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October 2017 Archive


Guild's Servicing Grows, YTD Lending Record
The servicing portfolio expanded on a quarter-over-quarter and year-over-year basis at Guild Mortgage Co. as year-to-date originations reached an all-time high.

Business Edges Up Again at Fannie, SF Lates Rise
New business was up for the second consecutive month at Fannie Mae, though just slightly. Residential loan delinquency turned up 2 basis points from a nearly decade low.

Home Price Appreciation Likely to Moderate
National home prices continued to make gains, but the pace of appreciation is likely to moderate. While the biggest gains had been concentrated in the Northwest, other high-growth areas are emerging.

CMBS Defaults Sink, Hotel Delinquency Plunges
Servicers of securitized commercial real estate loans issued just prior to the financial crisis have weathered the storm of defaults on maturing loans, as hotel loans led a plunge in delinquency.

Freddie Finances More Housing Units
More housing units were financed by the Federal Home Loan Mortgage Corp. during the latest quarter. Earnings rose on a legal settlement.

Mortgage Layoffs Pick Up Steam
As interest rates continue to drift higher, an acceleration of layoffs in real estate finance is taking place. Two companies are closing their mortgage divisions.

Movement Mortgage Maintains Loan Volume
Home-lending volume at Movement Mortgage LLC held up from the prior quarter and a year prior. The company's payroll continued modest growth.

CMBS Delinquency Down 3rd Consecutive Month
For the third month in a row, the rate of late payments on loans included in commercial mortgage-backed securities improved. Office loans led the decline.

NMLS Registrants Targeted in Phishing Scam
A warning has been issued about an email phishing scam that is targeting registrants in the Nationwide Mortgage Licensing System.

Radian Loosens Jumbo, Downpayment Requirements
Changes being made by Radian Guaranty Inc. will make it easier to qualify for jumbo mortgages, loans for medical professionals and transactions with alternative downpayment sources.

Mortgage Business Rises, ARM Share Balloons
New mortgage activity strengthened over the past week, with a widening share of prospective borrowers opting for adjustable rates. But overall business dipped from a year ago.
Overall activity down from year earlier
RBS Settles Mortgage-Related Securities Charges
RBS Securities Inc. has reached a settlement with the government over allegations it deceived customers on mortgage-related securities transactions.

National Bank Charter First Since Financial Crisis
For the first time since the financial crisis, regulatory approval has been granted for a financial institution to receive a national bank charter.

Mortgage Originations Retreat at Hilltop Holdings
Quarterly home-lending activity slowed at Hilltop Holdings Inc. and could descend even further. Mortgage earnings were down by more than half.

Mortgage Rates Rise, Further Ascension Likely
Long-term mortgage rates worsened over the past week. Both short- and long-term forecasts have interest rates on single-family loans climbing even further.

Staffing Expands at Finance of America
Home-lending activity saw a quarter-over-quarter gain and a year-over-year loss at Finance of America Holdings LLC. Headcount continued to grow.

CRE Lending Up in 2017, No Change Likely in 2018
This year's projected commercial mortgage production is modestly higher than last year's volume. Next year's originations are expected to match 2017.

Pending Home Sales Lowest in Nearly 2 Years
Pending home sales have diminished to the lowest level in nearly 2 years. Although recent hurricanes hurt activity in the South, a quick recovery is expected for the region.

Delinquency Down as Book Expands at Radian
Radian Group Inc. expanded its book of business as it brought down the level of delinquency. The company moved out of the red.

HomeStreet Restructuring Mortgage Segment
As rising rates and a tight housing supply have hurt mortgage earnings at HomeStreet Inc., the company has taken steps to reduce the size of its home-lending business.

Mortgage Earnings, Originations Down at BOK
Mortgage earnings fell from the prior quarter and a year prior at BOK Financial Corp. Originations were also down and plunged from a year earlier.

New Home Sales Soar to Decade High
It's been a decade since the pace of new home sales was as strong as it was last month. The biggest month-over-month increase was in the Northeast.

Congress Votes to Repeal CFPB Rule
Lawmakers have passed repeal legislation to stop a controversial rule that would have allowed borrowers to file class-action lawsuits against financial institutions. The president is expected to sign it.

