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August 2017 Archive


Former Senior Federal Home Loan Bank Execs Indicted
Former senior executives of the Federal Home Loan Bank of Dallas have been indicted for using funds from the organization to pay for personal expenses.

New 2017 Low for Mortgage Rates, Could Go Lower
Interest rates on single-family loans this past week fell to the lowest level since last year, and the next report could see a similar decline.

Risk of Mortgage Fraud Higher Than Year Earlier
While there was no month-over-month increase in the risk of fraud on new applications, risk is up from a year ago. Rising rates could drive risk higher.

Loan Processor Sues Wells Fargo for Harassment
A federal lawsuit filed against Wells Fargo & Co. alleges that the company did nothing when a mortgage processor reported sexual harassment by her boss.

Wells Fargo Fraudulent Account Scandal Grows
Wells Fargo & Co. has disclosed that the number of new accounts fraudulently created by bank employees is substantially higher than originally reported.

FHA CRE Biz Skyrockets, SFR Refi Biz Headed Higher
There was little change in monthly residential business at the Federal Housing Administration, though refinance activity is poised for an increase. But commercial real estate activity soared.

Best Employers Include Several Mortgage Firms
Among recently recognized best employers were several mortgage banking firms, a pair of banks and a mortgage service provider. One home lender has been designated as a "cool" employer.

Jump in Default Risk on New Mortgage Originations
The risk of default on new quarterly mortgage originations turned significantly higher as production plunged, though seasonal factors played a role.

Wells Fargo Sued Again Over Rate-Lock Fees
After being named as a defendant in a former employee's lawsuit over rate-lock extension fees, a class action has been filed against Wells Fargo & Co. over the same allegations.

CMBS Delinquency Down 2nd Consecutive Month
For the second month in a row, the performance of securitized commercial real estate loans improved. Industrial loans led the decline in late payments.

Government Programs Lead Drop in Mortgage Apps
As overall applications for home loans slowed on a week-over-week basis, the share that were for government mortgage programs was more narrow.

Nearly $1 Billion in GSE Reperforming Loans For Sale
Nearly $1 billion in government-sponsored enterprise residential loans are being marketed for sale. The mortgages are either slightly past due or reperforming.

HECM M.I. Premiums Being Raised
The cost of mortgage insurance premiums on federally insured mortgages is going up in an effort to limit taxpayer exposure. But the change will impact few mortgages.

MSR Losses Hurt Mortgage Servicing Income
An increase in quarterly losses from mortgage servicing rights drove earnings down from the prior period. But income was better than in the same quarter last year.

Lower Staff Costs Help Mortgage Production Income
A decrease in employee expense was behind a quarter-over-quarter improvement in mortgage production earnings. But there was year-over-year deterioration.

Home Prices Continue Climbing, Records Broken
House values continue to rise, with some home price indices solidly in record territory. But escalating values reflect a persistent inventory shortage.

Mortgage Industry Supports Hurricane Victims
All around the mortgage industry, primary and secondary lenders are coming to the aid of borrowers impacted by the severe devastation from Hurricane Harvey.

Senior, Mid-Level Execs Shuffled at Mortgage Firms
As one mortgage firm replaces its chief executive officer, another organization recruited a new chief information officer, and two more hired new chief marketing officers.

65 Mortgage Events Scheduled Through End of 2017
More than 65 mortgage-related conferences, workshops and other events are on Mortgage Daily's Mortgage Conference Calendar through the end of this year.

Cherry Creek Mortgage Chairman Resigns
Following a lawsuit filed by a former employee over the loss of health insurance coverage for her and her spouse, the chairman of a Colorado-based mortgage banker is out.

State Housing Agencies Abuse TARP Funds
Taxpayer funds that were intended to support distressed borrowers in areas that suffered the most from the housing crisis have, in some cases, been used for frivolous purposes by state housing agencies.

Gov Programs Lead Surge in New Mortgage Business
New home-lending activity turned solidly higher this past week, and it was government mortgage programs that saw the biggest week-over-week gain.
Weekly Mortgage Market Index up 9%
New Wholesale Mortgage Lender Launches
An established retail home lender operating from New York state has launched a wholesale division to do business with mortgage brokers.

Gay Couple Sue Lender for Denying Health Coverage
A mortgage banking firm that denied health insurance coverage to the same-sex spouse of a former female employee because of its religious values is facing a lawsuit.

