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August 2011 Archive


M.I. Activity Up 3 Consecutive Months
The volume of mortgage insurance business has risen each of the past three months. But the streak is likely to be broken in the next report.

Weak Performance at Fannie
New business eased at Fannie Mae, and home-loan delinquency ended a long string of declines. But performance on apartment loans managed a slight improvement.

Servicer Portfolios Up, Earnings Down
Compared to the first quarter, mortgage servicers saw their servicing portfolios grow in the second quarter. But earnings per loan slipped.

AAA S&P Subprime Ratings Draw Sharp Criticism
Beleaguered ratings agency Standard & Poor's sparked amazement today by giving the toxic subprime sludge behind the financial crisis a better credit rating than the U.S. economy.

Per-Loan Earnings Better at Big Firms
A new report found that per-loan production earnings at the biggest lenders were a quarter higher than at small firms. The disparity reflects more closings per employee at the larger players. Across all firms, secondary marketing income was up over prior periods.

Alt-A Jumbo Offering
A new jumbo offering from a wholesale lender out of California is reminiscent of alternative-A programs offered before such products were expanded to subprime borrowers.

$0.5 Billion in Agency Servicing Portfolios on Market
Two mortgage servicing portfolios with agency loans totaling more than $0.5 billion are for sale.

Problems Ahead for Reverse Mortgage MBS
Private-label mortgage-backed securities filled with reverse mortgages in California have been downgraded because of an increase in expected liquidations at a time when home values have deteriorated.

BofA's Correspondent Exit Leaves Chase as No. 2
A decision by Bank of America Corp. to exit the correspondent business could slash the company's originations by nearly half and leave JPMorgan Chase & Co. as the nation's second-biggest residential lender.

Resistance on BofA Settlement
Borrowers and regulators have filed objections to the proposed $8.5 billion settlement with Bank of America Corp.

Chase On a Hiring Binge
JPMorgan Chase & Co. is recruiting hundreds of mortgage employees in North Texas, bringing planned hirings in the state during the past 14 months to more than 1,600. The latest round of job additions is part of a national campaign that has its mortgage servicing staff up more than 9,000 jobs in the past two years.

Fannie Limits ARM Offerings
Limited demand has Fannie Mae scaling back its menu of adjustable-rate mortgage programs.

IN Firm Expanding, Hiring
An Indiana mortgage company that originates traditional mortgages, reverse mortgages and home-equity loans has struck a deal with the state that calls for the creation of more than a hundred new jobs.

CA Firm Launches Wholesale, Hiring Hundreds
A California-based company that began operations just last year has already recruited more than 400 employees and has plans to hire hundreds more this year. A new wholesale channel started last month has also staffed up.

Wells Negotiating Settlement With Memphis
As attorneys for Wells Fargo & Co. and the city of Memphis, Tenn., begin the discovery phase in a two-year-old lawsuit, the two parties have begun discussing a possible settlement.

CoreLogic Exploring Strategic Options
A sale of CoreLogic is one of several options under consideration by the company's board of directors.

5 Reverse Firms Ordered to Halt Lending in Mass.
The Commonwealth of Massachusetts has ordered five online firms that originate reverse mortgages to stop doing business in the state.

Credit Unions Selling More of Mortgage Production
While this year's industry-wide home-loan production is down from last year, volume at the nation's credit unions is higher. The share of first-mortgage production at credit unions that is being sold into the secondary market has nearly doubled during the past five years.

UCDP and UAD Solutions
Several service providers recently unveiled upgrades to their offerings that help lenders comply with new agency delivery requirements for appraisal reports.

Weakening Mortgage Employment Could Strengthen
More than 2,000 mortgage jobs have been eliminated this year, according to the Second-Quarter 2011 Mortgage Employment Index from MortgageDaily.com. But falling rates and worsening loan performance could lead to increased hirings in the second half.

AMC, Former NAMB Chief's Firm Among Fastest Growing
Among the 10 fastest-growing mortgage-related companies are an appraisal management company and the firm founded by the former president of the National Association of Mortgage Brokers.

Ginnie Revises Policy on Mod Repurchases
A new policy on the repurchase of modified loans was released by the Government National Mortgage Association.

High-Producing Wells Office Closed after Internal Review
Wells Fargo & Co. shut down a high-producing mortgage office in Oregon after an internal review revealed that company policies had been violated.

