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March 2017 Archive


Firms Report Record Mortgage Originations
Several home-lending businesses recently disclosed residential loan production data, and all-time records were reached by some of the organizations.

Purchase Financing Leads Mortgage Biz Lower
New mortgage activity was depressed over the past week, and it was purchase-money business that was out front of the decline. Adjustable-rate activity, though, ascended.

Mortgage Market Index 148
Banc of California Completes Sale of Mortgage Unit
The planned sale of the residential lending unit owned by Banc of California Inc. has been signed, sealed and delivered.

CMBS Delinquency Up 3 Consecutive Months
For the third month in a row, the performance of securitized commercial real estate loans has deteriorated, with office loans leading the way.

Fannie Biz Sinks, New Post-Crisis Low for Lates
Secondary activity at the Federal National Mortgage Association plunged to the lowest level in a year. Delinquency, meanwhile, reached another post-crisis low.

Mortgage Rates Sink, Might Hold
A nice improvement was recorded for weekly mortgage rates, and not much movement is likely for rates over the next seven days.

Huge Management Shakeup at PHH, CEO Leaving
The departure of PHH Corp.'s chief executive officer of five years is among several management changes disclosed as the company cuts costs.

Banks' Non-QM Share Drops as 3rd Party Share Up
Loans that didn't meet Qualified Mortgage requirements accounted for a much smaller share of bank originations last year. But third-party and first-time homebuyer share widened.

Midwest Leads Surge in Pending Home Sales
Last month, the volume of homes under contract soared to the second-highest level in more than a decade, and the Midwest was out front.

FHA Originations Rise, Could Climb Further
Monthly endorsements increased at the Federal Housing Administration and are poised for a further rise. Delinquency, meanwhile, moved lower.

US Earned $22 Billion from Bank Bailouts
The federal fund that was created to bail out the nation's banks during the financial crisis has earned nearly $22 billion for U.S. taxpayers.

Final Civil Action in United Shore FHA Settlement
A final civil action has been disclosed by the government in the False Claims Act settlement by the parent of United Wholesale Mortgage.

Mortgage Complaints Down as Overall Complaints Up
Although the average volume of financial services complaints worsened from a month earlier and year earlier, mortgage complaints declined.

Foreclosure Error Cost BofA $46 Million
A federal bankruptcy judge has ordered Bank of America Corp. to pay $46 million for proceeding on a foreclosure despite a bankruptcy stay.

Refinances Drive Down Mortgage Applications
New applications for residential loans dipped last week thanks to a drop in refinance activity. Refinance share thinned to a more than eight-year low.

Small Portfolio of Non-Performing GSE Loans Sold
A buyer has been found for a small portfolio of government-sponsored enterprise residential loans that are severely delinquent.

Home Price Gains Weaken, Though NY Strong
National home prices were little changed on a month-over-month basis, though the Empire State fared well. The Northwest had the strongest year-over-year gains.

Developing Emotional Connection Pays Big Dividends
With all mortgage players effectively using technology to improve the customer experience, lenders need to develop an emotional connection to drive growth.

FHFA Criticized for GSE Examiner Process
A new watchdog report criticizes the regulator of the government-sponsored enterprises for not ensuring that its examiners follow a formal rotation process.

The World of Loan Origination Systems
Loan origination systems for mortgage firms have recently been evaluated, enhanced and integrated with offerings from other technology service providers.

Mortgage Expansion Planned for Bank Merger
A bank merger that was completed last summer was expected to enable the planned expansion of three business, including the residential lending business.

Home Purchase Financing to Rise, Refis to Drop
While quarterly and annual mortgage refinance production is expected to tumble, the volume of loans to finance home purchases is predicted to climb.

Rates Hurt Spring Purchase Financing Outlook
Rising interest rates on residential loans have senior mortgage banking executives less optimistic about spring home purchase financing than a year ago.

ECOA, Reg B Amendments Proposed
Amendments being proposed to the Equal Credit Opportunity Act and its implementing rule are intended to provide greater clarity for lenders.