17-Year Low for Overall Mortgage Delinquency
Overall mortgage delinquency fell to the lowest level in 17 years, while the rate of foreclosures has descended to the lowest level in a decade.

Freddie's Book Up, Delinquency Holds Near 10-Yr Low
As the Federal Home Loan Mortgage Corp. continued to increase the size of its book of business, the late-payment rate remained at a nearly 10-year low. New business slowed.

Mortgage Rate Decline Likely to Hold
Concerns about inflation, or the lack thereof, helped to pull down long-term rates on home loans to the lowest level since last year. Signs point to little or no change in the next report.

Northeast, Midwest Drive Down Existing Home Sales
Inventory shortages were a factor in a slowdown of existing home sales last month. The decline was driven by the Midwest and the Northeast.

Foreclosures at 10-Year Low, Delinquency Up
Although there was month-over-month deterioration in residential loan delinquency, the number of mortgages in foreclosure retreated to a level not seen in a decade.

HMDA Examination Guidelines Issued
Federal regulators of financial institutions have issued new examination procedures for compliance with the Home Mortgage Disclosure Act.

Wells Fargo Still Fighting 7-Year-Old F/C Lawsuit
A lawsuit filed by an Ohio couple seven years ago over allegedly illegal fees that were charged by Wells Fargo & Co. on a foreclosure is still active.

Lowest Level for New Home Sales Since Last Year
Last month, the annual rate of new home sales dropped to the lowest level since last year. Activity in the Northeast led the decline.

Refinances Lead Rise in 2016 Mortgage Originations
A newly released report indicates that mortgage production last year rose 15 percent from the previous year. Leading the gain was refinancing activity.

Purchases Again Pull Down Mortgage Applications
For the second week in a row, an increase in mortgage refinance applications was more than offset by a decrease in applications for loans to finance a home purchase.

Mortgage Executives Arrested for Warehouse Fraud
A trio of senior executives at a New York mortgage banking firm have been arrested for allegedly defrauding warehouse lenders.

Mortgage Bankers Predict 3 Quarters of Declines
After peaking in the second quarter, the nation's mortgage bankers predict that loan originations will decline each of the following three quarters.

US Bank Adding 100s of St. Louis Mortgage Jobs
After recently adding more than a hundred jobs in its mortgage division in St. Louis, U.S. Bank, N.A., plans to add hundreds more.

PPEs Enhanced Through Integrations
A number of offerings from various mortgage service providers have recently been integrated into multiple product-and-pricing engines. One lender is making its proprietary PPE available directly to consumers.

Radian Improves M.I. Premiums
Rate changes being made by Radian Guaranty Inc. will improve mortgage insurance premiums for higher loan amounts, refinances and borrowers with high credit scores.

High-LTV Guidance Issued for Banks
The nation's primary regulator of national banks has clarified lending practices for financial institutions that make residential loans with high loan-to-value ratios in struggling areas.

Mortgage Production Reports Vary Widely
Reports of mortgage production continue to roll in -- with some home lenders achieving new milestones, ranking at the top of their local markets or giving up on the business.

Across-the-Board Growth at Guild Mortgage
In addition to achieving record loan production, Guild Mortgage Co. boosted the balance of its residential loan servicing portfolio and expanded the size of its payroll.

CMBS Delinquency Improves
Just one month after surging, the rate of past-due payments on securitized commercial real estate loans improved. Apartment loans are performing best.

Fannie to Allow Some Appraisal-Less Transactions
Like its secondary cousin, the Federal National Mortgage Association will begin allowing some home-purchase financing loans without appraisals.

Purchases Offset Refi Gain 3rd Consecutive Week
For the third week in a row, an increase in cashout-driven refinance activity has been more than offset by deterioration in the volume of purchase financing activity.

Weekly Mortgage Market Index off less than 1%
Mortgage Lead Generation Advances
Mortgage lead providers, which have become more prominent as easy refinance business has diminished, have recently launched new offerings and enhanced existing products.

Why Billionaires Like Trump Take Out Home Loans
President Donald J. Trump recently paid off the mortgage on a Florida home he owns. But why would a billionaire take out a mortgage in the first place.

2nd Half Mortgage Refinance Forecast Raised
The forecast for mortgage refinances during the second half of this year has been increased, though it was at the expense of the second-quarter estimate.

Tool to Eliminate Appraisals on Some Freddie Loans
A new automated tool from the Federal Home Loan Mortgage Corp. will enable some home buyers to avoid the time and expense of a full appraisal report.

