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March 2018 Archive

M.I. Firms Warn About Freddie Pilot
The nation's mortgage insurance companies are warning about a new pilot program that enables Freddie Mac to bypass traditional mortgage insurance.

Refi Share Wider Despite Record Low Rate-Term
A modest weekly drop in new mortgage business was led by adjustable-rate mortgages. Government share widened, as did refinance share thanks to a gain in cashouts that more than offset a record-low rate-term share.
Mortgage biz off, gov share broader
Fee Simple: Understanding CA's New Recording Fees
On Sept. 29, 2017, California Gov. Jerry Brown signed Senate Bill 2, the Building Homes and Jobs Act, authored by Senator Toni Atkins (D-San Diego).

Multifamily Drives Down Permits, New Construction
Multifamily activity drove down overall housing permits and new construction last month, though there was an increase in completed apartment buildings. Construction activity in the Northeast was exceptionally strong.

GSE Refinances Sink to 6-Month Low
Monthly refinances of government-sponsored enterprise mortgages plunged to the lowest level in six months as government-supported refinance volume fell to a new low.

Fixed Mortgage Rates Retreat First Time Since 2017
For the first time this year, fixed interest rates on residential loans turned lower. But the story was different for adjustable-rate mortgages.

Mortgage Subservicer Hiring Hundreds in Missouri
A company that subservices residential loans has opened a new office in Missouri and plans to add hundreds of new employees by the end of this year.

Massive Judgment Against Quicken Title Affiliate
A massive judgment has been awarded by a jury in a lawsuit accusing a title insurance company affiliated with Quicken Loans Inc. of misappropriating valuation technology.

4-Month Low for Home Builder Confidence
Slowing buyer traffic drove U.S. home builder confidence to the lowest level in four months, though the degree of confidence still remains solid. The Midwest deteriorated most.

Millennials Ascend to Top Home-Buying Group
The nation's real estate agents and brokers are reporting that millennials are finally starting to make the transition from renters to owners en masse.

Wells Fargo CEO Compensation Jumps 35%
In his first year in the role, Wells Fargo & Co.'s chief executive officer saw his total compensation rise more than 35 percent -- earning him nearly 300 times the firm's median compensation.

Regulatory Relief Legislation Passes Senate
Over the objections of consumer groups and liberal Democrats, legislation to provide regulatory relief to home lenders has made its way through the Senate.

Management Shakeup As Impac Swings to Loss
Earnings swung to a loss at Impac Mortgage Holdings Inc., and the company's chief is out. Retail lending led a plunge in originations even as non-QM business soared.

Churchill Mortgage Adds Wholesale Originations
Home lending activity turned lower at Churchill Mortgage Corp., as did headcount. The company has started reporting originations through the wholesale channel.

Over $1 Billion in Non-Performing GSE Loans Sold
Winning bids have been announced for a pool of more than $1 billion in government-sponsored enterprise residential loans that are not performing.

Mortgage Applications Up on Purchase-Money Surge
A weekly decline in refinance mortgage applications was more than offset by a surge in purchase-money activity. The jumbo-conforming spread, meantime, ballooned.

Offering of MSRs On Over $6 Billion in GSE Loans
An offering of mortgage-servicing rights on more than $6 billion in government-sponsored enterprise loans with a California concentration has just hit the market.

Brokers Drive Up Banks' Mortgage Market Share
Home lending retreated last year. Non-banks lost quarterly market share to financial institutions as a surge in quarterly wholesale lending drove up banks' share.

Huge Reperforming GSE Loan Offering
Nearly $2 billion in residential loans that were previously classified as delinquent are being offered for sale to the highest bidder.

11-Month High for Mortgage Delinquency
Mortgage delinquency ascended to the highest level in 11 months as loan performance continues to be impacted by last year's hurricanes. Foreclosures held steady, though.

S. 2155 Amendment Boon for Credit Bureaus
An amendment proposed to the bill to overhaul the Dodd-Frank Wall Street Reform and Consumer Protection Act would prohibit lawsuits against the credit bureaus.

More Mortgage LOs Leave Banks for Non-Banks
As the number of residential loan originators grew last year, a bigger share of the group found themselves working at non-bank lenders for the second year in a row.

Worst Wholesale Mortgage Lenders
A ranking of wholesale mortgage lenders has the likes of Freedom Mortgage Corp. and Stearns Lending LLC listed among the worst wholesalers.

NAACP Warns Bill Threatens Anti-Discrimination
Community banks say that a warning from a civil rights group about pending legislation to overhaul the Dodd-Frank Wall Street Reform and Consumer Protection Act is much ado about nothing.

Warren Warns About Dodd-Frank Overhaul
The architect of the Consumer Financial Protection Bureau is warning that pending legislation to ease regulations for financial institution could lead to more government bailouts.

Mortgage Service Provider Hiring
A mortgage service provider has some aggressive hiring plans -- with around a hundred positions expected to be filled in the next month.

Guaranteed Rate Lays Off Production Employees
More than a hundred employees have been laid off by Guaranteed Rate Inc. But the company says that it still has plans to hire more new employees this year than in any other previous year.

Consumer Bankruptcies Rise Last Month
More consumers resorted to bankruptcy last month than in the first month of the year, though a year-over-year decline was reported.

Refinances Restrain Weekly Mortgage Activity
An improvement in weekly purchase-money business wasn't enough to offset a drop in refinances. Meantime, the share of activity for loans to veterans fell to the lowest level in seven months.
Purchases rise, VA share lowest in 7 months
Mortgage Branch Manager Says Employees Set Him Up
The manager of a mortgage branch that was ordered to temporarily shut down by Illinois regulators is blaming his employees for setting him up.

