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May 2018 Archive


Mortgage Servicing, Staffing Grow at TMS
Not only did the mortgage servicing portfolio grow at The Money Source Inc., but the number of people working for the home lender increased. Annual originations, including wholesale and correspondent, are likely to fall.

Mortgage Fraud Scheme Uses Fake Employers
A new scheme been uncovered where bogus businesses are being listed as the employer of prospective borrowers on home loan applications.

CFPB Chief: New Law to Improve Credit Access
The acting director of the Consumer Financial Protection Bureau says that the new financial regulatory overhaul law will improve consumers' access to credit.

Opinion: QM Serves No Useful Purpose
Among several flawed concepts in the Dodd-Frank Wall Street Reform and Consumer Protection Act are the Qualified Mortgage - Ability-to-Repay rules.

LO Sentenced for Fraud Short-Sale Scheme
A loan officer has been ordered to prison for her role in a scheme to defraud mortgage companies into agreeing to short sales. Her accomplices include attorneys.

Existing Home Sales Drop on Inventory Shortage
The sale of pre-owned homes weakened last month and were down on a year-over-year basis for the second month in a row. Inventory shortages were blamed.

Mortgage Rates Climb to 7-Year High, Could Fall
Although interest rates on single-family loans jumped to the highest level in seven years, one short-term forecast has them retreating in the upcoming week. But long-term forecasts call for further escalation.

Refis Push Up 2018 Mortgage Lending Outlook
A reduction in forecasted purchase financing this year was more than offset by an increase in expected refinances. But next year's boosted refinance outlook wasn't enough to cover the purchase cuts.

Dodd-Frank Rollback Legislation Now Law
With the public and the media focused on the cancellation of North Korea summit, President Donald Trump sign into law legislation that will roll back burdensome Obama-era financial regulations.

Reperforming Mortgages For Sale
A small portfolio of reperforming residential loans that have a big share of modified loans and a geographic concentration in four large states is being offered for sale.

Agency Approved Mortgage Banker for Sale
A shell mortgage banking business with full agency approvals is being offered for sale to the highest bidder through the auction process.

West Drives Down U.S. New Home Sales
New home sales declined last month even though volume was only down in the West. But experts still see strength in the market.

FHA Chief Confirmed by Senate
For the second time under a different administration, Brian D. Montgomery has been confirmed as the chief of the Federal Housing Administration.

Bank Winding Down Mortgage Unit
A bank out of the Northeast will shutter its mortgage banking business and turn to another financial institution to provide mortgage services.

Negative Mortgage Delinquency Trend Reversed
A seven-month run for year-over-year increases in mortgage delinquency came to an end last month as the number of loans in active foreclosure was the lowest in more than a decade.

Refi App Volume Near Lowest of Millennium
As mortgage applications retreated this past week, refinance business slowed to the lowest level since nearly the turn of the century. Veterans share was the thinnest since at least last year.

USA Mortgage On Track to Maintain 2017 Lending
Based on residential loan production during the first three months of 2018 at USA Mortgage, the company is on track to keep up with last year's annual originations.

Dodd-Frank Rollback Passes House, On to President
Two months after making it through the Senate, legislation to roll back or reduce some of the requirements of the Dodd-Frank Wall Street Reform and Consumer Protection Act has passed the House.

HECM Changes Drive New Proprietary Programs
Changes to requirements for home-equity conversion mortgages have driven reverse mortgage lenders to develop new proprietary programs.

Mortgage LO Sentenced to Prison
A New Jersey mortgage loan originator has been sentenced to hard time because of his role in a scheme involving $6 million in fraudulent residential loans.

HQ Move Creating Over Thousand SC Mortgage Jobs
An intrastate move to a new headquarters location has a servicer of residential loans adding more than a thousand jobs in the Palmetto State.

Mortgage Servicing Grows at HomeBridge
During the past few months, HomeBridge Financial Services Inc. has expanded its mortgage servicing portfolio. Staffing, though, has been reduced.

Mortgage Bankers See Continued Growth in Purchases
Despite industry-wide expectations of ongoing declines in refinance production, U.S. mortgage bankers see continued expansion ahead for the origination of loans to finance home purchases.

New FRBNY Chief Sees Low Rates as New Normal
The new chief of the powerful Federal Reserve Bank of New York says there has been a paradigm shift in what are considered to be normal interest rates.

Risk-Based Pricing for Mortgage Insurance
At least one mortgage insurance company will begin offering premiums that are based a loan's risk profile determined by a variety of underwriting factors.

