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May 2017 Archive


COFI Bounces Off Record Low
Following a month when it fell to the lowest level ever, the 11th District Cost of Funds Index jumped to the highest level since last summer.

La Appraisers Sued for Restraining Price Competition
A regulation that was adopted in Louisiana restrained price competition among appraisers, according to a legal action that was filed against the state's appraisal board.

2016 Originations Exceed $2 Trillion
New data on the volume of residential loans originated indicate that last year was the busiest for home lending in four years.

2016 Originations Exceed $2 Trillion
New data on the volume of residential loans originated indicate that last year was the busiest for home lending in four years.

Bank Regulators Ease Appraiser Requirements
Federal regulators of the nation's financial institutions have come up with a short-term solution to the shortage of real estate appraisers.

Pending Home Sales Slip, But Not in West
Contracts executed for the sale of pre-owned single-family properties diminished last month. But a sharp increase was reported for the West.

Fannie's Serious Delinquency Lowest Since Jan 2008
Secondary activity inched higher last month at the Federal National Mortgage Association. Serious mortgage delinquency was the lowest since January 2008.

Refinances Lead Drop in Mortgage Applications
Heading into the Memorial Day holiday, prospective borrowers completed fewer home loan applications. The weakening was led by refinances.

Pockets of Strength in Mortgage Production
Residential loan originations are being generated by a variety of sources, and some of them recently revealed improving volume numbers.

123-Year-Old Bank Fails
A 123-year old financial institution that was able to weather the Great Depression was unable to survive the Great Recession.

Relaxed Requirements With Fannie DU Updates
This summer, the Federal National Mortgage Association is updating its automated underwriting system with more relaxed requirements for ratios, credit and adjustable rates.

Home Prices in West Continue to Outperform
U.S. home values again escalated, with some pockets seeing stronger growth. Price gains on the West Coast continue to lead the nation.

Ocwen Accuses FIS in Lawsuit of Fraudulent Billing
In the midst of its own regulatory war, Ocwen Financial Corp. is accusing Fidelity Information Services LLC of fraudulent over billing for work required under a settlement with California.

Origination Systems Address HMDA, UCD
Upcoming changes to single-family data reporting and delivery have been addressed by providers of loan origination systems.

ARMs Defy Overall Weekly Mortgage Slump
Although a week-over-week decline in new mortgage business was mostly across-the-board, adjustable-rate mortgage activity rose -- with ARM share at its widest in over a year.


Mortgage Market Index down 16%
New Tenants for Mortgage C-Suites, Boards
Free agency in single-family lending is in full swing, and moves have been made in the boardroom, C-Suites and mid-level management offices.

SunTrust Agrees to Fed Consent Order
The operating subsidiary of SunTrust Banks Inc. has been ordered to pay more than a million dollars for violating the National Flood Insurance Act.

Drop in Mortgage Rates Likely to Hold
Interest rates on residential loans were solidly lower over the past seven days. Rates are likely to refrain from moving much over the next seven days.

For Sale: MSRs on Over $1 Bil in Ginnie Loans
Mortgage servicing rights on more than $1 billion in Ginnie Mae loans with a Texas concentration are being marketed for sale.

Small Portfolio of Agency MSRs Being Auctioned
A small portfolio of mortgage servicing rights on loans backed by the housing finance agencies has just hit the market. The loans have a Florida concentration.

Non-Performing Mortgages Offered for Sale
Investors are being sought for the potential sale of non-performing mortgages that are being sold at a substantial discount.

MSRs on Over $1 Bil in Ginnie Loans for Sale
Bids are being taken for mortgage servicing rights on more than $1 billion in Government National Mortgage Association loans.

HUD Selling Vacant Property Loans
Single-family loans secured by vacant properties are being offered for sale by the Department of Housing and Urban Development.

Small Fannie MSR Portfolio On Market
A small portfolio of mortgage servicing rights on government-sponsored enterprise loans with a Golden State concentration is being marketed for sale.

TX Mortgage Firm Accused of Deceiving Investors
A home lender in the Lone Star State has been accused by government regulators of lying to investors about how their money would be used.

1% Down Mortgage Launched
A new program has been launched that requires just 1 percent down. In addition, the product enables higher debt-to-income ratios.

