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November 2017 Archive

Mortgage Rates Retreat But Could Climb
A modest improvement was recorded for fixed rates on single-family loans this past week. But fixed rates are poised for a sharp ascension next week.

CRE Loan Performance Improves
Quarterly delinquency on commercial real estate loans retreated for most investor types. Commercial mortgages owned by financial institutions matched the lowest rate in at least 24 years.

Earnings Improve at Mortgage Servicers
Mortgage servicers saw a solid improvement in quarterly earnings. Behind the rise were higher servicing fees and lower losses on mortgage servicing rights.

Mortgage Production Profits Sink
While home lenders experienced an increase in average origination fees, quarterly net income still was down. Secondary marketing income drove quarter-over-quarter deterioration.

Appraisal Industry Innovations
Recent innovations in the home valuation industry include improvements to the appraisal review process, appraiser performance measurement and enhanced desktop appraisals.

Advertising Options for Mortgage Loan Originators
Loan originators have multiple marketing services they can turn to for help in raising their profiles. One lender has hired an advertising firm, while another is warning veterans about unscrupulous lenders.

Warehouse Lender to Accept Digital Notes
A change in one warehouse lender's funding process through the utilization of digital notes is expected to speed up the mortgage funding process by days.

New Business Jumps to 2017 High at Freddie
It's been nearly a year since secondary mortgage activity at the Federal Home Loan Mortgage Corp. was as strong as it was last month.

Bank Misled Borrowers About Discount Points
Regulatory action has been taken against a Midwest bank for charging discount points on mortgages without commensurately lowering the rates. The bank will wind down its national mortgage business.

Purchases Up Despite Holiday Slump in Mortgage Apps
Although overall applications for home loans diminished in the week that included Thanksgiving, applications for loans to finance home purchases increased. Refinance applications tumbled.

Judge Rules in Favor of Trump in CFPB Dispute
An attempt by an Obama-era official to stop the Trump administration from appointing an interim director at the Consumer Financial Protection Bureau has failed.

loanDepot Reports Rise in Originations, Servicing
New business was higher during the most recent quarter at loanDepot LLC. In addition, an increase was reported for both its loan servicing portfolio and staffing.

Senators Join Rally Against CFPB's Acting Director
Calling President Donald J. Trump's appointment of an acting director at the Consumer Financial Protection Bureau illegal, two senators -- including the architect of the agency -- joined in protests outside the bureau.

Fastest Growing Home Lender Cutting Maryland Jobs
A mortgage banking firm that recently ranked as one of the nation's fastest-growing companies has advised dozens of Maryland employees that they will be unemployed early next year.

Bigger Increase in Conforming Limit for 2018
After being raised for the first time in more than a decade, next year's conforming loan limit has been lifted by nearly $30,000 -- far more than the previous increase of over $7,000.

Home Price Gains Begin to Slow
Home price indices continued to rise during the most-recent month. But one HPI indicated the rate of increase is slowing, while a forecast has a month-over-month dip ahead.

Reports Address Social Media Use, Risk
One of two recent reports highlights online and social media usage growth among mortgage shoppers. The other looks at some of the risks faced by consumers who use social media.

New 10-Year High for New Home Sales
After reaching the highest level in a decade last month, the yearly rate of new house sales ascended to a new decade-high pace. The Northeast continued to lead the rise.

Mulvaney Arrives at CFPB Amid Lawsuit
President Donald J. Trump's choice for acting director at the Consumer Financial Protection Bureau arrived at the bureau Monday and assumed control amid a pending lawsuit.

Refis Drive Yr-Over-Yr Rise in Weekly Mortgage Biz
Compared to the week last year that included Thanksgiving, new mortgage business ascended -- and it was refinances that drove the improvement. But refinances also led a week-over-week reduction in overall activity.

Refis lead week-over-week decline
CFPB Leadership Unclear Following Cordray's Departure
The announced departure of the Consumer Financial Protection Bureau's director and subsequent appointments have left the regulator with competing claims to interim leadership.

20 Mortgage-Related Events Over Next 90 Days
Over the next three months, 20 mortgage-related conferences, forums and workshops are scheduled to take place. Topics to be covered include bankruptcies, mergers and acquisitions, and reverse mortgage technology.

30-Yr Mortgage Rates Down, Could Fall More
Long-term rates on home loans moved lower over the past week, and it's quite possible that the next week could see a similar improvement.

October's Servicing Transfers Sink
Servicing transfers last month tumbled from September as a result of a massive sale the previous month by the home-lending unit of Citigroup Inc.

Over $100 Million in Non-Performing GSE Loans Sold
Two organizations were the winning bidders on a government-sponsored enterprise offering of over $100 million in non-performing mortgages.

