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April 2017 Archive


Rising Trend in Mortgage Application Fraud Risk
For several months in a row now, the risk of home loan applications having bad or bogus data has been on the rise. Issues tied to robust real estate sales might be a factor.

Mortgage Servicing Grows at Quicken Loans
An expansion in the size of its residential loan servicing portfolio was reported by Quicken Loans Inc. Originations, meanwhile, retreated.

MSRs on Nearly $3 Billion in Gov Loans Sold
A transaction involving the sale of mortgage servicing rights on nearly $3 billion in government loans, including past-due accounts, has closed.

Refis Pull Down Weekly Mortgage Business
New mortgage refinance activity tumbled this past week, dragging down overall home-lending activity. Government lending business, though, held up.


Mortgage Market Index down 7%

Mortgage Rates Rise, Unlikely to Move Higher
This week's mortgage rates bounced off of the 2017 lows they descended to last week but are not likely to move higher over the next week.

Freddie Business Bounces off 1-Year Low
Secondary activity bounced off a monthly low but just barely at the Federal Home Loan Mortgage Corp. Loan performance was better than it's been in nine years.

Staffing Expands at loanDepot
As has been the trend this earnings season, mortgage originations declined on a quarter-over-quarter basis at loanDepot LLC. But the payroll grew.

Northeast, West Drive Down Pending Home Sales
The inventory of single-family properties that are under contract eased last month, with pending home sales in the Northeast and West leading the weakening.

Earnings Improve, Book Expands at Radian
Despite retreating new business at Radian Group Inc., earnings improved, the book of business expanded and loan performance was better.

Judge Removed from Bench for Mortgage Fraud
An Illinois judge who was indicted earlier this month for allegedly committing mortgage fraud has been removed from the bench.

Mortgage Lending, Servicing Sinks at Hilltop
Quarterly home lending was much slower at Hilltop Holdings Inc. Also tumbling was the size of the financial institution's mortgage servicing portfolio.

20-Point Increase Expected in Credit Scores
A change in the way some public records are included in consumer credit files is likely to increase scores without any meaningful change in consumer behavior.

Big Drop in HomeStreet Mortgage Originations
HomeStreet Inc.'s quarter-over-quarter decline in residential lending was at the high end of the industry. Mortgage servicing, however, grew.

Refinances Drive Up Mortgage Applications
A week-over-week, rate-driven surge was recorded for mortgage refinance applications, more than offsetting a decline in applications for loans to finance a home purchase.

Ocwen Challenging CFPB Constitutionality
A day after filing emergency motions to stop two states' cease-and-desist orders, Ocwen Financial Corp. is turning to the Constitution to defend itself in a federal regulator's lawsuit.

Mortgage Complaints Outperform Overall Complaints
Average monthly complaints filed for home loan products are doing better on a year-over-year basis than overall financial services complaints.

Mortgage Technology Provider Ponders HQ Move
A provider of mortgage servicing technology is evaluating a possible move of its headquarters which are currently located in Wisconsin.

Ocwen Asks for Restraining Orders
Ocwen Financial Corp. has filed emergency motions to reverse cease-and-desist orders issued by two states over allegedly deficient servicing practices.

Flagstar CEO Running Mortgage Business
The chief executive officer of Flagstar Bancorp Inc., himself, is jointly running the bank's mortgage banking business until a permanent replacement is found, the earnings report said.

New Home Sales, Inventory at Multi-Year Highs
During just last month, there were more new homes sold than any month in nearly a decade. Even more impressive, is that the new-home inventory is the highest it's been in almost eight years. But upcoming activity could be hurt by a Trump administration move.

Northwest, Mountain Lead Home Price Gains
Home prices continued to rise, with some indices achieving new highs. Areas in the Northwest and Mountain Region maintained a tight grip on top spots.

Lots of Mortgage C-Suite Appointments
Several mortgage banking firms, large and small, have reported that they have either recruited or promoted a number of executives to roles with "chief" in their title.

