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November 2017 Archive


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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