New Mortgage Activity Slows
With jumbo loans and adjustable-rate mortgages leading the way, new business retreated on a week-over-week basis. But activity moved higher from a year ago.

Mortgage Market Index 168
Mortgage App Risk Rises, ARMs Could Drive Higher
The level of risk on overall applications for residential loans moved higher for the third consecutive month and could rise even further as adjustable-rate share rises.

Mortgage Banker CEO Sentenced to Prison
The former owner and chief of a New York mortgage banker has been sentenced to more than a dozen years in prison for selling fraudulent loans on the secondary market.

Mortgage Business Acquisitions Negotiated, Done
Recently announced mortgage-related mergers and acquisitions include a deal with alleged conflicts of interest. A new report highlights factors that will maximize value for sellers.

Bank Mortgage Delinquency Up, Foreclosures Down
Although the quarterly non-current rate of residential loans serviced by banks worsened, foreclosures started and completed fell as did the foreclosure rate.

Freddie's New Business Sinks to 12-Month Low
It's been a year since secondary activity was this low at the Federal Home Loan Mortgage Corp. Delinquency, meanwhile, fell to a new post-crisis low.

Mortgage Rates Tumble, Could Stay Down
Prospective home loan borrowers got a break on rates this past week. Odds are rates will stay down or dip a little further in the next report.

3rd Credit Bureau Settlement in 3 Months
Another settlement reached with a credit bureau marks the third such action in as many months and the third of the big three credit repositories to settle.

Approvals Automated for Nontraditional Credit
Loan applicants who don't have a traditional credit scores will soon be able to obtain automated approvals using nontraditional credit.

Biggest Commercial Mortgage Originators
The results have arrived for the ranking of the country's 10 largest originators of commercial real estate loans during all of last year.

GSEs Move 1 Step Closer to Common Security
Following the successful implementation of the first phase of a common mortgage-backed security, the government-sponsored enterprises are moving on to phase 2.

New Home Inventory Highest Since July 2009
As new home sales picked up last month, the inventory of new houses for sale increased to the highest level in more than seven years.

3rd Consecutive Monthly Mortgage Delinquency Drop
For the third month in a row, the share of mortgages that were past due at least one month or in the foreclosure process has moved lower.

Executive Changes in Mortgage Boardrooms, C-Suites
During the past week, there have been boardroom changes at a mortgage servicer and government-sponsored enterprise. One firm appointed an interim chief financial officer.

Banks Lead Way Into Social Media Utilization
A pair of recent reports reveal how prospective financial services customers are using social media and how financial institutions are capitalizing on the trend.

Northeast Leads Drop in Existing Home Sales
With supply shortages being blamed, the annual rate of existing home sales declined last month. The Northeast was out front of the drop.

FHA Share of Mortgage Apps Down 3 Weeks in Row
As weekly mortgage applications dropped off, the share of activity that was represented by government insured loans thinned for the third consecutive week.

Regulation Behind Dearth of New Bank Charters
Issues that are related to regulation have kept investors from using their capital to launch new banks over the last half-dozen years.

Mortgage Servicers Swing to Profit on MSR Gains
Earnings at independent servicers of residential loans swung to a profit in the final quarter of last year. Behind the improvement were gains on mortgage servicing rights.

Secondary Gains Hurt Mortgage Production Income
Earnings at independent mortgage banking firms plummeted more than 50 basis points on a quarter-over-quarter basis. Secondary marketing gains and expenses hurt income.

1st Mortgage Delinquency Up 3rd Consecutive Month
For each of the most-recent three months, the rate of serious delinquency on first mortgages moved up. Second mortgage performance also waned.

Q4 Mortgage Credit Risk Low
It's been 16 years since the quality of residential loans originated has been as low as it was in the fourth-quarter 2016. But higher risk is likely ahead.

MBS Issuers Mostly Optimistic
Issuers of mortgage-backed securities are feeling overwhelmingly positive about the industry despite potentially tougher market conditions.

GSE Reform Could Significantly Impact Home Finance
A ratings agency report indicates that reforming the government-sponsored enterprises could have wide-reaching implications for a range of sectors and entities.