Mortgage Activity Continues Decline
It was the second consecutive week that new mortgage activity was lower. Refinance business tumbled nearly a quarter as rates were higher.

ortgage Market Index 311 for week ended Aug. 26

Expanded Rural Lending Proposed for FHA
The Department of Housing and Urban Development is taking steps to expand government-insured lending in rural areas.

MGIC Boosts Loan Limit on Non-Agency Jumbo
Ahead of the expiration of temporarily higher loan limits on agency mortgages, Mortgage Guaranty Insurance Corp. has increased the maximum loan amount on non-agency loans. The mortgage insurance company is also allowing second-home coverage in restricted markets and insuring refinances of junior liens that weren't used to purchase the property.

PNC is Biggest Servicer of Agency CRE Loans
While there were no changes among the top ranks of commercial mortgage servicers, the biggest servicer of agency loans managed to grow its servicing portfolio.

Inside Mortgage Rates
A rise in interest rates this past week reflects volatile market conditions, nervous mortgage-backed securities investors and an attempt by lenders to manage refinance demand. Jumbo pricing has deteriorated over the past month.

Lenders Lose FHA Endorsement Authority
A mortgagee in Washington state had its direct-endorsement approval yanked from the Federal Housing Administration, while a Texas-based wholesale lender lost approval in North Carolina.

Wells Recruiting Production Personnel
After eliminating more than 4,000 mortgage jobs in the first half of this year, Wells Fargo & Co. is now hiring processors and underwriters.

Auto-Refi On the Table?
An automatic refinance program that would give millions of borrowers today's lower rates might be under consideration by the White House.

Buffett Bets on BofA
NEW YORK -- Bank of America, under fire from shareholders and analysts, is getting a $5 billion investment from Warren Buffett's investment company. The banking giant's stock soared this morning on the news.

Freddie Purchases Plunge 22%, Delinquency Higher
The last time that secondary business was this low at Freddie Mac was during the depths of the global financial crisis. Add to that an increase in delinquency and you have one bad month.

2 RMBS Class Actions Certified
In what could be a troubling trend, judges in two cases filed by investors of residential mortgage-backed securities have certified class actions.

Many Mortgage Crimes Target Distressed Borrowers
Among the recent indictments, arrests and convictions of mortgage criminals -- many involve foreclosure-rescue and modification schemes. But Ponzi schemes also seem to be prevalent.

Hotel Lates Improve, Leaving Multifamily as Worst Performer
Following two months of improvement in the rate of delinquency on securitized commercial mortgages, the rate moved higher. But late payments on hotel loans fell, leaving multifamily mortgages as the worst-performing category of commercial real estate loans.

Banks Improve Performance
The banking sector lifted quarterly earnings, lowered residential delinquency and cut down on the number of failures. Even the number of problem institutions was lower.

100 Dallas Jobs Open
A new online mortgage business is looking for Dallas originators and hopes to expand its staff by a hundred employees this year.

$1 Billion Lawsuit Against Former Parent of Failed Bank
Following his investigation, the liquidating trustee for the bankrupt parent of failed Guaranty bank has filed a $1 billion lawsuit against the company's former parent alleging that it looted the bank before spinning it off in a public offering.

American Home Sues over Robo-Signing
"Millions of dollars" are being sought in a lawsuit filed by American Home Mortgage Servicing Inc. Allegations of robo-signing are at issue it the case, which is one of several being fought by the defendant.

More Jumbo Product Hits Market
With next month being the last month that temporarily higher agency limits will be in effect, a relatively new wholesale lender is helping to expand jumbo options.

FHA Adopts UAD
Appraisals for government-insured mortgages will soon be subject to the Uniform Appraisal Dataset requirements developed for conventional loans.

Wells Fargo Dominates Mortgage Layoffs
This year has seen many job losses in the mortgage sector, and Wells Fargo seems to doing much of the laying off.

Bright Spot for Shadow Inventory
The last time there was a reduction in the number of months needed to clear out the distressed inventory was in 2009. But that changed in June.

Record FHA Multifamily Originations
The origination of government-insured mortgages that are secured by apartment buildings has soared to an all-time high.

Purchase Forecast Slashed as Refis Boosted
Fannie Mae cut its estimate of second-quarter originations by over $50 billion but more than made up for it with an improved outlook for the second half. The projection for purchase production was scaled way back as expectations for refinances have improved dramatically.

Early-Stage Delinquency Deteriorates as Foreclosures Fall
An improvement in the foreclosure rate wasn't enough to overcome a more than 30-basis-point increase in new defaults. The deterioration in government-insured mortgages was twice as bad as it was for all loans.