Mortgage Bankers Raise Purchase Lending Forecast
Mortgage bankers have grown more optimistic in their projections for home purchase lending in 2017 and next year. All of this year's improvement came in the final quarter.

Purchase Mortgage Applications Jump, Refis Slump
A solid week-over-week gain in the volume of applications for purchase financing was just enough to offset a sharp drop in refinance applications. Government share widened.

Existing Home Sales Up, Northeast Jumps
A burst of activity in the Northeast was out front of a month-over-month escalation in existing home sales. Still, there was a year-over-year decline.

1st Mortgage Lates Up, 2nd Mortgage Rate Spikes
While the rate of serious delinquency on residential loans in senior position was minimally higher last month, junior-lien loans saw significant escalation.

2018 Purchase Gain Expected to Offset Refi Drop
A rise in expected home-purchase lending next year more than offsets an anticipated drop in refinances. This year's overall outlook improved from the previous forecast.

30-Day Rate Up Despite Drop in Foreclosure Rate
The foreclosure inventory fell to a more than decade low. Improvement in the foreclosure rate was more than offset by hurricane-related deterioration in the 30-day rate.

CFPB Approves Redesigned Mortgage Application
A redesigned mortgage application first unveiled last year by the government-sponsored enterprises has received a safe-harbor blessing from the Consumer Financial Protection Bureau.

Mortgage Industry Relies on Amicus Briefs
An amicus brief is (generally) an appellate brief filed on behalf of an entity or group that is not a party to the appeal, but whose interest will be significantly affected by the court's decision.

Low Credit Scores Cost Borrowers 59 BPS
Home buyers who financed the purchase of their house and had high credit scores saw rates that were 59 basis points better than their poor-credit counterparts. Loan amounts fell with credit scores.

2018 Mortgage Origination Forecast Increased
The forecast for mortgage originations for next year has been modestly raised. Meanwhile, this year's refinance outlook grew at the expense of projected home purchase financing.

Who Are Best Mortgage Employers?
Within the real estate finance industry, some companies have earned the distinction of being the best employers among other similarly sized firms in their cities based on worker surveys. Others were recognized on a national basis.

Purchases Pull Down Weekly Mortgage Business
Home purchase financing activity tumbled during the week that included Veterans Day, dragging down overall business. But cashout refinance activity was the strongest it's been in over four years.

Cashout refinance business best in more than 4 years
Permits, Completed Construction Up on Multifamily
A month-over-month rise in permit activity and a burst in completed construction was driven by increased apartment activity. Home builders broke ground on more homes.

Consumer Chief Fired by Wells Fargo
Wells Fargo & Co. has fired its head of consumer lending over communication he had with a former employee. The interaction didn't involve recent scandals at the bank.

Mortgage Delinquency Soars, Hurricanes Blamed
The quarterly non-current mortgage rate surged 58 basis points, with government-insured performance taking the biggest beating. Much of the blame was ascribed to the effects from the recent hurricanes.

Mortgage Rates Worsen, Further Rise Forecasted
While interest rates on residential loans improved last month, more recently they have ascended to the highest level in four months. The forecast is for further escalation.

Radian Improves Pricing
Improvements to pricing announced by Radian Guaranty Inc. follow an easing of program requirements last month.

2017 US Origination Forecast Raised, 2018 Trimmed
The economic outlook for this year's single-family loan originations has grown more optimistic. But next year's forecast is slightly more pessimistic.

KeyBank Plans Big Mortgage Growth
With a bank acquisition that it completed last year, KeyCorp has plans to significantly boost the volume of its single-family loan originations.

GSE Refinances Rise to 6-Month High
Refinances of loans backed or owned by the government-sponsored enterprises climbed to a six-month high as Making Home Affordable refinance volume fell to an all-time low.

Builder Confidence 2nd Best Since 2005, NE Leads
For the second month in a row, confidence among American home builders was stronger -- rising to the second-highest level in more than a decade. The Northeast drove the improvement.

Mortgage Lenders Looser Than Year Ago
Home loans closed last month had lower credit scores, higher loan-to-value ratios and higher debt-to-income ratios than a year earlier. While turn times have improved over that same period, closing rates have not.

CFPB Director Cordray Leaving Bureau
Amid speculation about gubernatorial aspirations, the director of the Consumer Financial Protection Bureau has revealed plans to leave the regulator.

FHA MMIF Capital Ratio Deteriorates
Following four straight years of improvement, the Mutual Mortgage Insurance Fund's capital ratio deteriorated. No reduction in premiums is likely as reverse mortgages continue to be a problem.