Finance of America Funds Over $18 Billion in 2016
More than $18 billion was originated in 2016 by Finance of America Holdings LLC. The mortgage servicing portfolio exceeded $4 billion as of year end.

PHH NY Layoffs Reach 240
A new round of layoffs disclosed by PHH Mortgage Corp. brings to 240 the number of layoffs recently announced for the Empire State.

Few Mass Mortgage Layoffs
Despite a projected drop in home-lending activity this year, there have been few mass layoffs so far in the industry. Two bank mergers will result in job cuts.

DOJ Files in Opposition to CFPB
The Department of Justice has weighed in on the lawsuit filed by PHH Corp.against the Consumer Financial Protection Bureau. At issue is the constitutionality of the bureau's structure.

New Mortgage Business at 8-Month High
Not only has new mortgage business increased for each of the past four weeks, but the pace of activity now stands at the highest level in eight months.


Mortgage Market Index up 11%
Freddie Unloads Nonperforming Mortgages
A portfolio of deeply delinquent residential loans has been sold through the auction process by the Federal Home Loan Mortgage Corp.

Over 70 Mortgage Events Over 3-Month Period
More than 70 events related to real estate finance are taking place during the current 90-day period. Covered topics include reverse mortgages, leads and mortgage servicing rights.

4-Month High for Mortgage Loan Modifications
Servicers of residential loans granted borrowers more favorable terms on their mortgages than on their original contracts at a pace that was the strongest in four months.

Mortgage Rates Spike But Could Retreat
Ahead of the Federal Reserve Board's announcement, mortgage rates turned sharply higher. But a decline could be in the offing.

Mortgage Bankers Lift 1st Half Origination Forecast
During the past month, the country's mortgage bankers have grown more optimistic about the level of residential loan originations during the first half of this year.

Radian Expands Jumbo Mortgage Programs
Changes to Radian Guaranty Inc.'s guidelines include insuring a non-agency jumbo product offered by a unit of United Guaranty Corp.'s former parent.

5-Month Low for GSE Refinances
Refinances of residential loans backed or owned by the government-sponsored enterprises slowed to the lowest level in five months.

Housing Permits Down, Completed Construction Up
Driven by multifamily activity, permits to build new housing decreased last month. But apartments drove up the rate of completed construction.

Stock, Bond Prices Surge After Fed Rate Increase
An increase in the federal funds rate, and the likelihood of further increases, was followed by a surge in stock and bond prices. The increase was already built into mortgage rates.

Q2 Home Purchase Financing to Surge 60% From Q1
The volume of loans used to finance a home purchase is expected to see a 60 percent quarter-over-quarter surge as refinances drop.

MBS Settlement for $165 Million
Several pension funds are claiming victory in a lawsuit originally filed nearly a decade ago over alleged losses suffered from mortgage-backed securities investments.

Nationstar Hit With Small HMDA-Related Fine
Nationstar Mortgage LLC has been hit with a civil penalty, though the amount of the fine is minimal. The penalty is tied to noncompliance with the Home Mortgage Disclosure Act.

Gov Share Up as Refinance Share Down, Credit Eases
As refinances took up a smaller share of monthly residential loan originations, government share widened, and loan approvals got easier.

Trump Lifts Builder Confidence to 12-Year High
The Trump bump has spread to the home building industry, with builders more optimistic now than they've been in nearly a dozen years.

Mortgage Apps Up Despite Highest Rates in 3 Years
Although interest rates on residential loans have increased to the highest level in nearly three years, mortgage applications rose with refinances leading the way.

Over 100 Layoffs at Banc of California
As the sale of Banc of California Inc.'s mortgage business approaches, the financial institution has disclosed plans to layoff more than a hundred employees.

Over $3 Billion in Fannie Mae Loan Sales
A pair of transactions, one a closed sale and the other a loan offering, include more than $3 billion in Federal National Mortgage Association loans.

Mortgage Executives Recruited
From the board room to the C suites, mortgage firms are making executive changes. In addition, two companies made management changes in their wholesale divisions.

