbo mortgages that were rejected by the housing finance agencies over TRID violations have been put up for auction.
Radian Loosens Requirements
Expanded underwriting guidelines at Radian Guaranty Inc. affect debt-to-income ratios, loan-to-value ratios and jumbo mortgage programs.
MSRs on Nearly $3 Billion in Agency Loans for Sale
Mortgage servicing rights on nearly $3 billion in agency residential loans that were originated by a non-bank are on the market.
Large RMBS Settlement at Morgan Stanley
Morgan Stanley has agreed to a huge settlement over its role in the sale and issuance of subprime residential mortgage-backed securities -- bringing to $5 billion the total it's paid in such agreements.
Treasury Yield Plunge Could Spark Massive Refi Wave
The 10-year Treasury yield has plummeted to a level that hasn't been seen in years -- positioning the mortgage industry for a wave of refinances.
Mortgage Originations Nearly Double at Leader One
Annual residential lending at LeaderOne Financial Corp. nearly doubled last year, with the mortgage banking organization achieving a milestone in 2015.
Mortgage Executives Recruited, Promoted
Several residential lending firms have recently recruited or promoted executives. Among the areas of responsibilities for the group are third-party originations, mortgage servicing and mortgage technology.
TRID Error by CFPB
The correction of a typographical error in the final rule on integrate disclosures clarifies that certain costs won't be included in allowable tolerances.
Annual Business Doubles at Arch M.I.
Despite a quarter-over-quarter blip in new business at Arch Mortgage Insurance Co., annual activity more than doubled. Meanwhile, defaults declined.
Mortgage Refinance Applications Jump, Could Rise More
Tumbling interest rates had more borrowers initiating the refinance process, and the latest market conditions could boost refinances further.
Mortgage Business Grows at Lake Michigan FCU
Home lending activity increased at Lake Michigan Credit Union, as did the size of its residential loan servicing portfolio and its mortgage staff.
Home Lending Falls at First Republic
Quarterly home lending, as well as annual activity, was down at First Republic Bank. Although the servicing portfolio contracted, residential assets expanded.
Impac Loses Appeal in MBS Insurance Lawsuit
A federal appeals court has ruled against Impac Mortgage Holdings Inc. in a lawsuit over insurance coverage on mortgage-backed securities.
Attorneys Blame BofA for Clients' Mortgage Fraud
Attorneys for three defendants are trying to convince a federal judge that Bank of America Corp.'s lax lending policies were responsible for their clients' mortgage fraud.
HUD Duped by Closing Attorney
A closing attorney who is accused of defrauding the Department of Housing and Urban Development out of more than $1 million has been arrested.
Mortgage Delinquency, Foreclosures Decline
The rate of serious mortgage delinquency, the foreclosure rate and the number of completed foreclosures all turned lower in the final month of 2015.
Mortgage Lending Down, Staff Trimmed at Alaska USA
Quarterly home lending contracted at Alaska USA Federal Credit Union, while the size of the firm's mortgage staff was trimmed.
Ditech Origination President Out
The president of Ditech Financial LLC's originations unit is leaving the firm just months after taking on the role, and her counterpart in servicing will take over her job.
Multiple Mortgage Topics Addressed at Conferences
Multiple mortgage servicing conferences are among upcoming industry events -- though other conventions will touch upon mortgage fraud, licensing and banking. Also ahead are conferences covering mortgage-backed securities and litigation.
Year Over Year Growth at Churchill Mortgage
Quarterly mortgage originations were modestly higher than one year earlier at Churchill Mortgage Corp., while the size of the lender's staff expanded.
Former SunTrust Executive, Relatives Convicted
A former executive at SunTrust Mortgage Inc., his wife and two brothers-in-law have been convicted for running a mortgage fraud scheme.
Large Mortgage Settlement at HSBC
HSBC Bank USA, N.A., agreed to a settlement valued at hundreds of millions of dollars over allegations of abuses in home lending, servicing and foreclosures.
Mortgage Credit Conditions Tighten 3 Months in Row
Credit conditions in residential lending were tighter for the third month in a row, and it was conforming loan programs that contracted the most.
US Jobs Report Weak, Mortgage Sector Revised Up
|Mortgage Business Jumps to 9-Month High, Refis Soar
New mortgage activity leapt to the highest level in nine months as interest rates continued to improve. The impressive gain was fueled by a surge in refinance transactions, though jumbo activity also helped.
Although the number of jobs added in all American industries weakened last month, the government revised up its estimate of non-mortgage jobs for each month of last year.
Cities With Lowest, Highest Credit Scores
Borrowers in the city with the highest credit scores pay interest rates on mortgages that are 29 basis points less than borrowers in the city with the lowest scores.