MBA Chief Leaving
After leading the Mortgage Bankers Association to financial stability through the post-crisis era, the chief executive officer of the trade group is leaving.

Purchases Lead Drop in Mortgage Applications
After making adjustments for the recent holiday, new applications for home loans slowed last week. Out front of the decline were purchase-money mortgage applications.

Freddie's New Business Falls, Delinquency Rises
Delinquency deteriorated and new business stumbled at the Federal Home Loan Mortgage Corp. But the company's book of business continued to expand.

DC Has Highest Mortgage Closing Costs
In the country's capitol, the cost to finance a single-family home is higher than any state in the nation. Costs in the Show Me State are the lowest.

Mortgage Bankers Boost Outlook Nearly $200 Billion
In addition to lifting the estimate of originations last year by $160 billion, mortgage bankers have increased this year's and next year's forecast by $38 billion.

Flagstar Mortgage Originations Climb
Mortgage production at Flagstar Bancorp Inc. improved on both a quarter-over-quarter and year-over-year basis. A recent acquisition helped fuel the growth.

HELOC Production Forecasted to Double
The origination of new credit lines secured by residential properties is expected to double over the next five years thanks to improving market conditions.

Quicken Loans' Mortgage Servicing Portfolio Grows
Compared to three months prior and a year prior, the mortgage servicing portfolio has expanded at Quicken Loans Inc. A quarter-over-quarter gain was made in home lending.

New American Hiring Dozens of AZ Originators
A new call center that has been opened in the Grand Canyon State by New American Funding will result in the hiring of dozens of mortgage originators.

2016 Purchase-Mortgage Estimate Production Raised
Estimated 2016 originations of loan utilized to finance a home purchase were raised in the latest economic outlook. But the increase came at the expense of estimated refinance production.

Bankruptcy Planned for Walter Investment
Amid ongoing losses, a deal reached with its creditors has Walter Investment Management Corp. filing a pre-packaged bankruptcy.

MSRs for Sale on Nearly $2 Billion in Ginnie Loans
Servicing is for sale on nearly $2 billion in residential loans that are included in Ginnie Mae mortgage-backed securities. A majority of the loans are in three states.

Biggest Mortgage Originators, Servicers Shuffled
Among the 10-biggest mortgage originators, two companies ascended one notch. Credit unions grabbed market share from banks. Among servicers, one firm was bumped off the top-10 list.

West Leads Modest Rise in Existing Home Sales
The first increase in existing home sales during the last four months was led by sales in the West. Hurricanes likely restrained activity in the South.

Weekly VA Mortgage Business Rises to 4-Month High
Prospective mortgage origination activity ascended from the holiday week, with adjustable-rate mortgages seeing the strongest gain. Lending activity for veterans climbed to the highest level in over four months.


Overall new mortgage activity recovers from holiday slump
SunTrust's Mortgage Income, Originations Drop
Home lending and mortgage earnings weakened from a year ago at SunTrust Banks Inc., though earnings improved on a quarter-over-quarter basis. Delinquency deteriorated.

Stearns Lending Cutting Southern California Jobs
Well over a hundred mortgage jobs are being eliminated by Stearns Lending LLC. The impacted employees are located in the Golden State.

Apartment Lending Sets Another Record
After ascending to the highest level on record in 2015, apartment lending activity again established a new record last year.

Monthly Mortgage Rates Lowest Since Last Year
Last month, interest rates on single-family loans fell to their lowest level since last year. In addition, there was a nice week-over-week improvement in long-term rates.

New Wholesaler Staffed By Millennials
A new wholesale mortgage lender is opening for business in a handful of states with plans to quickly expand to several more. Staffing is dominated by millennials.

BB&T Mortgage Lending, Income Sink from Yr Earlier
Quarterly mortgage earnings and originations significantly deteriorated from a year earlier at BB&T Corp., while mortgage delinquency worsened from the previous period.

Hurricanes Behind Soaring Mortgage Delinquency
One-month delinquency on mortgages soared nearly a half-percentage point last month driven by deterioration in states impacted by the recent hurricanes.