Mortgage Rates Dip, Could Fall Further
A modest week-over-week drop was reported for fixed rates on residential loans, and an even bigger decline is likely in the next report.

Mortgage Refinance Forecast Raised Over $40 Bil
The latest real estate finance forecast has mortgage refinance production for this year and next year up by more than $40 billion from what was expected a month ago.

New Low for HARP Volume as GSE Refis Ascend
Monthly refinances of government-sponsored enterprise mortgages increased, though the government-supported refinance program is barely active.

Huge Board Shakeup at Wells Fargo
Wells Fargo & Co., the biggest U.S. originator of mortgages, will soon see the departure of three members of its board of directors -- including its chairman.

HARP Extended Despite Diminishing Volume
The government-funded refinance program for borrowers on government-sponsored enterprise mortgages with little equity has been extended despite fading activity.

3 Mortgage Firms Among US' 500 Fastest Growing
Three mortgage businesses were among the 500 most rapidly growing companies in America. A few more residential lenders were among the 5,000 fastest-growing firms.

Mortgage Lender Loses Appeal in MA Foreclosure Case
The Massachusetts Supreme Judicial Court held that its ruling in Pinti v. Emigrant Mortgage Co., 472 Mass. 226, 227, 232 (2015) "applies in any case where the issue was timely and fairly asserted in the trial court or on appeal before July 17, 2015." Fed. Nat'l Mortg. Ass'n v. Marroquin, 477 Mass. 82, 83 (2017).

VA Mortgage Share Up as Credit Conditions Ease
Veterans home loans guaranteed by the government have grabbed a bigger share of the mortgage market over the past year. Credit scores and income ratios have eased over the same period.

Construction Permits, Starts & Completions Down
Although single-family permits held up from the previous month, multifamily dragged down overall authorizations. Also slowing from the previous month was the volume of construction started and completed.

Drop in Purchase Mortgage Apps Offsets Refi Rise
Although the number of borrowers who applied to refinance their mortgages expanded, a week-over-week drop in applications to finance a home purchase offset the gain.

Mortgage Balances Up, Lates at Post-Recession Low
Average mortgage balances have risen despite falling loan amounts on new originations. Home loan performance, meanwhile, is the best it's been since the recession.

U.S. Mortgages Outstanding Grow, HELOCs Shrink
On a quarterly basis, the nation's book of mortgages expanded, though home-secured credit lines contracted. Mortgage delinquency improved.

FHA Endorsements Rise, Delinquency Down
Monthly new business at the Federal Housing Administration moved higher, while an improvement was recorded for delinquency. The agency grew its residential and commercial books of business.

Northeast Leads Rise in Home Builder Confidence
A month-over-month improvement in home builder confidence was led by the Northeast, though there are still more pessimistic builders in the region than optimistic.

Serious Mortgage Delinquency Ticks Higher
Home loans considered to be seriously delinquent accounted for a greater share of overall loans than in the preceding month. Dallas saw the biggest rise in consumer delinquency.

Investment Firm Acquires Wholesale Mortgage Lender
A private investment firm has has taken an interest in a Silicon Valley wholesale mortgage lender, enabling a geographic expansion and entry into new lending channels.

Mortgage LOS Updates, Acquisition
In addition to an acquisition involving a loan origination system, two LOS service provides have upgraded there systems -- with one labeled as a "major" release. Meanwhile, LOS integrations continue.

Biggest VA Lender Settles RESPA Violations
A firm that has recently claimed to be among the biggest home-purchase lenders for veteran programs has agreed to pay over $1 million to settle alleged violations of the Real Estate Settlement and Procedures Act.

Variety of Topics Covered at Mortgage Conferences
Topics to be covered at upcoming events related to real estate finance include bankruptcies, compliance and single-family rentals. Also on the docket are third-party risk and home building.

Wells Fargo Cutting Mortgage Servicing Jobs
Dozens of mortgage servicing positions are being eliminated by Wells Fargo & Co. as the home lender closes a call center in Washington state.

Ginnie' Fiscal YTD MBS Issuances Surpass $400 Bil
A modest volume of monthly securitizations on behalf of the Government National Mortgage Association have pushed fiscal-year volume so far past $400 billion.

Freddie to Consider Airbnb Rental Income
Among a host of updates made by the Federal Home Loan Mortgage Corp. on rental income is the utilization of income from short-term rentals.