Conventional Leads Weekly Drop In Mortgage Biz
A week-over-week decline in new mortgage activity was spearheaded by new conventional lending. The overall decline was contrasted by jumbo business, which recorded a gain.
 /stories/Mortgage-Market-Index-052118.asp

Enhancements, Integrations and Adoptions of LOS
Improvements and updates have been made to several loan origination systems, while other mortgage service providers' wares have been integrated into various systems. Some LOS providers have landed new clients.

CMBS Delinquency Increases
Late payments on securitized commercial real estate loans worsened last month. Deterioration was driven by loans securitized five-to-seven years ago.

Mortgage Originations Up From Year Ago at Navy FCU
Navy Federal Credit Union managed to boost its quarterly home lending volume from a year ago. The firm's mortgage servicing portfolio continued to grow.

World's Biggest Real Estate Agent
A real estate agent out of North Texas has made it into the Guinness Book of World Records thanks to a phenomenal sales record.

Severity of Impact from ATR-QM Rules Eases
An overwhelming majority of bankers say the Ability-to-Repay and Qualified Mortgage rules have reduced available real estate credit. But the level of severity is diminishing.

Mortgages Outstanding Up Despite Origination Drop
Although the volume of quarterly home lending has slowed, the balance of outstanding mortgages continued to expand. Loan performance, meanwhile, showed ongoing improvement.

CMBS Leads Year-Over-Year Rise in CRE Lending
Commercial real estate loans originated for securitizations saw the biggest year-over-year gain of any CRE investor type. Overall quarter-over-quarter results, though, were down.

Mortgage Rates Climb to 7-Yr High, To Rise Further
Long-term rates on residential loans climbed to the highest level in seven years. More of the same could be in store for the week ahead. Veterans loans had the lowest rates.

2017 Estimated Refinance Share Reduced
A smaller share of last year's mortgage originations were refinances than originally thought. This year's refinance outlook has been reduced, as was the case for next year's purchase forecast.

Regions' Mortgage Originations, Servicing Down
Although Regions Financial Corp.'s home lending was the lowest in four years, mortgage earnings were up from the preceding quarter. Mortgage assets, delinquency and servicing all fell. Headcount was trimmed.

Apartments Hurt Permits, New Construction
Despite an increase in single-family volume, a decline in multifamily permits and new construction pulled the overall numbers down. But completed multifamily construction jumped.

MSRs Offered on Nearly $2 Billion in Ginnie Loans
A new offering has mortgage-servicing rights on nearly $2 billion in Ginnie Mae loans up for sale. The loans have a Texas-Oklahoma concentration.

Refi Share Deflates as Rates Inflate
As mortgage rates pushed higher, monthly refinance share continued to deflate. Compared to a year ago, conventional share grew at the expense of government share.

Mortgage Lates Down as Hurricanes' Impact Eases
With the peak impact of last year's hurricanes finally subsiding, the performance of U.S. mortgages improved. Government-insured performance improved more than it ever has.

Mortgage Refi Applications at Decade Low
It has been nearly a decade since the weekly volume of applications to refinance an existing mortgage was this low. Overall applications slowed, government share reached a four-week high and the jumbo-conforming spread thinned.

Trump Nominates Ginnie Mae President
President Donald J. Trump has selected a political insider with extensive secondary marketing experience to run the Government National Mortgage Association.

Builder Confidence Rises 1st Time in 5 Months
For the first time in five months, the nation's home builders felt more confident about conditions in the new home market. Current sales conditions were behind the improvement.

Over $1.7 Bil in Nonpeforming Mortgages For Sale
Nearly $2 billion in government-sponsored enterprise single-family loans that are currently not performing are being offered for sale through an auction to the highest bidder.

Over Hundred Mortgage Layoffs in North Texas
A mortgage service provider that is based in the Golden State has eliminated more than a hundred jobs from a facility in the northern part of the Lone Star State.

Decline in Serious Mortgage Delinquency
As was the case for overall consumer credit performance, the monthly rate of serious delinquency on first mortgages showed improvement.

Fannie Drives GSE Refinances to 8-Month Low
A slump in monthly refinances of loans backed by the Federal National Mortgage Association more than offset an increase at its secondary rival -- driving refinances to an eight-month low.

Citizens Bank's Home Lending, Servicing Down
Mortgage originations were down almost a fifth on a quarter-over-quarter and year-over-year basis at Citizens Financial Group Inc. Also retreating was the servicing portfolio. Earnings, meanwhile, improved from a year previous.

loanDepot Lifts Home Lending from Year Earlier
Quarterly mortgage originations were up from the same period last year at loanDepot LLC. The company trimmed its servicing and staffing from year-end 2017.

Multifamily Market Poised for Tumble?
As the housing market has fitfully struggled through a decade-long recovery, homeownership rates fell to a 40-year low, and have not yet recovered to their historical level of 64 percent. Unsurprisingly, the number of renters has soared to an all-time high during this period of time.