Servicing, Staffing Expand at Guild Mortgage
Although home lending slowed at Guild Mortgage Co., the size of the servicing portfolio and payroll were up from the prior quarter and a year prior.

CUSO Sees Growth in Mortgage Business
A credit union service organization has grown from a sideline venture over a dozen years ago to a fully independent organization.

Ohio Mortgage Jobs Being Created
A home lender with operations in Central Ohio has plans to consolidate two offices and hire another 150 servicing and production employees.

MBS Issuance at Ginnie Lowest in 1 Year
Issuance at the Government National Mortgage Association has diminished for three consecutive months and is the lowest it's been in 12 months.

Purchase Financing Leads Mortgage Activity Up
A modest weekly increase in new mortgage business was led by loans to finance a home purchase. As rates retreated, adjustable-rate activity turned sharply lower.


Mortgage Market Index up 11%
Trump Takes Steps to Weaken Dodd-Frank
President Donald J. Trump took to his pen Friday to advance his plan to reduce the impact from the Dodd-Frank Wall Street Reform and Consumer Protection Act.

SunTrust Mortgage Originations Sink, Servicing Up
SunTrust Banks Inc. saw a bigger quarter-over-quarter decline in home lending than many of its peers. But its mortgage servicing grew.

MSRs on Alt-A Loans Being Sold
Mortgage servicing rights on a portfolio of mostly Alt-A loans are on the market. A big share of the mortgages are secured by California properties.

Existing Home Sales Sharply Higher
The annual rate of pre-owned home sales surged last month, reaching the highest level in more than a decade. The Northeast led the gain.

MSRs on Over $2 Billion in Ginnie Loans for Sale
A new offering has hit the market for mortgage servicing rights on more than $2 billion in Government National Mortgage Association loans.

New Chief Named for Citi's Mortgage Business
Four months after revealing that the global chief of its mortgage business was leaving, Citigroup Inc. has named a replacement from within the firm.

Mortgage Delinquency Sinks to 11-Year Low
The level of late payments on America's home loans retreated last month -- leaving performance metrics looking better than anytime in the last 11 years.

Mortgage Rates Sink, Unlikely to Fall Further
After falling to the lowest levels this year, fixed mortgage rates further retreated. The outlook for the next interest rate report is for no further declines.

Mortgage Originations, Assets Down at Citizens
Although mortgage production and assets fell from the previous quarter at Citizens Financial Group Inc., both were up from a year earlier.

Ocwen Under Regulatory Siege
Ocwen Financial Corp. Thursday was hit with multiple government lawsuits and regulatory orders issued by more than 20 states over its servicing practices and handling of escrow accounts.

MGIC Earnings, Book of Business Up
MGIC increased its quarterly earnings, expanded its book of business and cut delinquency. But new business moved down from the prior period.

Mortgage Servicing Up at Huntington, Assets Off
A quarter-over-quarter decline was recorded for mortgage originations and assets at Huntington Bancshares Inc. But the firm boosted the size of its servicing portfolio.

Proprietary Modification Activity Rises
A mild month-over-month bump was recorded for residential loan modifications that were done through mortgage servicers' own proprietary programs.

Purchase Projection Pared, Refi Forecast Lifted
Home lending economists have improved their expectations for this year refinances. But the boost came at the expense of expected purchase financing.

Impac Looks to Expand With Fresh Capital
Impac Mortgage Holdings Inc. has generated more than $50 million in cash from a common stock offering that will be used to expand and securitize.

Buyer Sought for Agency Mortgage Kickbacks
Agency mortgages that were kicked back by aggregators have come on the market for investors looking to purchase them at a discount.

Hispanic Discrimination Leads to Settlement
A trio of companies has settled allegations that they discriminated against a potential borrower because he is Hispanic.