FHA Outstandings Top a Trillion Dollars
Last month, the Federal Housing Administration saw its book of business roll past $1 trillion. But originations and delinquency were worse.

$1.7 Billion Bank Fails
A $1.7 billion bank with more than half of its assets tied up in residential loans was among a quartet of bank failures last week.

PMI to Stop Writing Business
PMI Mortgage Insurance Co. has been ordered to stop writing new business.

Little Impact Expected from Lower FHA Limits
The Federal Housing Administration doesn't see much impact to borrowers from the upcoming expiration of higher FHA limits. In addition to announcing new limits on traditional mortgages, limits on reverse mortgages were released.

2nd Half Refi Outlook Upped Almost $100 Bil
The outlook for second-half refinance originations has been raised by nearly $100 billion.

R.I. Foreclosure Cases Put on Hold
More than five dozen lawsuits by borrowers challenging foreclosures have been put on hold by a Rhode Island judge as the parties were ordered to work on settlements.

HAMP Suit filed against Saxon
A federal lawsuit was filed in New York by a couple who claims Saxon Mortgage Services bungled the application process for federal loan modifications. Attorneys in the case seek class-action certification.

Thousands of Layoffs Include Mortgage Jobs
People in real estate finance are among the 6,000 people that Bank of America Corp. is laying off this year.

Purchases Lead Drop in Mortgage Activity
Falling mortgage rates weren't enough to ignite increased activity this week, with purchase and government business leading the decline. Still, interest in lending remains strong. Fixed mortgage rates were lower as of Friday and look likely to continue the improvement, while the 15-year rate became a more attractive option.

Mortgage Market Index 383 for week ended Aug. 19

Bank Failure Pushed Up for Religious Holiday
In the failure of a small Pennsylvania bank, the Federal Deposit Insurance Corp. took an unusual step that it normally reserves for the largest institutions.

MBS Ratings Haunting S&P
On the heels of its U.S. debt downgrade, Standard & Poor's is being investigated for its ratings on mortgage-backed securities.

Auto-Refi Could Stimulate Economy
A federal program that automatically refinances agency mortgages could inject some much needed cash into the economy by passing on the low cost of U.S. borrowing to homeowners -- leaving them with more disposable income. But such a proposition would be loaded with hurdles and might have more luck as an administration initiative than as federal legislation.

BofA Names New Head of Distressed Loan Unit
A new executive has been named to oversee Bank of America Corp.'s troubled assets that were inherited with its acquisition of Countrywide Financial Corp.

Refinance Tsunami Alert
A refinance tsunami warning has been issued for the United States. Record rates have been reported, and Thursday's Treasury market activity points to even lower rates in next week's reports.

Appeals Court Rules in Favor of VantageScore
A prior decision in favor of the VantageScore has been upheld by a federal appeals court.

Wells Settles Deceptive Marketing Allegations
Wells Fargo & Co. has reached an agreement with the state of Connecticut over payment-option adjustable-rate mortgages it inherited with its acquisition of Wachovia Corp. It's the third recent settlement related to Wachovia mortgages.

Supreme Court Review Sought in MERS Case
The attorney representing the borrower who lost his case attempting to block the Mortgage Electronic Registration Systems Inc. from filing foreclosures in California has filed a petition with the U.S. Supreme Court.

Mortgage Compliance Challenged in Court
In the war between borrowers and lenders, the latest litigation includes attempts to stop foreclosures and rescind mortgages well after they were closed. Lenders are being accused of violating federal mortgage requirements, and some borrowers claim they were never given the required disclosures.

Bankers See No Improvement Ahead in Production
Most bank lending officers surveyed last month didn't expect any improvement in residential originations during the rest of this year, though changing market conditions could change that consensus. A few banks have eased up on requirements for home-equity lines of credit, but nobody is making commercial mortgages any easier to get.

SunTrust Claims Former Employees Diverted Business
The mortgage subsidiary of SunTrust Banks Inc. has sued a group of former employees over allegedly diverting SunTrust business to their new employer before leaving SunTrust.

Early Stage Delinquency Deteriorates
The 30-day delinquency rate deteriorated last month even as the foreclosure rate eased.

Upgrade for Subprime Servicer
Recent acquisitions haven't hurt the servicer rating of Walter Mortgage Co.

Refis Boost Q4 Outlook
The latest economic forecast has second-quarter production by U.S. lenders $20 billion under last month's estimate. Government business was responsible for the revision. The good news is that the fourth-quarter outlook was raised -- mostly as a result of revived refinance expectations.