Freddie Updates Appraisal Requirements
Updates are being made to the Federal Home Loan Mortgage Corp.'s appraisal policies. The change is being made to streamline requirements.

Conventional Share Widens w/Refis, Though Off YoY
As refinance share widened last month, so did conventional share -- though it has diminished over the past year. Turnaround and closing rates both deteriorated.

Multifamily Hurts Housing Permits, Completions
Although there was a month-over-month improvement in the pace of single-family housing permits and completions, apartment activity declined.

MGIC Earnings Leap as Delinquency Sinks
Quarterly earnings at MGIC Investment Corp. soared on a year-over-year basis, while new business improved on a quarter-over-quarter basis. Delinquency sank.

US Bank Mortgage Income, Lending Down from Yr Ago
While quarterly mortgage earnings and originations held up from the prior period at U.S. Bancorp, both retreated from a year ago. Residential holdings expanded, though.

Weekly Mortgage Application Volume Increases
Prospective borrowers were busier during the holiday week completing applications for a new mortgage. Both refinancing and purchase financing activity accelerated.

Bank Regulators Waive Appraisals in Hurricane Areas
In an effort to help the recovery of areas impacted by the recent hurricanes, federal banking regulators have temporarily waived the requirement for an appraisal.

5-Month High for GSE Refinances
The volume of government-sponsored enterprise loans that were refinanced ascended to the highest level in five months -- though government supported refinances remain weak.

Mortgage Origination Outlook Boosted By $249 Bil
The latest forecast for overall residential loan production this year and next year has been beefed up by nearly $250 billion. But last year's estimate of purchase financing was cut.

GSE G-Fees Decline
Driven by competitive market pressures, average guarantee fees charged by the government-sponsored enterprises for residential loans rose last year.

Serious Mortgage Delinquency Inches Up, Could Worsen
There was an up tick last month in the rate of serious mortgage delinquency. Recent natural disasters could push the rate ever higher over the next few months.

Builder Confidence Recovers
After plunging last month, the level of confidence among the country's residential home builders this month more than made up the ground it lost.

Marketplace Lender Offering Bridge Loans
A fast-growing company that claims to be the biggest marketplace lender in the mortgage space has announced plans to acquire more than $1 billion in bridge loans.

Several Mortgage-Related Events in November
A number of mortgage-related conferences and events are on the calendar for the rest of this year -- including several that take place next month. Some events address secondary marketing issues.

Task Force to Tackle VA Refinance Churning
Two agencies of the federal government have combined forces to deal with excessive churning of mortgages that are guaranteed by the Department of Veterans Affairs.

1st Bank Failure in 5 Months
A 116-year-old Kansas bank that survived two world wars and the Great Depression was the first federally insured bank to fail in the last five months.

Mortgage Business Expands at First Republic Bank
Single-family lending activity was stronger than a year ago at First Republic Bank. The residential servicing and asset portfolios both continued to expand.

Purchase Activity Falls to 9-Month Low
As new mortgage activity softened during the holiday week, weekly purchase-money business sank to the lowest level since January. Government share has significantly widened over the past year.


Government share widens as overall mortgage business slows
MGIC Improves M.I. Pricing
Changes being made by Mortgage Guaranty Insurance Corp. will result in improved prices on mortgage insurance premiums for some borrowers.

PNC's Mortgage Income, Lending Off From Year Ago
While The PNC Financial Services Group Inc.'s mortgage earnings and originations weakened from a year earlier, third-party mortgage servicing has grown during the period.

Ocwen Unit Among Recent 3rd-Party Lenders to Close
Among three third-party mortgage originators that are closing is an Ocwen Financial Corp. unit. Multiple credit unions failed over this past summer.

Wells' Mortgage Income Worse, Originations to Drop
Mortgage earnings deteriorated at Wells Fargo & Co. While there was a modest quarter-over-quarter rise in home lending, current-quarter activity is likely down. Nonconforming assets grew.

BofA Mortgage Swings to Loss as Originations Drop
Bank of America Corp.'s mortgage business contracted as repurchases and mortgage-servicing rights valuations drove mortgage earnings into the red.