Angel Oak Turns to Correspondent for Non-QM Biz
Angel Oak Mortgage Solutions LLC is looking to double its origination of home loans that don't meet Qualified Mortgage requirements, and it is turning to the correspondent channel to achieve this.

Ginnie Mae Issuance Increases
Monthly securitizations turned higher at the Government National Mortgage Association, with apartment loan activity ascending to the strongest level since last year.

New Low for Rate-Term Refi Share, Purchase Biz Up
Weekly mortgage business was higher led by conventional activity. Purchase business was the strongest it's been in eight months. Rate-term refinance share, which at one point in the past six years was nearly two-thirds, fell to a new single-digit low.
Conventional leads overall activity higher
FHA Biz Up & Further Ascension Likely, HECMs Down
New loans insured monthly by the Federal Housing Administration rose, and further escalation is likely -- though reverse mortgage volume was down again. Delinquency fell to the lowest rate in eight months. Multifamily business was off.

100% LTV Program Launches
A program has been introduced by a mortgage insurance company that allows loan-to-value ratios as high as 100 percent for professionals -- including mortgage bankers.

Nationstar Faces Possible RESPA Enforcement Action
Nationstar Mortgage Holdings Inc. has been warned by a federal regulator that regulatory actions could be taken against it over possible violations of the Real Estate Settlement Procedures Act.

National M.I. Names New President
The parent of National Mortgage Insurance Corp. has found a new president among its own executive ranks and promoted an employee who has been with the firm since it opened for business.

100s of OH Layoffs at US Bank
Hundreds of real estate finance positions in the Buckeye State are being eliminated by US Bank. Impacted departments handled a variety of mortgage support issues.

Long-Term Mortgage Rates Hold Steady
There has been little weekly change in long-term interest rates on home loans. Various indices for adjustable-rate mortgages were all over the board.

HUD Wants Feedback on Disparate Impact
A controversial rule finalized five years ago implementing a Disparate Impact regulation for mortgage lenders is up for comment.

Giant RBS RMBS Settlement
A government investigation into The Royal Bank of Scotland Group plc's role in securitizing home loans will be resolved through a multi-billion-dollar settlement.

Impac Servicing Grows, MSR Losses Swing to Gain
As Impac Mortgage Holdings Inc. has grown its servicing portfolio over the past year, it has turned losses on mortgage-servicing rights into gains. Originations declined, and layoffs are ongoing.

Mortgage Staffing Increases at Finance of America
The size of the staff at Finance of America Holdings LLC has swelled by nearly 300 since the end of last year. While originations and servicing were down, a year-over-year bump in lending was noted.

Mortgage Executives Recruited, Promoted
Some recent executive appointments at mortgage firms were internal promotions, and others were recruits from competitors. The past month has seen much C-Suite activity.

Losses Continue at PHH
In what will likely be one of its final quarterly earnings reports as an independent company, the parent of PHH Mortgage released scant details about its operational results -- though losses continued.

Refi Mortgage Apps Slowest Since 2008
The weekly number of people who applied to refinance their home loans amounted to the fewest since 2008. The same goes for refinance share. Two things that did grow were the jumbo-conforming spread and the share of applications to veterans.

Mortgage Delinquency Down, Outstandings Grow
Over the past year, residential loan performance improved and mortgages outstanding expanded. But as quarterly lending started to slow, average originated loan amounts have fallen.

Mortgage Demand Down at Big Banks, Up at Small
Although demand for several single-family products has softened at larger financial institutions, smaller ones are seeing growing demand -- especially on non-agency loans. It was similar for commercial real estate.

Branded Mobile App for Mortgage Brokers
Mortgage brokers can now have their own branded application for mobile devices without having to make technology investments.

Massive Secondary Mortgage Sale
A huge portfolio of residential loans is trading hands in the secondary mortgage market, with an American financial institution selling to a unit of one based in Switzerland.

Conventional Mortgage Credit Eases as Gov Tightens
Although prospective borrowers seeking conventional mortgages had an easier time qualifying for a loan last month, government conditions tightened. Jumbo activity had the biggest bounce.

Monthly Mortgage Delinquency Drops
Despite the lingering effects of last year's brutal hurricane season, mortgage servicers managed to cut the monthly rate of loan delinquency.

Radian Cuts M.I. Premiums
Radian Guaranty Inc. will be cutting the rates on its mortgage insurance premiums. Impacted loans include those with multiple borrowers and high debt-to-income ratios.

MSRs Offered On Over $2 Billion in Agency Loans
Bids are being sought for mortgage-servicing rights on more than $2 billion in agency-backed single family loans with a wide geographic dispersion.

