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September 2017 Archive


Decade Low Delinquency at Fannie as Book Expands
Single-family performance at the Federal National Mortgage Association is better than it's been in nearly a decade. Meanwhile, the manged portfolio continued to grow.

FHA Mortgagee Settles for Over $1 Million
A civil fraud lawsuit in New York alleging a mortgagee on government-insured loans failed to follow program rules has been settled for more than $1 million.

Bank Delinquency, Servicing Portfolios Decline
Delinquency and foreclosures on bank-serviced mortgages continued to show quarterly improvement, and the servicing portfolios of big banks continued to diminish.

HMDA: Growing Nonbank Share, High-Cost Share Sinks
Non-bank share of mortgage originations widened over 3 percentage points last year based on annual data reported by home lenders. At the same time, higher-cost loan activity plunged.

Ocwen Changing Servicing System as Part of Orders
As part of consent orders reached with multiple states, Ocwen Financial Corp. has agreed to transition away from its current mortgage servicing system and improve its servicing practices.

Fixed Mortgage Rates Hold, Could Climb
Fixed mortgage rates were unchanged this past week, though they could be elevated in the next report. Interest rates on hybrid adjustable-rate mortgages did rise.

Mortgage Servicing, Originations Rise at loanDepot
The mortgage servicing portfolio grew at loanDepot LLC. Home-lending activity was also up on a quarter-over-quarter basis but down on a year-over-year basis.

CMBS Delinquency Down 3rd Consecutive Month
For the third month in a row, the rate of past-due payments on securitized commercial real estate loans was lower. Office building loans led the improvement.

Modest Rise in Mortgage Credit Risk
Over the past year, risk on new mortgage originations moved modestly higher. Much of the increase was tied to a rising share of investor and condominium loans.

CFPB Issues Order Over RESPA Violations
A settlement agent out of Indiana will pay more than a million dollars as part of an order alleging that it steered business to an affiliated business without disclosing the affiliation.

Navy FCU Marketing 5/5 ARM
A financial institution is originating adjustable-rate mortgages for securitization through government-sponsored enterprise securities.

Pending Home Sales Down, 2017 Forecast Lowered
As pending home sales slowed to the weakest level in over a year-and-a-half, the outlook for this year's single-family sales was lowered due to hurricanes.

Quicken Loans Owner is Bipartisan Supporter
The founder and chairman of Quicken Loans Inc., who appeared this week with the president's daughter, supports both sides of the political aisle.

Biggest PACE Lender Under FBI Investigation
The biggest originator of Property Assessed Clean Energy loans is reportedly under investigation by the Federal Bureau of Investigation.

Refinance Retreat Behind BofA Layoffs
A slowing refinance market is being blamed for mortgage layoffs in North Carolina at Bank of America Corp. Technology staffing is also being cut.

Drop in Refi Mortgage Apps Wipes Out Purchase Gain
A comprehensive snapshot of weekly mortgage applications was little changed as continued weakening in refinance activity offset an increase in purchase business.

2-Yr High for CMBS Lates, 10-Yr Low Bank CRE Rate
Delinquency on securitized commercial real estate loans jumped to the highest level in nearly two years. But CRE loan delinquency at banks was the lowest it's been since at least 2007.

New Post-Crisis Low for Freddie's Delinquency
The rate of serious mortgage delinquency at the Federal Home Loan Mortgage Corp. has fallen to the lowest level in nearly a decade.

Home Prices Indices All Up
Led by the Pacific Northwest, the nation's home prices continued to move higher on a year-over-year basis -- with some indices at record highs. On a month-over-month basis, East Coast states led the gain.

Non-QM Drives Growth at Angel Oak
Rapid growth in the origination of home loans that don't meet the requirements for Qualified Mortgages is driving an expansion at Angel Oak Companies.

New Home Sales Down, But Supply Biggest in 3 Years
There are more new homes for sale than during any month in three years. Still, the volume of new home sales has diminished from a month earlier and a year earlier.

Wells Fargo Settling Alleged Illegal Modifications
Wells Fargo & Co. has agreed to negotiate a settlement in a case alleging it made loan modifications on a bankrupt borrower's mortgage that vastly increased the costs.

Former Lend America President Sentenced to Prison
The former president of a defunct mortgage banking firm that operated from Melville, New York, has been sentenced to prison for defrauding the government.

Mortgage Compliance and Quality Control Help
One mortgage technology provider is helping lenders comply with upcoming changes on reporting requirements. Quality control is the focus of another service provider.

Risk of Ineligibility Up as Purchase Share Rises
The evolution from a refinance to a purchase market has raised the risk of defects. Government-insured mortgages are more at risk than conventional loans.

Home Lenders Loosen Standards as Demand Wanes
As demand has diminished for refinanced single-family loans, credit standards on mortgages -- especially government-sponsored enterprise loans -- have loosened.