Mortgage Closing Ratio Worse, Credit Tighter
Residential loans closed more quickly last month. But closing ratios deteriorated and credit conditions were more restrictive.

US Bank's Mortgage Investments, Servicing Grow
As has typically been the case for home lending in the first quarter of this year, volume was lower at U.S. Bancorp. But its residential investments and servicing portfolio grew.

Agency MSRs On the Market
Buyers looking to pick up mortgage servicing rights on more than $300 million in agency loans with a Michigan concentration can make bids on a new offering.

Home Purchase Financing Pulls Down Mortgage Apps
A slight increase in the number of people applying to refinance their mortgages wasn't enough to offset a decline in applications for a purchase-money loan.

Housing Permits, Completed Construction Increase
Multifamily activity drove up the rate of building permits last month, while one-unit properties lifted the rate of completed construction.

2 Solid Quarters of Home Purchase Financing Ahead
The current quarter and the following three months are likely to see solid production of loans to finance the acquisition of single-family properties.

Serious Mortgage Delinquency Up Again
Past-due payments on first mortgages rose last month for the fourth month in a row. Also deteriorating was the serious delinquency rate on second mortgages.

Mortgage Earnings Sink, Originations Off at BofA
Pre-tax earnings were up on a quarter-over-quarter and year-over-year basis at Bank of America Corp., though not at its mortgage business.

Agency Kickbacks for Sale
A small portfolio of agency home loans that have been kicked by aggregators is available for sale from a non-bank originator.

ARM Seller Sought
An investor is looking to acquire agency adjustable-rate mortgages that are secured by residential properties in the Midwest.

Dozens Of Regions Hirings Planned for MS
A new high-tech operations facility being built by Regions Bank in Mississippi is expected to create dozens of new jobs mostly in its mortgage business.

IPO for Parent of 3rd Biggest AMC
The parent company of an appraisal management company has filed a prospectus to conduct an initial public offering of its common shares.

Mortgage Firm Adding NY Jobs
A mortgage lender in the Empire State is asking for tax breaks to build a new branch that could generate 20 new positions.

2017, 2018 Home Purchase Lending Forecast Raised
The estimate of refinances originated last year was revised up, while the forecast for purchase financing has been nudged up for this year and next year.

Home Builder Confidence Recedes
After ascending to the highest level in nearly a dozen years, home builder confidence settled back this month.

Mortgage Biz Slows Though ARMs, Jumbos Soar
While there was a modest retreat in the volume of overall new weekly mortgage activity, an increase was recorded for jumbo and adjustable-rate mortgage business.


Mortgage Market Index down 6%
VA Considering Mortgage Fee Changes
The Department of Veterans Affairs is considering making changes to its fee limitations so that veterans can be more competitive in bids for homes.

MSRs on Nearly $1 Billion in Agency Loans Offered
A pair of offerings have mortgage servicing rights up for auction on nearly $1 billion in agency loans with a concentration in New York and California.

GSE Refinances Sink to 12-Month Low
Refinances of mortgages backed by the government-sponsored enterprises plummeted to the lowest level during the past 12 months.

First Republic Home Lending Jumps From Year Earlier
Like it's peers, First Republic Bank had a quarter-over-quarter drop in mortgage production. But its year-over-year gain outpaced all of its competitors.

Over $1.6 Billion in GSE Loans Auctioned Off
An investment banking firm has won its bid to acquire more than $1.6 billion in reperforming government-sponsored enterprise mortgages.

New 2017 Low for Mortgage Rates, Could Fall More
Interest rates on residential loans fell to a new low for this year, and it's quite possible they could be much lower in next week's report.

Citi's Home Lending Tumbles, Servicing Plummets
Mortgage originations fell by nearly a third from the prior quarter at Citigroup Inc., while the servicing portfolio plunged by 60 percent.

Changes Proposed to HMDA Rule
Changes proposed for Home Mortgage Disclosure Act reporting are intended to help financial institutions comply with a rule finalized two years ago.