Walter Slashes Servicing, Swings to Profit
Losses turned to profits during the last quarter of 2016 at Walter Investment Management Corp. The mortgage servicing portfolio significantly declined.

Wave of LOS Integrations
Developers of loan originations systems have recently been busy integrating the offerings of other mortgage service providers into their systems. Several LOS upgrades have been announced.

Opinions Vary On Outlook for Dodd-Frank
While the future of the Dodd-Frank Wall Street Reform and Consumer Protection Act is uncertain, positions about the law are more clear.

Mortgage Broker, Stepson Banker Convicted
A mortgage broker and her stepson, who was a banker, have been convicted in federal court of defrauding the California bank where he worked.

Non-Bank Issuer Growth Strains Ginnie Resources
A watchdog report indicates that the Government National Mortgage Association's resources are being strained by the increase in non-bank issuers.

Bank Settles Charges of Racial Discrimination
A bank operating from Rockford, Illinois, has settled allegations of racial discrimination against people who applied for residential loans.

Home Purchase Financing Surges
A sharp week-over-week increase in new purchase financing activity drove overall mortgage business higher this past week. But jumbo activity turned significantly lower.


Mortgage Market Index up 14%
Partial Victory for Quicken Loans in FHA Lawsuit
A federal judge granted Quicken Loans Inc.'s motion to dismiss on a portion of loans in the government's case based on the statute of limitations.

Ginnie Mae MBS Issuance Tumbles to 11-Month Low
It's been almost a year since securitizations at the Government National Mortgage Association were as slow as they were last month.

Nationstar Negotiating Settlement With CFPB
The parent of Nationstar Mortgage LLC is in the middle of negotiating a settlement with the Consumer Financial Protection Bureau.

Brokers Pull Down Mortgage Employment
A month-over-month decline in the number of people working in real estate finance was the result of a drop in staffing at the nation's mortgage brokers.

Mortgage Rates Rise, Further Increase Likely
Fixed mortgage rates ascended to the highest level since last year. Worse yet, they are likely to move even higher in next week's report.

CMBS Delinquency Worsening
Although the rate of past-due payments on most commercial real estate loans stands near record lows, securitized CRE loan performance is worsening.

Residential Loans For Sale
A portfolio of mortgages are being auctioned off. Some of the loans are nonperforming. There is a four-state concentration.

Best Mortgage Employers 2017
The latest ranking of the country's 100 best organizations to hold a job at reflected six mortgage-related businesses, including the third-largest lender.

Mortgage Lenders Improve Equity Positions
As the nation's book of mortgages grew, home lenders improved their equity position on a year-over-year basis. Negative equity diminished.

Gov Programs Lead Easing in Mortgage Credit
For six consecutive months now, home lenders have made it easier to qualify for a mortgage. Government lending requirements led the latest loosening.

Stonegate Mortgage Earnings Soar, Originations Off
A surge in gains on mortgage servicing rights significantly lifted Stonegate Mortgage Corp.'s income. But home lending slowed and will fall further.

Home Lenders Tout Purchase Financing Volume
Several residential lenders have recently issued reports about the level of production they have generated. In addition to touting overall record activity, some focused on their robust financing of home purchases.

Nonbank Mortgage Firms Lose Market Share to Banks
During the final three months of last year, non-bank mortgage lenders saw a decline in market share -- resulting in a drop for full-year market share.

TRID Dominates QC Issues in 2016
Most of the quality-control issues experienced by home lenders last year were tied to disclosures implemented by the Consumer Financial Protection Bureau.

Loan Applications for Home Purchases Strong
Residential loan applications completed moved higher in the latest seven-day period, with purchase financing activity maintaining a strengthening pace.

Rocket Mortgage Production Soars
Quicken Loans Inc. generated an average of more than $500 million per month in originations last year from its Rocket Mortgage program.

e-Mortgages to Benefit RMBS Loans
A new report indicates loans included in residential mortgage-backed securities will benefit from digital mortgages as long as legal issues are addressed.