Fixed Interest Rates on Home Loans Jump
Interest rates on residential loans turned higher this past week. The escalation came despite severe deterioration in monthly employment statistics.

Small Portfolio of GSE MSRs On the Market
Investors hungry for servicing have an opportunity to buy mortgage servicing rights on nearly $200 million in government-sponsored enterprise loans with a Golden State concentration.

Citi Mortgage Earnings, Lending Down From Year Ago
While company-wide earnings improved at Citigroup Inc., mortgage earnings deteriorated from a year ago. It was a similar story for home-lending activity, as the company continued to reduce its third-party servicing portfolio.

Chase Ascends to Biggest Bank as Branches Cut
Third-party mortgage servicing has been reduced 19 quarters in a row at JPMorgan Chase & Co., which now claims to be the biggest bank in spite of cutting branch count 13 consecutive quarters. Employee count has increased each of the past seven quarters, as earnings and residential loan originations were strong.

Ginnie's FY 2017 MBS Issuance Up, Book Expands
Annual fiscal securitizations conducted on behalf of the Government National Mortgage Association increased, while the book of business continued to grow.

Over $3 Billion in GSE Mortgages for Sale
More than $3 billion in reperforming and non-performing government-sponsored enterprise mortgages are being marketed for sale to the highest bidder.

Marketplace Home Lender Hiring Dozens in PA
Dozens of technology employees are expected to be hired in Pennsylvania by a mortgage marketplace lender that has closed more than $1.7 billion in home loans.

Criminal Charges Dropped Against Bank But Not Execs
Criminal charges against a bank that took money from the Troubled Asset Relief Program have been dropped. But former executives still stand accused.

Purchase Money Business Stronger Than Year Ago
Overall mortgage application volume was down from a week earlier. But compared to a year earlier, applications for home-purchase loans have ascended 7 percent.

GSE MSRs Up for Auction
Bids are being taken for mortgage-servicing rights on more than a half-billion dollars in government-sponsored enterprise residential loans.

Wholesalers Offer HECM, Investor and Alt-Doc Loans
Among the latest wholesale lending offerings are federally insured reverse mortgages, investor loans and non-agency alternative documentation loans.

Mortgage Delinquency Inches Up
A mild month-over-month rise in the non-current single-family rate was reported. Areas driven by oil production have seen increasing serious mortgage delinquency.

Mortgage Credit Conditions Best in Nearly Decade
Home lenders have made it easier to qualify for a mortgage for four consecutive months. The latest gain was enough to put credit conditions at their loosest level in nearly a decade.

Quicken Loans 3rd Party Unit Using Calyx-Powered LOS
A unit of Quicken Loans Inc. that originates through small financial institutions has turned to CalyxSoftware to power its loan origination system.

Lead Management Lacking in Many LOS Systems
A survey of mortgage lenders indicates that loan origination systems are often lacking for the compliance and lead tools. But LOS providers have been busy integrating other services.

Biggest Reverse Mortgage Lender Hiring
Dozens of hirings are planned by the largest originator of government-insured reverse mortgages. The Lone Star State is the location of the new personnel.

Former Reverse Mortgage Giant Sold
The remnants of a company that was once among the largest originators of reverse mortgages are being sold. The sale includes servicing and nearly $1 billion in whole loans.

Government Leads Increase In Mortgage Business
Government activity led an increase in new weekly mortgage business. Excluded from the rally, though, were jumbo and adjustable-rate mortgages.


Jumbo, ARM activity down
FHA 30-Day Rate Up But 90-Day Rate Lowest in Yrs
Serious mortgage delinquency at the Federal Housing Administration was the lowest it's been in years, though early stage delinquency deteriorated. Endorsements strayed little from the prior period.

Mortgage Jobs Rise Despite Weak Employment Report
While the nation's overall employment was battered by the recent hurricane activity, non-bank employment within the home-lending sector moved higher.

Former Owner of Mortgage Servicer Pleads Guilty
The former owner of a defunct mortgage servicer has admitted that he stole money from payments made by borrowers.