Republican Revives Bill to Weaken Dodd-Frank
A new proposal to significantly weaken the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 could be released this month.

Judge Indicted for Mortgage Fraud
An Illinois judge who came to the country as an immigrant has been indicted for allegedly lying on loan applications to obtain $1.4 million in mortgages.

Mortgage Job Cuts Ahead at Wells Fargo
Wells Fargo & Co.'s chief financial officer revealed plans to reduce staffing, including job cuts in the company's home-lending business.

PNC Mortgage Production Tumbles, Servicing Up
Compared to the prior quarter, residential lending turned sharply lower at The PNC Financial Services Group Inc. The servicing portfolio grew, though.

Wells Fargo's Home Lending Sinks
Quarterly mortgage originations tumbled on a quarter-over-quarter basis at Wells Fargo & Co. and could retreat even further. Still, mortgage income held up relatively well.

Mortgage Earnings, Originations Down at Chase
Home lending and mortgage earnings both moved lower at JPMorgan Chase & Co. Also declining was residential loan delinquency.

Home Purchase Financing Falls to 2-Year Low
The nation's origination of loans utilized to finance a home purchase fell to the lowest level during any month in almost two years.

FHA Endorsements, Delinquency Sinks
Monthly loan performance significantly improved at the Federal Housing Administration. Endorsements, meanwhile, sank -- though they could bounce back.

HUD Secretary Trapped in Multifamily Elevator
The head of the Department of Housing and Urban Development got stuck in the elevator of a new multifamily project while visiting Miami.

PACE Lawsuit Says Consumers Misled
A federal lawsuit alleges that a provider of Property Assessed Clean Energy loans has been misleading homeowners about the transferability of the lien.

Refi Share of Mortgage Apps Lowest in Nearly Decade
As loan originators stepped up the weekly pace of mortgage applications, refinance share thinned to a level not seen since the financial crisis.

Business Slows at PRMI
Home-lending activity slowed on a quarter-over-quarter basis at Primary Residential Mortgage Inc., though year-over-year production held up.

PNC Settles LO Overtime Lawsuit
A settlement has been reached in a lawsuit alleging that The PNC Financial Services Group Inc. failed to properly pay overtime to loan officers.

10-Year Low for Mortgage Delinquency
In the first month of this year, the performance of residential loans was better than it's been in nearly a decade. North Dakota was best.

Lending, Staffing Down at Prosperity Home Mortgage
Prosperity Home Mortgage LLC, one of the first companies to report first-quarter results, saw a significant decline in loan production and a drop in staffing.

Mortgages Go Mobile
Financial services firms continue to delve deeper into mobile technology to enhance the customer experience, and service providers are helping them along the way.

Another Settlement for United Wholesale Parent
For the second time since late last year, the parent of United Wholesale Mortgage has reached a settlement with government authorities. The latest action was due to interest overcharges.

Record Multifamily Originations Projected
The production of commercial real estate loans secured by apartment buildings this year could accelerate to the highest level ever recorded.

Mortgage Leads Target Niche Borrower Segments
Buyers of mortgage leads can now target leads based on prospects' credit scores, home-buying or -selling status, or desire for a reverse mortgage.

VA Replaces HAMP
The Department of Veterans Affairs has outlined the terms of a new program to replace its VA Home Affordable Modification Program.

Mortgage Staffing Expands in 2016
During all of last year, staffing in the mortgage industry expanded -- though rising interest rates are likely to reverse recent gains. California experienced the biggest quarterly gain.

Home Purchase Financing Activity Jumps
A healthy increase in new purchase-money financing drove up new weekly home-lending activity. Government and jumbo mortgage business soared.


Mortgage Market Index up 13%
Consumer Bankruptcies Surge to 24-Month High
Last month, consumers resorted to bankruptcy in numbers that haven't been seen in two years. On a month-over-month basis, filings soared 40 percent.