U.S. Mortgage Originations, Outstandings Increase
The latest gauge of residential loan production indicates strong quarterly activity. Mortgages outstanding continued to grow as delinquency has moved lower.

Refinances Drive Up Weekly Mortgage Applications
A refinance burst bumped up weekly mortgage applications, while a healthy year-over-year ascension has been recorded for purchase financing applications.

Wholesaler, M.I. Firm Capitalize on Mobile Trend
As mobile adoption grows at a robust pace, a wholesale mortgage lender and a mortgage insurance company have positioned themselves to capitalize on the trend.

Overcoming Statute of Limitations in Foreclosures
Challenges to mortgage lenders and servicers' right to foreclose based on the expiration of the statute of limitations are rapidly increasing in the Pacific Northwest and Southwest regions.

US Book of Mortgage Business Expands, Lates Down
As quarterly loan originations moved higher at the nation's home lenders, the balance of outstanding mortgages was up and delinquency was down. Home-secured credit lines outstanding contracted.

Serious Mortgage Lates, Foreclosures at Decade Low
Monthly home loan performance remained strong, with the rates of serious mortgage delinquency and foreclosure at their lowest levels in a decade.

MBS Issuance Slowest in 5 Months at Ginnie
Securitizations on behalf of the Government National Mortgage Association turned lower last month, falling to the slowest volume in five months. The weak performance came off of a record year.

Former USDA Loan Officer Arrested for Loan Fraud
A former loan originator for the U.S. Department of Agriculture is accused by the Department of Justice of accepting bribes to commit loan fraud.

Over $2 Billion in GSE Mortgages Sold
A unit of Credit Suisse has acquired more than $2 billion in government-sponsored enterprise single-family loans that are reperforming.

Mortgage Firm Acquiring Bank
Approval has been granted by the Federal Reserve Board of Governors for a St. Louis mortgage banking organization to acquire a local bank.

16-Month High for Veterans Mortgage Business
Mortgage loan originators locked in more loans for veterans than they have during any week in at least 16 months. Government led a week-over-week gain in overall business.
Week-over-week gain in overall activity led by government

Walter's Mortgage Originations to Keep Falling
Single-family loan originations moved lower for the third consecutive quarter at Walter Investment Management Corp., and a further decline is likely. The company set a target date for bankruptcy.

Quarterly CMBS Issuance Highest in 3 Years
Quarterly securitizations of non-agency commercial real estate loans climbed to the highest level in three years, while year-to-date volume is well ahead of last year.

Senate Tax Plan Maintains Mortgage Interest Deduct
In its tax reform proposal, the Senate is preserving the mortgage interest deduction at an amount that is double that proposed by the House. Much else must still be reconciled.

Mortgage Rates Down, ARM Indices Up
Interest rates on residential loans moved lower this past week in line with long-term bond yields. But indices on adjustable-rate mortgages moved higher.

LOS Providers Prepare for HMDA Reporting Changes
Multiple loan origination systems are ready for upcoming changes to Home Mortgage Disclosure Act reporting requirements. Meanwhile, an LOS has been designed for hard-money lenders.

CMBS, Hotels Lead Increase in CRE Lending
Quarterly commercial real estate loan production moved higher. Leading the improvement from a year earlier were securitized loans and hotels.

Best Mortgage Originator Ranking
Borrowers have become less satisfied with their mortgage lenders thanks to longer turn times and an unsatisfying digital process. Quicken Loans Inc. is now sharing the top spot with another firm.

Impac's Lending, Servicing Rise as Earnings Plunge
Impac Mortgage Holdings Inc. expanded its servicing portfolio and had a quarter-over-quarter gain in originations. But earnings deteriorated.

Mortgage Earnings, Originations Decline at Regions
Regions Financial Corp. reported that its mortgage originations declined, as mortgage earnings tumbled. The financial institution reduced the size of its servicing portfolio.

PHH Losses Widen as Originations, Servicing Down
As losses worsened from a year earlier at the parent of PHH Mortgage, loan originations diminished, and the servicing portfolio was slashed. A further decline in production is likely.

Refis Offset Bump in Purchase Mortgage Apps
Mortgage originators completed more weekly applications for loans to finance a home purchase -- with a nice year-over-year improvement. But refinances offset the week-over-week gain.

Lake Michigan CU Servicing Up, Home Lending Down
The size of Lake Michigan Credit Union's single-family servicing portfolio increased even as originations subsided.Mortgage staffing was trimmed.

Capital One Closing Mortgage Business
More than 900 employees in three states will be impacted from a decision by Capital One Financial Corp. to get out of the mortgage business.