Improving Delinquency Trend Continues
More borrowers made good on their promises to make their mortgage payments on time.

Expanded Investor Program
Property investors seeking non-agency financing have more options.

Rush of NJ Foreclosures Expected
A ruling by an Ohio judge could have an onslaught of foreclosure filings hitting the state.

Ohio Affidavit Litigation
In Ohio, a settlement has been reached in a class action filed over affidavits, and another affidavit case filed by Ohio's attorney general is before the state's supreme court.

Foreclosure Costs by Party
A Congressional study puts the cost of a foreclosure at nearly $80,000. Impacted parties include mortgage companies, borrowers and communities.

Impac Production Gains Steam
After making investments in its production platform, Impac Mortgage Holdings Inc. saw its quarterly originations take off. The next chapter in the playbook calls for the company to establish an agency servicing portfolio.

LOS Acquisition Done
The developer of a loan-origination-system has been acquired, creating a service provider with a huge market share. But another firm hopes to increase its share of the LOS market by making its technology available on smart phones.

Mortgage Recruiting Insider
Mortgage employers are recruiting, though the numbers are small and the locations are spread out. More than a dozen Dallas positions are open, while two firms are recruiting in Southern California and another pair of companies have jobs open on the East Coast. An appraisal management company is hiring more than 150 new employees.

Repurchase Demands for Missing M.I. Coverage
Seller servicers face repurchase demands when mortgage insurance coverage isn't in place at delivery. A rise in mortgage insurance rescissions was cited for the policy.

Detroit Officials Fuming Over Foreclosure Sales
Officials in Detroit are fuming over the pace and prices of foreclosure sales by Fannie Mae and Freddie Mac.

124-Year-Old Bank Fails
A 124-year-old bank was taken over by federal banking regulators last week. More than $100 million in losses are expected from the institution's demise.

Big Industry Changes Since Record 2003
The mortgage sector is in new territory, one where interest rates sit at record lows and a refinance wave is building. While this year's home-loan production has no chance of nearing the record set in 2003, it is interesting to look at how the metrics have changed since then.

The Inside Story at Fannie and Freddie
The Federal National Mortgage Corp., or Fannie Mae, was created in 1938, while the Federal Home Loan Mortgage Corp., or Freddie Mac, was chartered by Congress in 1970. The mission of the two government-sponsored enterprises is to provide liquidity to the mortgage market.

Century-Old Brand Expands East
A mortgage firm originally established 124 years ago is expanding to the Eastern Seaboard. The company says that it is more friendly to loan originators than other employers.

Defendant Admits Role in Bid-Rigging Case
Another guilty plea has been made in a California case where real estate investors allegedly conspired to hold down bid prices on foreclosed properties then hold their own private auctions. In all, seven guilty pleas have been extracted.

Refi Activity Through the Roof
After nearly doubling last week, the number of borrowers inquiring about a refinance this week was up more than 40 percent. Spectacularly low mortgage rates were behind the burst in refinance activity.

Mortgage Market Index 470 for week ended Aug. 12

Fraudulent Originations Down
Suspected incidents of mortgage fraud reported by financial institutions were up by 5 percent last year. But the annual origination of fraudulent mortgages was down 29 percent.

Ginnie Residential Issuances Rise, CMBS Fall
For two consecutive months, the Government National Mortgage Association managed to lift overall securitization volume. Issuance weakened, however, for loans secured by apartment rental properties.

Big Week for BofA CEO
Bank of America Corp. Chief Executive Officer Brian Moynihan met with Treasury Secretary Tim Geithner and Federal Reserve Board Gov. Daniel Tarullo this week amid market turbulence that has shaken the bank's stock price.

Detroit Defies Deteriorating U.S. Mortgage Performance
Out of 30 major metropolitan areas, mortgage performance in just four has improved since the mortgage market collapse began. The Motor City outperformed all of its rivals.

Improved Pricing at United Guaranty
Improvements to mortgage insurance pricing were announced by United Guaranty Corp.

Mortgage Rates Slammed
On the heels of what was an incredibly good week for mortgage rates, a key indicator of current rates closed up more than 15 basis points on the day.

5 Worst Fraud Metros Same as Worst Foreclosure Areas
A quarterly report indicates that the five metropolitan areas with the highest risk of mortgage fraud are also the same five areas where foreclosure rates are the highest. Meanwhile, appraisal fraud has become less likely, and improving borrower quality is behind national stabilization in the risk of mortgage fraud.

