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June 2018 Archive


Weekly Mortgage Business Increases
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-061818.asp
Ginnie Issuance Up But Jumbo Down, HMBS Plunges
While overall securitizations on behalf of the Government National Mortgage Association, made a monthly move up, jumbo issuance declined and reverse mortgage issuance sank.

CMBS Performance Improvement Best Among CRE Types
Securitized mortgages saw the largest quarterly decrease in delinquency among a variety of investor types for commercial real estate loans.

Mortgage Rates Jump, Could Ease Next Week
Interest rates on single-family loans turned sharply higher this past week as the Federal Reserve raised rates. But at least one forecast has a slight dip in the week ahead.

Record Low Monthly GSE Refinances
Despite a modest bump in monthly refinances at the Federal Home Loan Mortgage Corp., a tumble in transactions at the Federal National Mortgage Association drove production to an all-time low.

For Sale: MSRs on Over $3 Billion in GSE Loans
A portfolio of mortgage-servicing rights on more than $3 billion in government-sponsored enterprise loans with a modest Golden State concentration has just hit the market.

Over Hundred Mortgage Job Cuts at HomeStreet
After eliminating dozens of mortgage jobs in response to diminishing loan originations, HomeStreet Inc. is again cutting its home-lending staff -- this time by more than a hundred. Several branches are also being closed.

NMLS Call Report Changes Delayed
Implementation of planned changes to reporting requirements for the Nationwide Multi-state Licensing System have been delayed.

Details Provided About Genworth Premium Cuts
Genworth Mortgage Insurance has provided details about previously announced upcoming changes to its M.I. premiums.

Better Outcomes for Nonperforming GSE Loans Sold
A new report indicates that non-performing loans being sold by the government-sponosred enterprises are experiencing better outcomes than before they are sold.

Massive Sales of Fannie Mae Loans
A pair of mortgage portfolios being sold by the Federal National Mortgage Association include nearly $8 billion in non- and re-performing loans.

Mortgage Applications Fall as Gov Share Widens
A weekly reduction was recorded for the volume of mortgage applications. Jumbo rates grew more attractive, and government share widened.

FHA Production Holds, Could Accelerate
There was little change in monthly endorsements by the Federal Housing Administration, though business is poised for an increase. Delinquency improved, and commercial endorsements moved higher.

Merrill Lynch Agrees to SEC RMBS Settlement
Merrill Lynch, Pierce, Fenner & Smith Inc. has agreed to settle allegations that it misled customers in order to get them to overpay for residential mortgage-backed securities.

Credit Standards Ease as Refi Demand Diminished
As refinances continue to diminish, home lenders continue to relax credit standards. With the ongoing outlook for profits still weak, firms are feeling pressure to cut staffing.

Mortgage Credit Eases 1st Time in 4 Months
For the first time in four months, home lenders eased up on credit conditions. Leading the loosening were jumbo mortgage lenders.

Mortgage Delinquency Sinks to 12-Year Low
It has been more than a decade since the monthly rate of mortgage delinquency was as low as it is now. The foreclosure rate hasn't risen in seven months.

Mortgage Events Cover Compliance, Regulation
Included among dozens of upcoming mortgage-related events are a compliance workshop, a regulatory conference and a mortgage accounting software user event.

MSRs Offered on Small GSE Portfolio
Bids are being sought for the servicing on a small portfolio of government-sponsored enterprise mortgages. The loans have a New England concentration.

Mortgage Business Still Stuck in Holiday Slump
The mortgage market has failed to recover from the slump in new mortgage business that accompanied the holiday week. But government and purchase business were both better.
 /stories/Mortgage-Market-Index-061118.asp

Mortgage Executives Land New Jobs
While there was some movement in the C-Suites of the mortgage industry, much of the recent activity among the executive ranks has been confined to middle managers.

Big Consolidation at Bank w/$2 Bil in Mortgages
A bank with a mortgage investment portfolio of more than $2 billion is unloading a consumer lending subsidiary and closing branches.

PHH "Extremely Gratified" By CFPB Dismissal
PHH Corp. is celebrating the Consumer Financial Protection Bureau's dismissal of a closely watched case involving alleged violations of the Real Estate Settlement Procedures Act.

Monthly Mortgage Rates Rise, Weekly Rates Fall
Although there was a month-over-month increase in residential interest rates, more recently the was a week-over-week decline in average mortgage rates.