PRMI Lending Slows as Servicing Slips
Residential loan production slowed at Primary Residential Mortgage Inc., as the servicing portfolio was trimmed, and the payroll was reduced.

Mortgage CFOs, CIOs and Presidents Appointed
Several recent C-Suite appointments within the mortgage industry were peppered with a host of mid-level manager hirings and promotions. Impacted departments include warehouse lending, information technology and sales.

Jumbo Leads Tightening in Mortgage Credit
After easing to the loosest level in nearly a decade, home lending credit conditions tightened last month. It was jumbo credit that led the constriction.

Home Lending Jumps at Navy FCU, Staffing Soars
In addition to growing its residential loan servicing portfolio, Navy Federal Credit Union lifted its mortgage production and expanded its mortgage headcount.

HELOC, GSE and Gov Mortgage Demand Weakens
Financial institutions are reporting waning demand for government-sponsored enterprise loans and government-backed home loans. Also weakening was demand for home-secured credit lines.

FHA's Endorsements Solidly Higher
Residential endorsements jumped to the highest level in seven months at the Federal Housing Administration, while commercial real estate activity was the highest in at least four years. Delinquency worsened, however.

Mixed Results at Ocwen as Servicing Diminishes
Ocwen Financial Corp. reported growth in mortgage assets and improvement in delinquency. Servicing, however, declined, while losses continued, and originations were mixed.

Mortgage Job Gains Plunge
The number of people working in the mortgage business moved down on a quarterly basis. Hiring activity has significantly slowed, and the contraction is likely to continue.

Monthly Consumer Bankruptcy Filings Worsen
There were more consumers last month who resorted to the U.S. Bankruptcy Courts for relief from their creditors. Alabama had the highest rate of bankruptcy.

FHA Biz at 10-Mth Low, Cashout Share at New High
Fewer prospective borrowers locked in rates on mortgages this past week, with locks for loans insured by the Federal Housing Administration slower than any week since early January. But cashout refinance share was widest in at least five years.
Weekly mortgage business slows
Broker Channel Launch Imminent at PennyMac
Earnings and mortgage originations at PennyMac Financial Services Inc. saw quarter-over-quarter gains and year-over-year losses. A wholesale channel is about to open.

US Employment Soars as Mortgage Jobs Contract
The employment report for last month was a stark improvement from the dismal report for September as unemployment fell to its lowest level since 2000. Mortgage staffing was reduced, though.

Book of Business Expands at Genworth M.I.
The book of business expanded at Genworth Mortgage Insurance Corp. In addition, new insurance written was up from three months earlier.

ARM Indices Increase as Mortgage Rates Hold
A pair of indices utilized to determine rate changes on some adjustable-rate mortgages both moved higher from a week earlier. Fixed mortgage rates, meanwhile, stayed put.

Nationstar Mortgage Lending Jumps, Could Go Higher
A sequential acceleration in home-lending activity at Nationstar Mortgage Holdings Inc. is likely to repeat as the company trimmed refinance share. Delinquency dropped.

Big Technology Enhancements Ahead At BofA
Bank of America Corp. is studying using biometrics to replace user IDs and passwords, planning to introduce a rapid new mortgage application tool and developing a virtual assistant.

GOP Tax Plan Halves Max Mortgage Interest Deduct
The sacred right to an interest deduction for U.S. homeowners is being tampered with in a tax plan proposed by the Republican-led House.

Fannie's Financing Off From Year Ago, Income Holds
Quarterly mortgage financing provided by Fannie Mae fell by more than $30 billion from a year earlier, though activity has accelerated from three months earlier. Earnings were little changed.

HECM Production Down at All But 2 of Top-5 Lenders
Government-insured reverse mortgage production slowed last month. While endorsements were down at three of the top-5 players in the space, two lenders made gains.

Ocwen Switches Servicing Systems Per Consent Orders
Ocwen Financial Corp.'s residential loan servicing subsidiary is changing its mortgage servicing system as was required by recent orders with several states.

Record Business, Earnings at NMI
Quarterly pre-tax income and quarterly new business each ascended to the highest level ever at NMI Holdings. In addition, the book of business grew.

Risk Eases on Mortgage Apps, Though Up From 2016
Bad data on residential loan applications was a little less likely in September, though risk was worse by a fifth compared to last year. Risk jumped in hurricane-affected areas.

FHLMC Issuance Soars as FNMA Drops and GNMA Off
A month-over-month surge in the issuance of Freddie Mac mortgage-backed securities wasn't enough to offset deterioration at its agency counterparts.

Refinances Lead Drop in Mortgage Applications
Weekly applications to refinance single-family mortgages were out front of weakening activity. Applications for loans to finance a home purchase have strengthened from a year ago.

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