Freddie's Survey Lags Other Indicators
Based on Treasury market activity and current pricing inquiries, 30-year mortgage rates should be sitting well below record levels. But Freddie Mac's latest weekly report reflects no such standing.

U.S. Foreclosures Improve, California Worsens
U.S. foreclosure activity was lower last month. But the numbers deteriorated in California.

Countrywide Among Issues Addressed by BofA CEO
The chief executive officer of Bank of America Corp. Wednesday addressed investor concerns, including concerns about Countrywide Financial Corp.

MBS Court Battles Continue
The battle rages on between disgruntled investors and the originators, underwrites and trustees of mortgage-backed securities. Amounts involved in MBS lawsuits range from hundreds-of-millions of dollars to billions of dollars.

30-Year Falls Below 4%
Another fantastic day in the bond market has the 30-year mortgage quote under 4 percent.

Servicers Continue to Cut Delinquency
Residential delinquency has turned in several quarters of declines, and the latest quarter was no exception. The outlook is for further improvement.

Administration Unveils REO Rental Proposals
The Barack Obama administration is seeking public comment on using repossessed homes as rental properties. Among proposals on the table are lease-to-own and borrower-to-renter programs.

Settlement, Subpoena at PNC
A settlement of nearly $0.2 billion was reached between investors and The PNC Financial Services Group Inc. Now PNC faces a subpoena about National City Corp.'s lending practices.

$0.5 Billion MBS Lawsuit
Federal regulators hit Goldman Sachs Group Inc., with a $491 million lawsuit, the fourth in a series of planned legal assaults on financial firms that marketed mortgage securities to large credit unions.

30-Year Headed Below 4%?
A Treasury rally could have the 30-year mortgage yield falling into the high threes.

CitiMortgage Realigns Management
The head of Citigroup Inc.'s mortgage business has announced a new lineup.

$125 Million Settlement on Option One Originations
A $125 million settlement was reached on Massachusetts loans originated by Option One Mortgage Corp. The agreement settles allegations of lending discrimination against minorities.

Some Mortgage Originators Report Rise
Record-low mortgage rates have business skyrocketing for some loan originators in North Carolina, though others have yet to see an improvement.

Comedy of Error in Foreclosure Case
Comedic reporting from The Daily Show's John Oliver provides a hilarious take on a painful public relations fiasco for Bank of America Corp.

BofA mistake becomes fodder for The Daily Show

Top HECM Wholesaler Title Changes
The monthly title of top-reverse wholesaler was wrestled away from MetLife, while the biggest-retailer ranking is headed for a change after a long period of being unchallenged.

Keystone Carcass Laid to Rest
KEYSTONE, W. Va. -- A $23 million settlement has been reached with auditors of failed First National Bank of Keystone. Following the death of its chief executive, documents were literally buried in a mountain to hide incriminating evidence on more than $0.5 billion in fraudulent mortgage assets.

GSE Bailouts Reach $170 Billion
Losses continued at Freddie Mac, leaving the company's regulator looking to the Department of Treasury for more capital to cover the deficit. The U.S. Government has spent $170 billion so far to keep Freddie and its bigger rival Fannie Mae out of the red.

AIG v. BofA Sinks BofA Shares
Bank of America Corp. shares have fallen below $7 amid continued concerns about the bank's mortgage-related woes. Among its concerns is a new $10 billion lawsuit over losses on mortgage securitizations.

MBS Spreads Widen as GSEs Downgraded
Following the downgrade to ratings on U.S. debt, ratings for Fannie Mae and Freddie Mac were downgraded -- driving the cost of mortgages up relative to Treasury yields. But the decline in Treasury yields has so far outpaced the widening spread -- leaving mortgage rates poised to set more records.

Refi Activity Nearly Doubles
Driven by a burst of new refinance activity, the U.S. Mortgage Market Index from Mortech Inc. and Mortgage Daily reached its highest level since launching. Behind the rosy performance were falling interest rates -- and market activity today suggests more improvement is ahead.

Mortgage Market Index 358 for week ended Aug. 5

Home Lending Tumbles
Residential originations by U.S. lenders fell nearly 20% in the second quarter, according to the Mortgage Lender Ranking from MortgageDaily.com. The biggest-three lenders fueled the decline, while business was less concentrated at the top.

Several Players Raise Originations
While the mortgage industry as a whole suffered a drop in quarterly originations, several mortgage bankers, including a commercial mortgage originator, reported improved production.