Midwest Mortgage Firm Settles With AMC
A lawsuit filed by an appraisal management company against a Midwest mortgage banker over unpaid appraisal fees has been settled just before jury deliberations.

Small GSE MSR Offering
Bids are being sought for the servicing rights on less than $1 billion in government-sponsored enterprise mortgages. The offering has a California concentration.

MBA Reveals New CEO
After months of speculation, the Mortgage Bankers Association has found a replacement for its departing iconic leader. The new chief is a seasoned executive with an Ivy League education.

Agency MSR Offering Has California Concentration
An offering of mortgage-servicing rights on over $1 billion in agency loans that has just become available has a heavy concentration of loans in the Golden State.

MSR Gains Drive Up Mortgage Servicing Income
Gains from mortgage-servicing rights helped the nation's servicers earn more during the latest quarter. Productivity substantially deteriorated, though, from a year ago.

Home Lending Profits Plunge Despite Higher Revenues
Although mortgage bankers pushed up quarterly revenues, rising expenses resulting from slowing originations dragged them into the red. Wholesale lenders suffered the most.

Huge Profit, Increased Lending at Ditech
Fresh out of bankruptcy, Ditech Holding Corp. reported a huge profit and a quarter-over-quarter increase in home lending. The servicing portfolio, however, was diminished.

Fewer Consumers File Bankruptcy Last Month
On both a month-over-month basis and a year-over-year basis, the number of consumers who resorted to the bankruptcy courts last month moved lower.

FHA Share of Mortgage Apps Falls to 8-Month Low
Although weekly mortgage application volume was solidly higher, the share of activity for loans insured by the government declined to the lowest level in 8 months. The jumbo-conforming spread thinned.

BofA Sued Over Alleged Deception on HAMP Apps
Bank of America Corp. is facing a new lawsuit that accuses the financial services giant of misleading borrowers about loan modifications so it could acquire properties through foreclosure.

Fannie Unveils Improved Mfg Housing Financing
A new program from the Federal National Mortgage Association provides looser financing requirements for higher quality manufactured housing.

Mortgages Erroneously Reported as Delinquent
Residential loans were mistakenly reported as past due to the credit bureaus as a result of a technology glitch resulting from a test transmission.

CA Supreme Court Addressing Excessive Rates
The outcome of a case being heard by the Golden State's highest court could have a big impact on lenders that charge high interest rates.

Black Knight Acquisition Provides AI for Offerings
Customers of Black Knight Inc. will now benefit from artificial intelligence thanks to an acquisition announced by the mortgage services provider.

IndyMac's Former Reverse Unit Sold
The reverse mortgage business which was once owned by IndyMac Bancorp Inc. has been sold. The sale also involved servicing on assets.

Record Hirings, Lending Expected at Guaranteed Rate
Guaranteed Rate Inc., which has seen its headcount grow by more than a thousand people over the past three years, expects to hire a record number of new employees this year to handle expected record originations.

Monthly HECM Endorsements Remain Weak
Reverse mortgage originations that are insured by the federal government saw restrained activity as monthly volume was tethered near a four-year low.

Top-10 Home Lender Among 3 Restricted By Ginnie
Just two days after revealing new requirements for securitized loans to veterans, the Government National Mortgage Association has restricted three issuers -- including one of the biggest mortgage originators.

Mortgage Complaints Sink Despite Overall Rise
Despite a year-over-year increase in complaints filed against financial services companies, a plunge was reported in complaints filed against mortgage firms.

Mortgage Business Down in Holiday Week
An expected slowdown in new mortgage business during the holiday week impacted purchase financing and refinancing equally. The biggest week-over-week drop was with adjustable-rate mortgages.
 /stories/Mortgage-Market-Index-060118.asp

Fannie Leads Agency MBS Issuance to New 2-Year Low
A month-over-month decline to a new 2-year low in agency issuance was led by Fannie Mae, even though Ginnie Mae's securitizations fell to a three-year low.

Another Round of Movement Mortgage Layoffs
For the second time this year, Movement Mortgage LLC is conducting a round of layoffs. The latest job cuts are tied to production. But the home lender still maintains its plans to expand.

Broker Jobs Off Despite Rise in Mortgage Headcount
New government data indicate U.S. employment was strong last month. In the mortgage industry, overall staffing expanded even though broker count fell.

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