Freddie Boosts Refinance Outlook on Lower Rates
A significant improvement in the forecast for refinance production has been made by Freddie Mac thanks to falling rates. Even expected purchase lending increased.

Mortgage Refi Applications Jump, Purchases Dip
As interest rates on home loans declined to a six-month low, weekly applications for mortgage refinances accelerated. But purchase financing activity was weaker.

Seasonal Surge in Mortgage Delinquency
Delinquency on residential loans soared last month, though the surge was attributed to seasonal factors, Foreclosure starts, however, sank to a 12-year low.

Freddie's New Business Dips, Delinquency Holds
Secondary lending volume slipped last month at the Federal Home Loan Mortgage Corp. as delinquency remained at a nearly decade low.

HUD Budget Includes New FHA Administrative Fee
The Department of Housing and Urban Development's proposed budget includes a new administrative fee on government-insured mortgages to fund technology updates.

FHA Originations Rising, Delinquency Tumbles
The monthly volume of home loans insured by the Federal Housing Administration turned higher, and a further increase is on the way. Delinquency, meantime, sank.

New Home Supply Rises As Sales Slow
Although the pace of new home sales turned lower last month, the supply of homes available for sale was the greatest in nearly eight years.

The New Mortgage Landscape
As banks have been under heavy regulatory scrutiny since the financial crisis, smaller non-banks have gained market share through technological improvements to the loan process.

Report: CFPB Treating Ocwen Unfairly
A new report suggests that the Consumer Financial Protection Bureau has been treating Ocwen Financial Corp. too harshly.

MSRs on Over $2 Bil in GSE Loans Being Auctioned
Bids are being taken for mortgage servicing rights on more than $2 billion in loans with a Golden State concentration that are backed or owned by the government-sponsored enterprises.

Variety of Topics Covered at Mortgage Events
Digital loans, mortgage litigation and regulation, and non-performing notes are among several topics being covered at upcoming mortgage-related events.

Stolen Freddie, VA Employees' IDs Lead to Prison
A Maryland woman will serve time for fraudulently using personal information of employees at the Federal Home Loan Mortgage Corp. and Department of Veterans Affairs.

VA Clarifies Appraisal Requirements
The Department of Veterans Affairs has clarified its appraisal requirements on loans secured by properties located in rural areas.

Ginnie's Monthly MBS Issuance Rises
Monthly securitizations at the Government National Mortgage Association bounced off the one-year low experienced in March. The book of business continued to grow.

Mortgage Business Jumps, Jumbo Soars
New mortgage business took a giant leap following Mothers Day. Although jumbo rates deteriorated, new jumbo activity doubled during the latest seven-day period.


Mortgage Market Index up 26%
Hirings Planned for New Movement Mortgage Office
Hundreds of new jobs are expected to be added at Movement Mortgage LLC as a result of the opening of a new facility in Virginia.

Former Chase Mortgage Originator Pleads Guilty
A guilty plea has been made by a former mortgage loan originator at JPMorgan Chase & Co. who is accused of causing more than $30 million in losses to his employer.

Mortgage Rates Down, Further Retreat Likely
The past week saw a decline in interest rates on residential loans. The outlook for the next seven days is for an even bigger reduction in rates.

Wells Fargo Ending Renovation Mortgages
Wells Fargo & Co.'s home lending unit will no longer offer renovation mortgage products due to the complexity and risk of the loans.

Staff Up Despite Drop in Movement Mortgage Fundings
Movement Mortgage LLC saw a decline in quarterly home lending volume, though less than at many of its peers. Still, the company managed to increase the number of people on its payroll.

Mortgage Consortium Targeting Realtors, Builders
A new consortium-style joint venture is making it easy for real estate brokerages and home builders to get into the home financing business.

Agency Kickback Mortgages for Sale
Investors have only a couple days to bid on a dozen or so residential loans that were underwritten to agency standards but kicked back.

$89 Million Settlement for Former IndyMac Unit
The former reverse mortgage lending unit of failed IndyMac Bank FSB has agreed to a government settlement that will cost it $89 million.

Freddie Expands Reps and Warranty Relief
The Federal Home Loan Mortgage Corp. has expanded the pool of loans that are eligible for its collateral representation and warranty relief.