Genworth M.I. Cuts Premiums
Genworth Mortgage Insurance has revealed a reduction in the cost of its mortgage insurance premiums in a variety of lending circumstances.

Mortgage Jobs Decline Despite Broker Bump
Even though monthly headcount at mortgage brokers grew, overall staffing in real estate finance contracted. Among all industries, the data disappointed.

Mortgage Rates Near 2017 Low, Might Stay Down
Long-term mortgage rates declined for the third week in a row and now stand at the second-lowest level this year. The outlook is for little change next week.

Commercial Mortgage Production Falls
The nation's mortgage banking firms generated less in commercial real estate loan volume last year, although it was still a relatively strong year.

Jumbo Mortgage Credit Conditions Significantly Ease
A sharp improvement in the availability of jumbo loans helped drive overall credit conditions in home financing to the loosest levels in nearly a decade.

Delinquency Up on HELs, Soars on Mobile Home Loans
Past-due payments rose on three-out-of-four housing-related consumer loan types at banks -- with mobile-home loan delinquency exploding.

Several Nonbank Mortgage Firms Named Best Employers
Among a number of mortgage-related organizations to be recently ranked among the best employers were several non-bank real estate finance businesses.

Cordray Faces Hostile House Republicans
The head of the Consumer Financial Protection Bureau faced hostile Republicans lawmakers who are anxious to see his ouster at a committee hearing.

Refinances to Drive Down 2017 Mortgage Originations
Although the volume of purchase-money lending is forecasted to increase this year, it won't be enough to offset the projected decline in refinances.

HECM Endorsements Jump to 19-Month High
Federally insured reverse mortgage production jumped to the highest level since the summer of 2015 despite a drop in the number of originators.

Mortgage Applications Pulled Down by Refinances
An increase in the weekly volume of purchase-money applications was more than offset by a reduction in the number of mortgage refinance applications completed.

Mortgage-Related Events Across the Country
Upcoming events that are related to residential lending are taking place in the nation's capitol, in the wine country and in the South. One workshop is being held in the Midwest.

CMBS Delinquency Highest in 19 Months
It's been more than a year-and-a-half since the late payment rate on securitized commercial real estate loans was as high as it was last month.

FHA Mortgagees Agree to Millions in Settlements
Millions of dollars in recent settlements were disclosed with several firms for not meeting Federal Housing Administration mortgagee requirements. Over a hundred firms were penalized for late recertification reports.

Guaranteed Rate Chief Stands Behind Executive
The founder and chief executive officer of Guaranteed Rate Mortgage stands behind his business development manager despite blemishes on her record.

Flagstar Expands Retail Mortgage Biz W/Acquisition
An upcoming acquisition by Flagstar Bancorp Inc. will expand its retail lending business on the West Coast and boost its originations by nearly 10 percent.

Mortgage Compliance Services Enhanced, Automated
Residential lenders have a host of recently launched or enhanced services that will help them maintain compliance with mortgage rules, banking regulations and agency requirements.

FHA Changes Expected Before GSE Reform
While reform of the government-sponsored enterprises is expected by many, changes to the Federal Housing Administration are expected more quickly.

California Decisions in Foreclosure Sales Conflict
It is understandable that a purchaser of a property at a trustee's sale is anxious to immediately begin eviction proceedings in order to take possession of and market the property.

Monthly Agency Issuance Dragged Down by Freddie
A drop in securitizations at the Federal Home Loan Mortgage Corp. pulled agency issuance down on a month-over-month and year-over-year basis.

New Record Low for COFI ARM Index
The 11th District Cost of Funds Index fell to the lowest level on record in its 36-year history even as another index moved higher.

Biggest Mortgage Lenders 2016
Although quarterly mortgage originations dipped from the previous period, there was an increase in annual volume. There was some jockeying for position among the nation's 10 largest lenders.

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