Expansion Plans at PRMI
A new branch opening at Primary Residential Mortgage Inc. is expected to be followed by more than dozen more. In addition, dozens of hirings are planned.
9-Month Low for Mortgage Rates, Could Drop Further
Interest rates on home loans dropped to a nine-month low and, barring a less-than-stellar employment report tomorrow, could fall further.
Capital One Eliminating Dozens of Mortgage Jobs
As it streamlines its home lending operations, Capital One Financial Corp. is reducing the size of its staff at a Delaware location.
Nearly 600 Mortgage Jobs Cut by Wells Fargo
Improving loan performance and weak demand for new home loans has Wells Fargo & Co. laying off nearly 600 mortgage employees.
Mortgage Company Guarantees Closing Date
A mortgage firm out of the Midwest is so confident about its ability to close a loan that it is providing a guarantee of more than $6,000 if it misses the closing.
Decline in Monthly Consumer Bankruptcies
Whether on a month-over-month basis or a year-over-year basis, the number of consumers who resorted to bankruptcy last month retreated.
PennyMac Enters Wholesale As Home Lending Slumps
After three consecutive quarters of originations gains, PennyMac Financial Services Inc. ended its streak. But a move into wholesale lending could help upcoming production.
2015 HomeStreet Mortgage Lending Leaps, 2016 Higher
Annual home lending activity at HomeStreet Inc. soared 64 percent, and the projection for this year's mortgage production is for a further increase.
MBS Issuance Inches Up at Ginnie Mae, Jumbo Jumps
With jumbo loan activity leading the way, securitizations at the Government National Mortgage Association moved higher last month.
Wells Fargo Tentatively Settles FHA Lawsuit
A tentative settlement reached for more than $1 billion between Wells Fargo & Co. and the government resolves claims of reckless underwriting and fraudulent loan certifications on government-insured loans.
Purchases Drag Down Weekly Mortgage Applications
Mortgage originators generated fewer new residential loan applications last week than in the prior week, and purchase financing led the decline.
Big Banks Suffer Bigger Decline in Mortgage Demand
A survey of banks found that demand for jumbo mortgages has recently retreated, while demand was up for credit lines secured by residential properties. By size, larger banks have seen a bigger drop in overall demand than their smaller counterparts.
Fairway Independent Mortgage Originations Double
Last year's new home lending at Fairway Independent Mortgage Corp. was nearly double the level of lending in 2014. Staffing and servicing also grew.
Reverse Mortgage Lending Tumbles to 16-Month Low
Federally insured reverse mortgage originations moved lower last month, with volume sinking to the lowest level in 16 months.
Loans in Agency MSR Sale Could Reach $900 Million
A new flow offering of mortgage servicing rights on agency loans could end up generating MSRs on as much as $900 million in mortgages for the buyer.
Morgan Stanley Settles RMBS Claims
Morgan Stanley & Company LLC has agreed to settle its alleged role in the failure of three federally insured banks that closed between 2009 and 2011.
GSE Repurchase Process Improved
The government-sponsored enterprises have updated their process for resolving repurchases in a move intended to provide lenders with more certainty.
Largest Commercial Mortgage Servicers
When it comes to the servicing of commercial real estate loans, there are just two financial services giants that are neck-and-neck in their domination of the field .
First Tennessee Settles Discrimination Allegations
First Tennessee Bank, N.A., has agreed to settle allegations that it discriminated against blacks and Hispanics who were applying for home loans.
Stonegate Reduces Headcount as Originations Sink
Quarterly residential lending activity turned sharply lower at Stonegate Mortgage Corp., as did the size of the mortgage banker's staff.
Multifamily Delinquency Plummets
A huge improvement in multifamily performance helped drive down overall delinquency on securitized commercial real estate loans.
GSEs Lead Surge in Commercial Mortgage Lending
Quarterly commercial real estate lending exploded in the final quarter of 2015, and the government-sponsored enterprises led the increase.
5-Year High for MTA ARM Index
It has been in excess of five years since the Monthly Treasury Average came in as high as it did during the first month of this year.
Report Highlights Weak Financial Crime Prosecution
There's a new Warren report out, and this one takes a look at the poor job by federal prosecutors and regulators of prosecuting financial crimes.
Report: Consumers, Small Banks Hurt by Dodd-Frank
New research indicates that small bank count has fallen and mortgage costs have risen since implementation of the Dodd–Frank Wall Street Reform and Consumer Protection Act.
Mortgage Delinquency Lowest Since July 2008 at Fannie
Serious mortgage delinquency at the Federal National Mortgage Association has descended to depths not seen since before it collapsed.
Monthly MBS Issuance Slips at GSEs, Rises at Ginnie
Although securitizations dipped last month at both government-sponsored enterprises, issuance accelerated at the Government National Mortgage Association.