Millennials As Real Estate Appraisers?
While the average age of people in the home valuation field is north of 50, there are some features to the appraiser profession that might be well-suited for Millennials.

Churchill Mortgage Originations, Staffing Down
As quarterly home lending activity slowed at Churchill Mortgage Corp., the size of the mortgage-banking firm's staff was reduced.

Mortgage Turn Times Improve as Refi Share Drops
As the refinance share of mortgage originations continues to deflate, the amount of time it takes to process a loan from application to closing continues to decline.

Refis Lead Weekly Mortgage Applications Lower
Prospective mortgage borrowers turned their attention away from home financing to Mothers Day as refinance applications led a drop in overall activity.

Fannie Raises Origination Forecast for 3 Years
Fannie Mae economists have increased their estimates of home purchase financing for last year, this year and next year. Even last year's estimated refinances grew.

Former Ditech President Named CEO of Stearns
Stearns Lending LLC's chief executive officer is stepping down. A former Walter Investment Management Corp. executive is stepping in.
Brian Hale stepping down
Fannie, Freddie Refinances Sink to 13-Month Low
Monthly refinances of government-sponsored enterprise single-family mortgages plummeted to the lowest volume in more than a year.

Malicious Emails Sent to Stolen DocuSign Addresses
Customers of a mortgage document management company are being warned about fraudulent emails with links that can infect users' computers.

Home Loan Delinquency Down, 10-Yr Low Foreclosures
Quarterly single-family mortgage delinquency, including on government loans, has improved, and the foreclosure rate is the lowest in a decade.

NE Leads Monthly Drop in Permits, New Construction
Month-over-month weakness in the pace of building permits and completed construction was led by the Northeast. But national activity rose from a year earlier.

Serious Mortgage Delinquency Declines
First and second mortgages that are considered to be seriously delinquent made up a smaller share of overall loans last month.

Philly Suing Wells Fargo
Just two weeks after the Supreme Court weighed in on the matter, the city of Philadelphia is moving forward with a discrimination lawsuit against Wells Fargo & Co.

Genworth Relaxes M.I. Guidelines
Among other things, Genworth Mortgage Insurance has loosened loan-to-value ratios and jumbo guidelines on some programs.

Nomura MBS Traders Charged With Fraud
A pair of mortgage-backed securities traders have been charged by the government of lying to customers to earn more from inflated profits.

Optimism Bounces Back for Home Builders
Following a monthly decline in confidence, the outlook among the country's home builders grew more optimistic. Expectations for the next six months drove the increase.

Flagstar CEO Reflects on Bank's Transition
In an in-depth interview, the chief executive officer of Flagstar Bancorp talked about how the bank survived the financial crisis and how it changed.

Cordray Forges On as CFPB-Weakening Bill Progresses
As legislation that would weaken the Consumer Financial Protection Bureau progresses in the House, the head of the bureau continues carrying out his mission.

Mortgage Activity Slows Ahead of Mothers Day
As originators of residential loans headed into the Mothers Day weekend, new business turned lower. The decline was similar among all types of mortgages.
Mortgage Market Index down 11%
Navy FCU's Mortgage Headcount and Servicing Grow
While home lending slowed at Navy Federal Credit Union, it was off less than the industry as a whole. Mortgage staffing and servicing, meanwhile, increased.

Staffing, Servicing Grow at Lake Michigan CU
Despite a drop in quarterly home-lending volume at Lake Michigan Credit Union, the size of the mortgage servicing portfolio and payroll expanded.

Pros and Cons of Mortgage Servicer Diversification
Although a larger number of mortgage servicers results in some that present more risk, that is offset by the benefits of diversification.

Wells Fargo Automating Mortgage App Process
In addition to addressing the fallout from the fake account scandal, Wells Fargo & Co. is working on a product to compete with Rocket Mortgage and mello.

Long-Term Mortgage Rates Rise, Likely to Hold
Long-term rates on new single-family loans moved higher over the past week. But no changes are likely in the report seven days from now.

FHFA Director Won't Let GSEs Run Out of Capital
The regulator and conservator of Fannie Mae and Freddie Mac is warning that the agency will not allow the pair of companies to run out of capital.