Caliber Gives Realtors, Builders Pipeline Access
Realtors and home builders who have homebuyers with loans pending at Caliber Home Loans Inc. will now have access to details about their pipelines.

Mortgage Firms Keep Up With Mobile Adoption
As more data emerges confirming the continued adoption of mobile technology in financial services, home lenders and service providers are capitalizing on the trend.

Refinances Drive Down New Mortgage Business
Driven by refinance transactions, new mortgage activity retreated this past week. While adjustable-rate business was down the most, the category had the biggest year-over-year gain.
ARMs have biggest year-over-year increase
Bankruptcy Ruling Benefits Foreclosing Parties
The 9th Circuit Court of Appeals has barred claims due to the borrower's failure to amend include the claims in their bankruptcy schedules.

Acquisitions Might Be Factor in Equifax Data Hack
Aggressive growth through a string of acquisitions might have been a big factor in the data breach disclosed last month by Equifax Corp.

BofA Could Avoid Massive Foreclosure Judgment
Bank of America Corp. has reached a settlement with a California couple in a wrongful foreclosure action for far less than a massive judgment imposed earlier this year.

Mortgage Rates Rise, VA Rates Lowest
After nearly two months without an increase, mortgage rates moved higher this past week. Rates on home loans for veterans remain the lowest.

Finance of America Increases Correspondent Focus
Finance of America Mortgage revealed a new unit that will target small financial institutions. Included in the offering are correspondent acquisitions.

Fed Action Possible in Wells Fargo Account Scandal
Just a day after documents emerged indicating that the penalty for Wells Fargo & Co.'s fake account scandal could have been far greater, the Federal Reserve Board chair has suggested it might take action.

Mortgage Delinquency Up, Hurricane Impact Begins
While the foreclosure rate eased last month, mortgage delinquency edged higher. Loan performance is beginning to be impacted by hurricane activity.

Refis to Pull Down Mortgage Originations in 2018
Although the annual volume of loans to finance a home purchase are forecasted to grow, a drop in projected refinances will drag down overall activity.

ECOA Rule Finalized
Proposed changes to the Equal Credit Opportunity Act that are intended to provide greater clarity for home lenders have been finalized.

Big Credit Union Hit By HEL Fraud
A federally insured credit union that originated nearly $13 billion in home loans last year was defrauded by a real estate investor on home-equity loans.

Existing Home Sales Fall to 1-Year Low
It's been a year since the annual rate of existing home sales was as low as it was last month. Hurricane-affected areas are expected to weaken next year.

Lenders Make Riskier Mortgages as Closing Rate Up
Compared to a year ago, home lenders took more risk on mortgages closed last month as government share has widened. Closing ratios and turnaround improved from a month earlier.

Nearly $300 Million Judgment Against Allied
The federal government has obtained a nearly $300 million judgment against Allied Home Mortgage entities over alleged fraudulent misconduct on government-insured loans.

Mortgage Applications Retreat From Holiday Week
Mortgage applications slowed from the holiday week, though activity improved when seasonal factors are disregarded. Refinances slowed despite a widening share

Mortgage Conferences Cover Compliance, Technology
Topics to be covered at several upcoming mortgage-related events include compliance risk, housing risk and mortgage technology. One forum will tackle multifamily issues.

MBS Issuance Up at Ginnie Mae
As the Government National Mortgage Association's book of business continued to grow, a month-over-month increase in issuance was recorded.

Mortgage Fraud Risk Rises, Could Climb Higher
A growing share of purchase-money and wholesale lending has helped to push up the risk of mortgage fraud. Also contributing were jumbo refinances.

Apt Permits Soar as 1-Unit Completed Constr Sinks
Permits to build apartment units drove up overall housing permits last month. But completed construction was pulled down by single-family activity.

Serious 1st Mortgage Delinquency Up, Could Worsen
Serious delinquency on first mortgages deteriorated last month, and the recent spate of natural disasters could make things worse. The Big Apple experienced a surge in consumer delinquency.

FHA is Best Growth Potential for Default Servicers
For default mortgage servicers, loans insured by the Federal Housing Administration offer the best potential for portfolio growth during the next couple years, according to a recent survey.

RMBS Issuance Likely to Climb Despite Rising Rates
Although an expected increase in interest rates is likely to put a dent in annual mortgage originations, issuance of residential mortgage-backed securities is still expected to rise.

Credit Unions Grab Mortgage Market Share from Banks
Over the past year, the nation's banks have given up mortgage market share to credit unions. Overall originations were up on a quarter-over-quarter basis.

State Licensed Loan Originators at Record High
The quarterly number of registered mortgage loan originators expanded on a year-over-year basis, with the state-licensed count reaching the highest level on record.