ARMs, Refis Up Despite Drop in Mortgage Activity
Although purchase financing drove overall new mortgage business lower this past week, an increase was recorded for refinances and jumbo loans as adjustable-rate mortgage activity surged.
Weekly Mortgage Market Index down 5%
Mortgage Firms Appoint Top Executives
Among the roles that have recently been filled at a variety of real estate finance firms are chief financial officer, president and chief executive officer.

Walter Investment Warns About Ongoing Viability
As losses continued at Walter Investment Management Corp., the company warned about its ongoing viability and restated income for prior period. Home lending tumbled.

Mortgage Rates Drop, Even Bigger Decline Likely
A modest reduction in rates for single-family loans was made this week. Next week's report is likely to reflect an even bigger improvement.

Huge Portfolio of Reperforming GSE Loans For Sale
More than $2 billion in reperforming government-sponsored enterprise mortgages are being marketed for sale to the highest bidder.

Social Media Mortgage Compliance Tool Launched
A new tool helps mortgage-banking firms with the daunting task of monitoring their loan origination staffs' use of social media and regulatory compliance.

CMBS Issuance Up as Market Adapts to Risk Retention
As the commercial real estate securitization market becomes more comfortable with risk-retention requirements, quarterly issuance is soaring.

US Still Grappling With Too Big to Fail
Nearly a decade after the financial crisis, Democrats and Republicans are still battling over how to liquidate behemoth financial institutions that fail.

Mortgage Firms Acquired and Not Acquired
While some mortgage acquisitions have recently closed, one fell through just hours before it was supposed to be consummated. One company that was set to close down is back in business.

Michigan Credit Union to Acquire Florida Bank
A deal has been reached for Grand Rapids, Michigan-based Lake Michigan Credit Union to acquire Naples, Florida-based Encore Bank.

PHH Continues to Reduce Mortgage Business
As the parent of PHH Mortgage continues to execute on its strategy to shrink its mortgage business, losses grew from a year earlier as originations and servicing were slashed.

Refinances Lead Mortgage Applications Higher
While applications for loans to finance a home purchase saw a 1 percent week-over-week gain, applications for loans to refinance an existing mortgage led an overall increase.

Impac's Year-Over-Year Lending, Earnings Tumble
Impac Mortgage Holdings Inc.'s servicing portfolio has more than doubled over the past year. But year-over-year deterioration was reported for quarterly earnings and originations.

High Quality Mortgages for Sale
A small offering of single-family loans includes transactions with borrowers who have high credit scores, low debt-to-income ratios and low loan-to-value ratios.

PHH Settles Allegations it Made Bad Agency Loans
A former employee of PHH Corp. will receive millions of dollars for her role in exposing allegedly bad lending practices that has resulted in a big settlement.

Around 17-Yr Low for Early Stage Mortgage Lates
The monthly rate of late payments on single-family loans turned sharply lower. The rate of early-stage delinquency, meanwhile, is around the lowest it's been in 17 years.

Bill Would Give Departing Bank LOs Temp Licenses
Legislation introduced in the Senate takes bank mortgage originators one step closer to being able to easily transition from a financial institution to a non-bank home lender.

Fairway's Staffing, Servicing & Lending Expand
In addition to growing the size of its servicing portfolio and expanding its human resources, Fairway Independent Mortgage Corp. saw quarterly loan originations soar.

Year-Over-Year Rise in Navy FCU's Home Lending
Vienna, Virginia-based Navy Federal Credit Union reported a year-over-year increase in quarterly mortgage originations as much of the industry have reported declines during the same period.

Regions' Mortgage Earnings Off, Buys MSRs
While quarterly earnings were solidly higher at Regions Financial Corp., mortgage income receded. Servicing grew with the acquisition of mortgage servicing rights during the quarter.

Mortgage Staffing Faces Increased Layoffs
Compared to a year earlier, employment in the mortgage industry has expanded. But as quarter-over-quarter headcount was down, some signs point to an increase in layoffs for the sector.

Mortgage Layoffs Pick Up Steam
A review of state employment data indicates that several real estate finance firms have recently made, or are planning to conduct, rounds of layoffs involving dozes of employees.