Black, Low-Income & Nonbank Mortgage Shares Rise
A summary of data for last year collected as required by the Home Mortgage Disclosure Act shows that a bigger share of loans went to black and low-income borrowers as non-banks did more of the lending.

Groups Line Up to Oppose Regulatory Relief Bill
Dozens of consumer and other advocacy groups are warning members of Congress about the elimination of consumer safeguards in legislation to provide regulatory relief.

Wells Agrees to Another Scandal-Related Settlement
Wells Fargo & Co. has agreed to dole out hundreds of millions more in connection with its recent scandals.

MBS Traders Cleared in Criminal Cases
Two defendants in two different cases have been cleared by an appeals court and a federal jury of alleged crimes in the sale of mortgage-backed securities.

Weekly Mortgage Biz Rises, ARM Share Balloons
A big bounce in refinance business lifted overall new home lending activity. Adjustable-rate mortgage share was the broadest it's been in more than two years. Jumbo product was excluded from the rally.
 /stories/Mortgage-Market-Index-050418.asp

Consumer Bankruptcies Retreat Following Surge
After soaring in March, the number of consumers who filed a new case with U.S. Bankruptcy Courts last month was down 8 percent. Year-over-year, though, was worse.

Mortgage Credit Standards Becoming Too Loose?
Recent escalation in the rate of delinquency on loans insured by the Federal Housing Administration has credit standards for government and conventional mortgages being debated.

Safeguard Properties Founder Dies
The founder and chairman of one of the nation's largest service providers for the residential lending industry has passed away.

Non-Bank Mortgage Jobs Contract, US Jobs Data Weak
Monthly non-bank mortgage staffing contracted, while jobs data for all industries was weak. But the nation's unemployment rate fell to the lowest level since the turn of the century.

Servicing Earnings, Portfolio Up at PennyMac
Earnings from mortgage production were down at PennyMac Financial Services Inc. as originations fell. But servicing income strengthened as the portfolio grew.

Large GSE MSR Offering
A big offering of mortgage-servicing rights on a portfolio of loans backed by the government-sponsored enterprises with a West Coast concentration is being marketed for sale to the highest bidder.

Mortgage Rates Dip, Volatile Week Ahead
Fixed interest rates on home loans moved lower this past week, and a key government report tomorrow could significantly impact upcoming rates. Several adjustable-rate indices retreated.

Profits Improve at Fannie Mae
Quarterly earnings improved at the Federal National Mortgage Association. Its profitability left it owing a dividend payment to the Department of the Treasury.

Nationstar Defies Drop in Home Lending at Peers
Declining origination income was more than offset by soaring servicing income at Nationstar Mortgage Holdings Inc. -- which bucked a downward quarter-over-quarter origination trend among its peers.

Genworth M.I. Earnings, Book of Biz Increase
Even though new business fell from the previous quarter at Genworth Mortgage Insurance Corp., its book of business and profitability both improved.

Mortgage Servicing Expands at Quicken Loans
An increase in the size of the mortgage servicing portfolio was reported for Quicken Loans Inc. Although originations retreated from the prior quarter, Quicken again claimed to be the biggest U.S. home lender.

Ocwen Swings to Profit as Originations Sink
Despite significantly lower mortgage originations, Ocwen Financial Corp. managed to swing from a quarterly loss to a profit. The servicing portfolio was reduced.

Refis Fade Again as Mortgage Applications Decline
The weekly volume of new applications for home loans waned. Refinances continued to account for a shrinking share of mortgage applications as rates ascended to a more than four-year high.

Record Earnings at National M.I., New Biz Slips
NMI Holdings Inc., the parent of National Mortgage Insurance Corp., reported record income. While new business slipped, the company's book of business expanded.

HECM Endorsements Sink to 3-Year Low
Government-insured reverse mortgage production turned sharply lower last month, with volume plummeting to the lowest level in more than three years.

Arch M.I. Earnings Up, Defaults Down
Quarterly income was higher and delinquency was lower at Arch Mortgage Insurance Co. At the same time, the book of business and new insurance written were both lower.

Appeals Court Decision a Win for Reverse Lenders
A decision handed down by a Florida appeals court bodes well for reverse mortgage lenders. At issue are the rights of non-borrowing surviving spouses.

Earnings Hold Up at Freddie
Quarterly earnings at the Federal Home Loan Mortgage Corp. exceeded year-earlier levels. A decline, however, was recorded versus the preceding three-month period.

Agency MBS Issuance Recovers, Freddie Most
After falling to a two-year low, securitizations of agency mortgages increased last month. The Federal Home Loan Mortgage Corp. the was out front of the gain -- rising to the highest level since last year.

CMBS Delinquency Tumbles, Industrial Leads Drop
The performance of securitized commercial real estate loans improved last month after rising for the first time in nearly a year. Industrial property delinquency was down most.

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