Consumers Expect Bigger Home Price Gains
A survey of consumers by the nation's central bank indicates increased expectations for rising home prices and interest rates.

Mortgage Bankers Bump Q2 Refi Forecast
The country's mortgage bankers have grown modestly more optimistic about the projected volume of refinances during the current quarter.

Conditions Ripe for Rise in Millennial Homebuying
Although debt-ridden millennials had been averse to home buying, conditions for the generation are changing -- as is their appetite for home ownership.

Over $3.6 Billion in GSE Loans For Sale
More than $3.6 billion in government-sponsored enterprise mortgages are being auctioned off. The loans are non-performing and re-performing.

Credit Union Settles Over Maternity Discrimination
Years after home lenders began settling charges of discrimination against women on maternity leave, one credit union didn't get the message it's illegal.

Walter Investment's Originations Outperform Peers
Walter Investment Management Corp. experienced a much smaller quarter-over-quarter decline in mortgage originations than most of its peers.

PHH Mortgage Production Drops, More Decline Ahead
Loan originations moved lower at PHH Mortgage and are likely down even more in the current quarter. The servicing portfolio was further reduced.

Originators Take More Mortgage Applications
Loan originators were busier taking applications for new mortgages last week. Both purchase financing and refinancing activity accelerated.

Impac Mortgage Originations Plummet by Half
Home lending at Impac Mortgage Holdings Inc. turned sharply lower -- plunging by half from the previous period. The servicing portfolio, though, grew.

Mortgage Originations Sink to 16-Year Low
During the second month of this year, the preliminary volume of home loans that were closed was lower than any month in the last 16 years.

Lending, Servicing Down as Fairway Staffing Grows
Loan originations and servicing contracted on a quarter-over-quarter basis at Fairway Independent Mortgage Corp. But headcount continued to expand.

Investors Baffled Over OCC's Closure of WI Bank
Investors who were on the verge of pumping $100 million into a Wisconsin bank were baffled last week when a federal regulator shut down the bank.

Monthly Mortgage Delinquency Declines
The rate of past-due payments, serious delinquency and foreclosures on mortgages outstanding all moved lower on a monthly basis.

Mortgage Demand Mixed at Banks
Although demand has increased at some banks for a variety of single-family products, there tend to be just as many banks with falling demand for those very same loans.

Failed Wisconsin Bank to Cost FDIC Nearly $150 Mil
A financial institution in Wisconsin was the fifth federally insured bank failure this year -- costing the Deposit Insurance Fund nearly $150 million.

Weekly Jumbo Business Up Despite Worse Spread
Interest rates on jumbo mortgages went from being less than their conforming counterparts to more last week. Still, new jumbo business accelerated.


Mortgage Market Index up 9%
Regions' Mortgage Income Holds Despite Lending Drop
Although quarter-over-quarter home-lending volume subsided by a fourth at Regions Financial Corp., mortgage earnings were maintained.

Lower PA Court Decision Against MERS Reversed
An appellate court has reversed a lower court's decision to deny preliminary objections made by Mortgage Electronic Registration Systems Inc.

Best LendingTree Mortgage Lenders
Mortgage comparison shopping site LendingTree has put out its latest list of the best mortgage lenders in its network.

Fannie's Quarterly Earnings Sink From Prior Period
As taxpayer returns from the Federal National Mortgage Association have reached nearly $47 billion, there was a significant decline in quarterly earnings.

Earnings, Originations Sink at PennyMac
A significant quarter-over-quarter decline in home lending at PennyMac Financial Services Inc. contributed to a sharp drop in earnings. Staffing also contracted.

Brokers Drive Increase in Mortgage Employment
While the market is still digesting mixed monthly data on employment among all industries, mortgage brokers pushed up jobs in home lending.

Risk of Default Rises on New Originations
As quarterly home lending activity slowed late last year, the risk that the newly made loans would default moved higher.

National MI's Book of Business Expands
Even though quarterly new business took a tumble at National MI -- earnings held up and the book of business continued to grow.

Mortgage Rates Hold, Could Climb
After taking a breather for seven days, fixed interest rates on residential loans are likely to escalate in the next report.