Mortgage Firms Ranked Among Best Employers
Several real estate finance firms were recently named as top employers in their communities, while some also touted their standing among peers.

Small Utah Bank Fails
A small bank in Utah has been shut down by regulators. The latest depository failure puts the nation on track to exceed the total for all of last year.

loanDepot Automates Home Lending
A new digital lending process that has been unveiled by loanDepot LLC can provide near-instant approvals for home lending prospects, though it's not for everyone.

FHA Biz Off and Headed Lower, Delinquency Worse
Monthly business dipped slightly at the Federal Housing Administration and is likely to fall further. Residential loan performance, meanwhile, deteriorated.

Consumer Bankruptcies Up But Off from Year Prior
Although the volume of consumer bankruptcy filings turned higher on a month-over-month basis, a year-over-year reduction was recorded.

HUD Criticized Over DPA Oversight
The Department of Housing and Urban Development is being criticized for its lax oversight of down payment assistance on government-insured loans.

Non-Bank Share of Mortgage LOs Continues to Expand
As the number of registered mortgage loan originators finished 2016 at the highest level yet, the non-bank share of loan officers continued to expand.

CoreLogic CEO Unexpectedly Dies
The president and chief executive officer of CoreLogic Inc. has died just two week after the board of directors granted him a medical leave.

Annual Mortgage Originations Highest Since 2007
Last year's first-lien residential loan production ascended to the highest level in nine years, with purchase-money activity reaching a decade high.

Purchases Drive Up New Mortgage Business
An improvement in new weekly mortgage activity was mostly fueled by a solid increase in purchase financing. Adjustable-rate business soared more than any other category.


Mortgage Market Index down 7%
NY Appeals Court Ruling Favors Mortgage Servicers
The New York Appellate Division, Second Department, recently decided a novel issue which may serve as a lifeline for lenders facing the expiration of the statute of limitations in mortgage foreclosure actions.

Several Mortgage Topics Covered at Conferences
Technology, mortgage servicing rights and financial regulations are among the topics to be covered at a host of mortgage-related conferences during the next few months.

Carson Sworn in as HUD Secretary
With his swearing-in ceremony completed, Dr. Benjamin S. Carson has officially become the leader of the nation's housing agency.


Ceremony completed hours after Senate confirmation
Mortgage Rates Tumble But Could Surge
Interest rates on residential loans turned lower over the past seven days. But an increase is likely with fixed rates over the next seven days.

Offices Drive CMBS Delinquency to 18-Month High
Deterioration in office loan performance droved delinquency on securitized commercial real estate loans to an 18-month high.

Carson Confirmed as HUD Secretary
A neurosurgeon with no experience in housing has been confirmed as the head of the Department of Housing and Urban Development.

Refinances Push Up Quarterly Mortgage Originations
Despite a reduction in purchase financing, overall quarterly home lending moved higher on a year-over-year basis.

2 Consecutive Months of Slower HECM Activity
For the second consecutive period, originations of federally insured reverse mortgages descended on a month-over-month basis.

MSRs on Nearly $1 Billion in GSE Loans for Sale
Mortgage servicing rights on nearly $1 billion in government-sponsored enterprise loans with a California concentration are being auctioned off.

Guaranteed Rate Hiring Hundreds
A big office expansion in Guaranteed Rate's home town will enable it to hire hundreds of loan originators who will handle online mortgage leads.

Fannie's Business Down 4th Consecutive Month
For four consecutive months, secondary activity at the Federal National Mortgage Association has retreated. Delinquency fell to a new post-crisis low.

Agency MBS Issuance Sinks to 12-Month Low
The effects of rising interest rates appear to have hit monthly agency issuance. The Federal National Mortgage Association took the biggest hit.

Purchase Financing Leads Mortgage Applications Up
New applications for residential loans moved higher in the latest seven-day period. Purchase-money activity was out front of the weekly increase.

COFI ARM Index Turns Higher
After falling to nearly the lowest level ever, the 11th District Cost of Funds Index turned higher in the first month of 2017.

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