Hurricanes Hurt Builder Confidence
Concern about fallout from the recent hurricanes had the nation's single-family home builders giving back all the confidence they gained last month.

Mortgage Biz Up, ARM Share Widest in 20 Months
Driven primarily by refinances, weekly new mortgage business moved up from the holiday week. The share of adjustable-rate mortgage activity reached the highest level in 20 months.
Refinances push up Mortgage Market Index
AVMs, Appraisal Tools Among New Valuation Offerings
Several new appraisal products include an automated valuation model, an appraisal ordering tool and a service that compares multiple appraisals.

Freddie Eases Appraisal, Condo & Jumbo Policies
Changes being made by the Federal Home Loan Mortgage Corp. relax requirements for appraisals, condominiums and jumbo mortgages. Also impacted are assets used to make payments.

Fannie Mae Nudges Up 2017, 2018 Refinance Outlook
Fannie Mae has made a modest upward adjustment in its forecast for industry-wide refinance originations this year and next year.

Ginnie Tackling VA Churning by Some Lenders
Under pressure from a prominent lawmaker, the Government National Mortgage Association is taking action to address the churning of home loans to veterans.

Mortgage Rates Hold at 2017 Low But Likely to Rise
Long-term rates on single-family loans remained at a 10-month low this past week, and the outlook is for an increase during the upcoming week and each of the next five quarters.

CA Lender Hires Billion Dollar Mortgage Originator
One of the nation's top-producing loan originators, who has generated more than $1 billion in production, has been hired by a firm based in the Golden State.

GSE Refis Sink to 27-Month Low, All-Time HARP Low
The monthly number of government-sponsored enterprise mortgages refinanced tumbled to a two-year low. Government-supported refinances plunged to an all-time low.

M.I. Firms Integrate With LOS
Two mortgage insurance companies have integrated with two loan origination systems, while a correspondent aggregator implemented an LOS. Meanwhile, data from a reverse mortgage LOS indicates significant growth in that market.

Refinance Outlook Raised by Mortgage Bankers
The forecast for refinance production during the second half of this year has been increased by mortgage banking economists. But expected outstandings have been reduced.

Large Portfolio of Reperforming GSE Loans Sold
A winning bidder has been announced for an offering of more than $2 billion in reperforming government-sponsored enterprise mortgages.

Trump To Nominate Former FHA Chief to Post Again
The former federal housing commissioner during the George W. Bush administration is being nominated for the same post again by the current administration.

Mortgage Apps Jump, Refi Share Widest in 8 Months
After factoring in the Labor Day holiday, the volume of new home loan applications jumped last week. Refinance share, meanwhile, widened to the highest level in eight months.

Mortgage Hirings Slow, But Continue
Although mortgage-related hirings have been recently declining, several thousand veterans have been hired by a bank, and one firm is adding a thousand jobs in the Grand Canyon State.

Guaranteed Rate Adding 100 California Jobs
Following a successful recruiting campaign in its home town, Guaranteed Rate will run the same campaign in Southern California. No experience is needed.

Serious Mortgage Delinquency, Foreclosures Stay Low
The rate of serious mortgage delinquency continued to hover around the lowest level in a decade. It was the same story for the nation's foreclosures.

Trader Sued Over Decade-Old Subprime RMBS
The former chief of subprime trading at Deutsche Bank has been sued by the government for allegedly misleading investors about the quality of subprime residential mortgage-backed securities.

Womens' Conference Among Dozens of Mortgage Events
Among dozens of upcoming events is an inaugural technology conference for women in the mortgage industry. Las Vegas is the location of a convention for mortgage professionals.

GSEs Offer High LTV Refinance Option
A new refinance program has the government-sponsored housing enterprises refinancing real estate loans regardless of the loan-to-value ratio.

Reverse Mortgage Servicing Layoffs at Wells Fargo
The sale of servicing rights on reverse mortgages by Wells Fargo & Co. has resulted in a staff reduction of more than a hundred positions.

Home Purchase Lending Up Despite Decline in Units
Although the dollar volume of quarterly purchase-money production has recently risen, the number of loans closed has fallen thanks to the lack of junior-lien utilization.

Mortgage Bankers Relax Credit 3rd Month in Row
For the third month in a row, home lenders have been more aggressive about which loan applicants they will approve. Conforming credit eased the most.

New Mortgage Business Down in Holiday Week
The holiday week took a toll on new mortgage business, with adjustable-rate mortgage activity erasing prior-week gains. Jumbo business was the only category this week to rise.
ARMs lead week-over-week drop
Fed Order Against Caliber Home Loans Executive
The Federal Reserve Board has issued a prohibition order against a sales executive at Caliber Home Loans Inc. over his practices at another company.