Loss, Lower Originations at Stonegate Mortgage
In addition to swinging to a quarterly loss, Stonegate Mortgage Corp. saw a big downturn in its single-family lending volume.

Industrial Properties, GSEs Lead CRE Lending Up
Despite a quarter-over-quarter drop in commercial real estate originations, a year-over-year gain was led by the government-sponsored enterprises and industrial property lending.

Nationstar Earnings Sink on Mark-to-Market Charge
Quarterly originations declined, the servicing portfolio was lower and earnings plummeted on mark-to-market charges at Nationstar Mortgage Holdings Inc.

Consumer Bankruptcies Retreat From 2-Year High
After ascending to the highest level in two years, the number of consumers who resorted to bankruptcy moved lower last month.

Mortgage Credit Tightens 1st Time in 7 Months
For the first time in seven months, credit conditions in single-family lending have become more restrictive, though the tightening was minimal.

NCUA RMBS Recoveries Surpass $5 Billion
Just two days after over $0.4 billion was collected for losses suffered on residential mortgage-backed securities by failed corporate credit unions, recoveries have climbed past $5 billion.

Genworth M.I.'s Earnings, Book of Business Up
Although new business tumbled at Genworth Mortgage Insurance Corp., earnings were significantly better and the book of business grew.

Originations Hold Up at Ocwen
Home lending activity was off at Ocwen Financial Corp., though not as much as at its peers. Losses rose from the prior quarter but fell from a year prior.

Best U.S. Mortgage Loan Originators
Among mortgage loan originators who are considered to be among the best in the country, earning the borrower's trust is a common theme.

Purchase Rise Offsets Drop in Mortgage Refi Apps
A boost in weekly applications for loans to finance a home purchase was more than enough to offset a reduction in mortgage refinance activity.

CMBS Delinquency Holds, But Industrial Rate Soars
The performance of securitized commercial real estate loans was slightly worse, though the outlook is stable. But late payments on industrial property loans soared.

Wells Fargo Consolidates, Boosts Lobbying Ops
Less than a year after Wells Fargo & Co. settled allegations of creating fake accounts, it is overhauling its lobbying operation.

Freddie to Pay $2.2 Bil in Dividends to Treasury
Although earnings were halved on a quarter-over-quarter basis, the Federal Home Loan Mortgage Corp. is delivering another $2.2 billion to taxpayers.

Nationstar Rebranding as Mr. Cooper
An overhaul of the corporate culture at Nationstar Mortgage LLC is now being capped off with a change to the corporate brand.

Dip in HECM Endorsements
A modest decline was recorded for monthly production of government-insured reverse mortgages, though there was a year-over-year rise.

$445 Million RMBS Settlement at UBS
UBS has paid $445 million to settle alleged investor losses on residential mortgage-backed securities it peddled before the financial crisis.

Nearly $1 Billion in FDIC Losses from Bank Failure
Last week's failure of a bank in New Orleans is likely to cost the the bank deposit fund nearly $1 billion. More credit unions than banks have failed so far this year.

Supreme Court Rules Against Mortgage Lenders
The Supreme Court has ruled that cities have standing in lawsuits filed against mortgage lenders alleging discrimination.

More Deterioration in CMBS Delinquency
As more borrowers continue to default on balloon payments, the rate of late payments on securitized commercial real estate loans rose again.

New Mortgage Wholesaler Emerges
A newly launched wholesale mortgage lender hopes to stand out in the sector with new technology that streamlines the production process.

Ginnie Issuance Up Despite Fannie, Freddie Drop
An increase in monthly mortgage securitizations at Ginnie Mae was enough to offset declines at both Fannie Mae and Freddie Mac.

Ocwen Selling MSRs on Over $100 Billion in Loans
Ocwen Financial Corp. is negotiating a deal that would eliminate its interest in mortgage servicing rights on more than $100 billion in loans.

Fannie's Delinquency at New Post-Crisis Low
Past-due payments accounted for a smaller share of the Federal National Mortgage Association's residential loans in March than in any month since early 2008.

COFI ARM Index Sinks to New Record Low
Just a month after establishing an-all time low, the 11th District Cost of Funds Index moved lower and set another new record.

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