Weekly Mortgage Refis Rev Up, Purchases Drop
Weekly mortgage business maintained the pace of the previous seven-day period. Increased refinance activity was offset by lower demand for loans to finance a residential property purchase.
Mortgage Market Index off less than 1%
Trump Admin Favorably Revises Obama Jobs Data
Despite the harsh rhetoric he had for the legitimacy of the Obama administration's employment numbers, President Donald J. Trump's administration has actually made revisions that improved Obama's numbers.

Flow Sale of MSRs on Nearly $50 Billion in Loans
A flow-purchase agreement has been negotiated that could work out to the sale of mortgage-servicing rights on nearly $50 billion in conventional home loans.

Wells Fargo Settles VA Mortgage Lawsuit
Wells Fargo & Co. has agreed to settle allegations that it originated government-guaranteed loans for veterans that should not have been made.

Single-Family Business Grows at Citizens Bank
Company-wide and mortgage earnings improved at Citizens Financial Group Inc. Residential servicing and assets expanded, while originations had a quarter-over-quarter gain.

Rates Up on Strong Jobs Report, Mortgage Jobs Jump
Employment data released today reflects a robust job market -- sending interest rates higher. Mortgage employers added 5,000 non-bank jobs.

PennyMac Lending Rises, Launching Broker Channel
PennyMac Financial Services Inc. sees opportunity in mortgage brokers and is about to launch a broker business. Quarterly originations increased as earnings declined.

Consumer Bankruptcies Down 2 Consecutive Months
The number of consumers who resorted to bankruptcy fell for the second month in a row. But filings remained elevated versus a year ago.

Little Change in Mortgage Rates, Drop Likely
There was little movement in fixed rates on home loans over the past week. But it's possible, if tomorrow's jobs report isn't too strong. that fixed rates could be lower in the next report.

Nationstar Mortgage in Red, Refis Hurt Lending
A staggering refinance share had home-lending activity retreating for a third consecutive quarter at Nationstar Mortgage Holdings Inc. A second-quarter loss was reported.

Agency ARM Updates Behind Looser Mortgage Credit
Updates to agency parameters for adjustable-rate mortgages were behind an improvement in home-lending credit conditions. It was the second month in a row of easing.

Purchase Financing Jumps at Fannie, But Refis Sink
The quarterly number of home-purchase loans financed by the Federal National Mortgage Association turned sharply higher. Refinance transactions, though, sank.

Walter Investment to Restructure, Shares Sink
Walter Investment Management Corp. has reached a deal with its biggest banks that includes a restructuring -- sending shares of its stock tumbling.

Former Fannie Exec to Lead Flagstar Mortgage Unit
A former Fannie Mae executive has been hired to run the mortgage business at Flagstar Bancorp Inc., freeing up the bank's chief executive officer to run the company.


CEO had been running unit
Ocwen Exits Correspondent Channel, Lending Sinks
An exit from the correspondent lending channel had quarterly mortgage originations plunging at Ocwen Financial Corp. The slowdown was accompanied by continued losses.

Fewest FHA HECM Endorsements Since 2016
Last month's government-insured reverse mortgage production was the slowest it has been since last year. But there was a year-over-year improvement.

Purchase Mortgage Apps Up YoY as Refi Share Cut
Compared to a year ago, refinance share of mortgage applications has been slashed by 15 percentage points. During that same period, though, purchase application volume has risen by nearly a 10th.

Business, Earnings Up at National MI
New business surged from the preceding quarter at National MI. Earnings also improved, and the book of business continued to expand.

Genworth MI's Book and Business Grow, Lates Down
As Genworth Mortgage Insurance Corp.'s book of business expanded, its delinquency declined, and its new business had a quarter-over-quarter gain.

New 10-Yr Low for Fannie's Mortgage Delinquency
Residential loan performance at the Federal National Mortgage Association was the best it's been in almost a decade. New business was also better.

Credit Score Senate Bill Introduced
Legislation that would force the government-sponsored housing enterprises to allow multiple credit-scoring models has been introduced in the Senate.

Agency MBS Issuance Up, Freddie Leads Rise
With the Federal Home Loan Mortgage Corp. leading the way, agency securitizations moved up from the prior month but slowed from a year prior.

Radian Swings to Loss Despite Improved Business
Despite rising quarterly business, a growing book of business and falling delinquency, a one-time charge pushed earnings at Radian Group Inc. into the red.

Refis Pull Down Freddie's SF Volume, MF Rises
Although the Federal Home Loan Mortgage Corp. pushed up the quarterly volume of residential purchase-money loans it financed, a drop in refinance activity more than offset the gain.

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