FHA Suspends Multifamily Apps in Hurricane Region
Applications for multifamily mortgage insurance from the Federal Housing Administration have been suspended in counties that felt the fury of Hurricane Harvey.

How Borrowers Can Mitigate Equifax Breach
Your current and prospective borrowers can take steps to mitigate the massive breach at Equifax Inc. of personal data on more than 140 million Americans.

Varied Backgrounds for New Mortgage Executives
Executives who recently found new homes at mortgage banking firms come from a variety of backgrounds including financial compliance, information technology and subprime mortgage lending.

Senate Committee Approves Comptroller, Fed Official
President Donald J. Trump's nominations for the Comptroller of the Currency and a Federal Reserve Board official have been approved by a key senate committee.

Delinquency Spike Possible from Hurricane Harvey
As a result of Hurricane Harvey, hundreds of thousands of residential loans could become newly delinquent, with many becoming seriously delinquent.

Improvement in Mortgage Rates Could Continue
Fixed interest rates on residential loans improved over the past seven days, The odds over the next seven days are for further improvement.

Berkshire Unit Acquires Former Employer of MBA CEO
An affiliate of Berkshire Hathaway is acquiring a real estate firm that was the former employer of the Mortgage Bankers Association's president and chief executive officer.

Massive MSR Portfolio Trading Hands
Ownership of mortgage servicing rights on a large portfolio of government-sponsored enterprise single-family loans is trading hands.

Consumer Bankruptcies Jump, Though Yr-Over-Yr Dip
A sharp increase over the preceding month was recorded for U.S. consumers who resorted to the bankruptcy courts. But filings eased somewhat from a year ago.

Non-QM Loans Pay Well, Though Higher Prepayments
The origination and securitization of loans that don't meet Qualified Mortgage requirements has been expanding, and performance is strong. But higher rates are leading to higher prepayments.

Buyers Sought for MSRs on $430 Mil in Agency Loans
Bids are being taken for mortgage-servicing rights on more than $400 million in agency home loans with a concentration in California.

Class Action Costs Foreclosure Lawyer Over $1 Mil
A class action lawsuit that was filed against a Florida foreclosure attorney has yielded more than $1 million for charities and former borrowers.

Mortgage Apps Rise, Government Share Thins Again
Mortgage applications increased, with refinance share at an eight-month high, purchases up 5 percent from a year ago and adjustable-rate share wider again. But government share continued to thin.

Mobile Apps for Appraisals, Credit, Originations
Mortgage service providers have launched or updated mobile applications to help with appraisals, credit reports and production. A pair of reports offer insight into mobile technology.

Good Mortgage Terms for Credit-Stained Borrowers
The Federal National Mortgage Association is reminding its lenders that it can buy loans to consumers who have a previous bankruptcy or foreclosure.

Compliance Services for HMDA, ATR, Day 1 Certainty
New and upgraded offerings recently unveiled by service providers promise to help lenders comply with the Home Mortgage Disclosure Act, the Ability to Repay rule and Fannie Mae's Day 1 Certainty initiative.

Cordray Could Face Jerry Springer in OH Govnr Run
While Consumer Financial Protection Bureau Director Richard Cordray has yet to confirm a gubernatorial run in Ohio, if he does -- Jerry Springer could be an opponent.

HECM Endorsements Jump to 4-Month High
Federally insured reverse mortgage production last month was higher than it's been in four months. The biggest lender maintained its standing.

Pending Home Sales Stall, South Leads Drop
A persistently tight inventory of homes for sale pulled down the monthly number of residential properties under contract. The South took the biggest hit.

AAG Is Reverse Mortgage Success Story
With the help of paid celebrities, American Advisors Group was able to take advantage of the exit of major players to grow and become the largest reverse mortgage lender.

ARMs Defy Weekly Dip in New Mortgage Activity
Heading into Labor Day, new home-lending business turned mildly lower. That wasn't the case, however, for adjustable-rate mortgage activity.

Mortgage Market Index down 4%
Temporary FHA Condo Project Requirements Extended
Temporary requirements previously issued for condominium projects to be approved by the Federal Housing Administration have been extended.

Agency MBS Issuance Highest in 7 Months
With the Federal National Mortgage Association leading the way, agency mortgage securitizations climbed to the highest level in seven months.

Mortgage Jobs Decline as U.S. Employment Data Weak
Monthly job growth within all U.S. industries weakened as unemployment worsened. After rising four straight month, non-bank mortgage employment retreated.

CMBS Delinquency Sinks, Industrial Leads Drop
Past due payments on securitized commercial real estate loans turned lower as the wall of maturities subsided. The improvement was led by industrial loans.

Fannie's Delinquency Drops to New Post-Crisis Low
Again, serious delinquency at the Federal National Mortgage Association has fallen to the lowest level in the past decade. New business maintained.

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