Mortgage Rates Up, Likely to Remain There
Fixed interest rates on single-family loans increased over the past week, and it is unlikely that they will retreat over the next week.

Class Action Seeks Billions From Wells Fargo
An attorney who has already won a more than $1 billion award in a malpractice case is now hoping to obtain a multi-billion-dollar award against Wells Fargo Bank, N.A.

$50 Million in Mortgages Sold
The sale of $50 million in new single-family loans that have adjustable rates has been executed as a whole-loan transaction.

Mortgage Industry Loses 2 in Las Vegas Shooting
At least two people who worked in the mortgage industry were among the casualties in this week's tragic Las Vegas shootings.

Bank Home Equity Delinquency Declines
On installment loans and lines of credit that are secured by single-family properties and owned by banks, quarterly delinquency moved lower.

MSRs Being Auctioned on Over $300 Mil in GSE Loans
An offering of mortgage servicing rights on more than $300 million in government-sponsored enterprise loans has a concentration in the Golden State.

Rule On Foreclosure Notices to No-Contact Borrowers
An interim final rule is intended to give mortgage servicers more flexibility about when they can communicate with borrowers who have requested no contact.

Ocwen Settles With More States
Less than a week after disclosing consent orders with several states, Ocwen Financial Corp. has revealed settlements with three more states.

Over $800 Million in Freddie Mac Loans Sold
More than $800 million in slightly past due and reperforming mortgages have been sold through an auction by the Federal Home Loan Mortgage Corp.

Wells Fargo Refunding Rate-Lock Extension Fees
Amid multiple lawsuits over allegedly illegally charging home loan applicants rate-lock extension fees, Wells Fargo & Co. will refund as much as nearly $100 million.

Refinances Pull Down Mortgage Applications Again
As was the case in the previous seven-day period, a decline in the volume of applications for mortgage refinances more than offset an increase in purchase activity.

NAMB Seeks More Than Mortgage Brokers
The trade group that used to exclusively represent residential mortgage brokers when the market was much stronger is taking new steps to broaden its reach.

Mortgage Firms Hire CEO, CFO & Retail Executives
In addition to a couple new c-suite occupants, the nation's mortgage banking firms have recently appointed senior executives who will oversee retail origination activity and other departments.

Consumer Bankruptcy Filings Fall to 7-Month Low
New bankruptcy filings by consumers were down from a month earlier to the lowest level in seven months. Filings also retreated from a year earlier.

Biggest HECM Lenders
The annual volume of federally insured reverse mortgages increased. With the government's fiscal year concluded, the biggest reverse mortgage lender rankings are in.

HomeStreet Scales Back Mortgage Business
Slowing mortgage production is behind HomeStreet Inc.'s decision to eliminate dozens of jobs and scale back on several home-lending centers.

Huge GSE MSR Portfolio Offered for Sale
The servicing on nearly $10 billion in government-sponsored enterprise loans is being auctioned off. The offering has a California concentration.

Mortgage Firm Loses Texas Lawsuit
A mortgage company that tried to cash in on a three-decade-old $5.2 million land loan it acquired by suing the homeowners has lost its lawsuit.

PrimeLending Discloses New President
A new president has been named at PrimeLending. He was promoted from within the company, where he has worked for six years.


A new president has been named at PrimeLending. He was promoted from within the company, where he has worked for six years.
Freedom Mortgage Completes Mortgage Acquisition
The previously announced acquisition of a mortgage business from a financial institution in the Empire State has been completed by Freedom Mortgage Corp.

Late Pays on CMBS Down, Peak Might Have Passed
Led by industrial property loans, late payments on securitized commercial real estate loans fell as signs suggest the peak has passed. But office and retail property delinquency grew.

September's Agency MBS Issuance Slows
A retreat from a month earlier in the securitization of agency home loans was eclipsed by a tumble compared to the monthly issuance of a year earlier.

3-Yr High for Cashout Share, ARM Widest Since 2015
It has been at least three years since the share of borrowers extracting home equity has been this broad, while the last time adjustable-rate mortgage share was this wide was during the final week of 2015.
Mortgage Market Index 133
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