Texas Mortgage Servicing Layoffs at Wells Fargo
Dozens of positions in the Lone Star State have been eliminated by Wells Fargo & Co. The affected employees work in mortgage servicing.

Mortgage Staffing Slashed Amid Strong Jobs Report
A strong employment report has already driven up interest rates. Despite the strength, the number of non-bank mortgages jobs declined by nearly 4,000 positions.

Weekly Mortgage Rates Climb to 4-Year High
Monthly mortgage rates climbed to the highest level in two years, while the weekly average was the highest it's been in more than four years.

Report Warns About Non-Bank Mortgage Firms
A warning siren has been sounded about the risk from the growth in market share of non-bank mortgage originators and servicers.

1 Billboard Inside Wilmington, North Carolina
A delinquent borrower has paid for a billboard in Wilmington, North Carolina, in his effort to avoid a foreclosure on his delinquent loan with SunTrust Mortgage Inc.

Final Servicing Rule Addresses Industry Concerns
A mortgage servicing rule has been finalized that addresses concerns that the industry has about communicating with bankrupt borrowers.

Home Lenders More Restrictive Last Month
The ability for prospective borrowers to qualify for a single-family loan was more elusive last month, and jumbo credit tightening led the contraction.

Mortgage Events Include Workshops, Tech Conference
In addition to two private-lending conferences, people in the mortgage industry will also be attending a credit risk workshop and a technology convention over the next 90 days.

Dem Split Enables Dodd-Frank Overhaul to Advance
A split between liberal and moderate Democrats enabled the Republican-controlled Senate to move forward legislation that would overhaul the Dodd-Frank Wall Street Reform and Consumer Protection Act.

Refis Nudge Mortgage Applications Higher
A slight up tick in weekly mortgage applications was driven by increased refinance activity. Meanwhile, veterans' share of applications was thinner than it's been in four months.

RBS Reaches Another RMBS Settlement
A unit of the Royal Bank of Scotland has agreed to settle allegations that it misrepresented the quality of residential mortgage-backed securities to investors prior to the financial crisis.

HUD Selling Vacant Property Loans
More than $100 million in formerly government-insured mortgages secured by the vacant properties of deceased borrowers are being auctioned.

Dodd-Frank Overhaul Bill Advances in Senate
Legislation that could roll back some of the more burdensome provisions of the 2010 Dodd-Frank Wall Street Reform and Consumer Protection Act could be approved as early as this week.

CMBS Delinquency Sinks
While there was little change in performance on commercial real estate loans owned by life insurers, securitized CRE loan delinquency plunged. The rates were mixed for loans backed by the government-sponsored enterprises.

Radian Relaxes Mortgage Insurance Requirements
Improvements to requirements at Radian Guaranty Inc. include lower mortgage insurance premiums and the insuring of three- and four-unit residential loans.

Compliance Tech Addresses HMDA, TRID and QC
Mortgage service providers are helping home lenders with quality control and complying with the Home Mortgage Disclosure Act and the TILA-RESPA Integrated disclosures. One product is targeting California per-diem restrictions, while another addresses New York's new security requirements.

Mortgage Originators Reach $1 Billion Milestone
Although overall annual home lending volume slowed last year, several mortgage originators report achieving the billion-dollar milestone.

Former Stearns CEO Named Mortgage Chief at Builder
The former chief executive officer at Stearns Lending LLC has joined a home builder and will oversee two joint mortgage ventures as well as develop new business lines.

Refi Surge Leads Mortgage Business Higher
New mortgage activity ascended from the holiday week, and a sudden surge of strength in refinance business was out front of the improvement. Adjustable-rate activity also accelerated.

ARM activity improves
Reverse Mortgage Volume Eases Off 7-Yr High
Government-insured reverse mortgage production decelerated last month after achieving a nearly seven-year high. Changes to premiums are behind the see-saw activity.

HMDA Compliance Among LOS Enhancements
Innovations in loan origination systems include a new interview platform, compliance with changes to Home Mortgage Disclosure Act reporting requirements and lots of new integrations.

Fed Chair Grilled by Sen Warren About Wells
The new chairman of the Federal Reserve Board of Governors has provided some insight into when the central bank might lift growth restrictions on Wells Fargo & Co.

Nationstar Mortgage Originations Holding Up
Quarterly loan originations are holding up at Nationstar Mortgage Holdings Inc., and signs point to more of the same. Servicing, however, was down.

Former Head of Mortgage Firm Faces Possible Prison
The former head of a mortgage banking firm who previously admitted criminal conduct and avoided incarceration might now face prison time because of unpaid restitution.

Mortgage Rates Up But Could Tumble
Mortgage rates made a modest weekly ascension. While the long-term economic outlook has interest rates on residential loans climbing, the short-term forecast is for a sharp drop.

Hotels Lead CMBS 30-Day Rate to Nearly 2-Year Low
A sharp decline in hotel late payments led overall delinquency on securitized commercial real estate loans to the lowest level in nearly two years. Apartment loan performance, however, deteriorated.

24-Month Low for Ginnie MBS Issuance
Ginnie Mae mortgage securitizations tumbled to the slowest pace in 24 months, dragging down overall monthly agency issuance also to a 2-year low.

Retail, Reverse Overcome Lending Slump at Ocwen
Total mortgage originations weakened last year at Ocwen Financial Corp. But retail lending and reverse mortgage production both significantly increased. Also improving was delinquency.

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