2 Banks Fall as Lawsuits Filed, Criminal Actions Lose Steam
Two banks failed this week, though related losses are expected to be under $200 million. Meanwhile, as more than $6 billion in civil lawsuits have been filed against officers and directors of previously failed institutions, criminal cases are getting nowhere.

Wells Agrees to $0.6 Billion Settlement With Bondholders
Payment-option adjustable-rate mortgages originated by World Savings are at issue in a nearly $0.6 billion settlement between Wells Fargo & Co. and Wachovia Corp. bondholders.

BofA Unit Sued by State of Washington
ReconTrust, a subsidiary of Bank of America Corp., has been sued by the state of Washington. The unit is accused of illegally foreclosing on thousands of borrowers during the last three years.

Bank Exec Denies Charges of $45 Million in Mortgage Fraud
A former executive of a failed bank in Washington state has denied charges that he masterminded a scheme to generate more than $45 million in fraudulent mortgages. Three other defendants -- including another executive, an underwriter and a processor -- are scheduled to appear in front of a judge this month.

HAMP Volume Down by Half from 2010
Compared to the same month last year, the volume of government mortgage modifications completed slid by more than half.

Despite PMI Fallout, United Guaranty Thriving
Just one day after the disclosure that PMI Mortgage Insurance Co. might not be able to stay in business, the parent of United Guaranty Corp. said that the company is thriving.

CMBS Delinquency at Record High
Two-month delinquency on loans included in commercial mortgage-backed securities grew last month. Driving the deterioration were securitized mortgages on industrial properties.

Fannie Bailout Surpasses $100 Billion
Following another quarter of multi-billion-dollar losses, government bailout expenses for the Federal National Mortgage Association exceed $100 billion.

Mortgage Employment Resumes Contraction
Following a surprise increase in mortgage industry headcount, monthly employment retreated. But employment strengthened across all U.S. industries -- likely putting an end to plunging mortgage rates for the time being.

Source: Citi Subpoenaed Over MBS
LOS ANGELES -- An anonymous source has indicated that the state of California has subpoenaed Citigroup Inc. over the issuance of mortgage securities.

Health Care, CMBS Lead Surge in CRE Originations
Quarterly commercial mortgage production has more than doubled over the past year and ascended to pre-crisis levels. Originations for commercial-backed securities and health-care financings led the improvement.

Ellie Cuts Losses, Grows Client Base
While the mortgage industry has seen originations decline this year, Ellie Mae has expanded its base of customers. Meanwhile, quarterly losses were lower.

Dire Warning from PMI
After more than three decades in business, PMI Mortgage Insurance Co. is warning that it might not be able to continue insuring mortgages.

LOs Admit to Reverse Mortgage Fraud
Three loan originators have pled guilty to using loan modifications to cover up mortgage fraud on more than $2.5 million in home-equity conversion mortgages.

Senate Bill Would Extend Super-Conforming Limits
Legislation introduced in the Senate would extend temporarily higher loan limits on conventional and government mortgages established during the heat of the 2008 financial crisis.

Record Low 30-Year Ahead
As the 15-year fixed-rate mortgage fell to the lowest level on record, up-to-the-minute data indicates that the 30 year has already smashed through its record-low set late last year and could fall below 4.10 percent in next week's report. The market movement is a boon for small originators who are poised to move quickly and capitalize on a potential refinance wave.

Correspondent Volume Exploding at PennyMac
By the end of this year, PennyMac Mortgage Investment Trust expects to be on pace to purchase more than $2 billion annually in correspondent business.

Foreclosure Litigation Journal
Among several recent decisions against mortgage servicers was one where the sheriff's office switched from mailing notices of foreclosure sale dates to posting them online -- leaving the servicer absent from the sale and generating a foreclosure sales price far less than the loan balance. Mistakes have often been involved in many cases lost by lenders.

BofA Pursing Separate Settlement
CHARLOTTE, N.C. -- A person familiar with the matter said Wednesday that Bank of America Corp. is negotiating a settlement primarily with five big states that could reduce loan balances for distressed borrowers in exchange for a release from legal claims.

Chase Hiring in Ohio
Several dozen mortgage production positions are being filled in Ohio by JPMorgan Chase & Co.

VA Releases Loan Limit Update
The Department of Veterans Affairs has released loan limits for the last quarter of this year.

Texas Lender Barred from FHA Lending
A Texas mortgagee has lost approval to make loans insured by the Federal Housing Administration and been ordered to pay more than $200,000 because of excessive defaults on its originations. It was the biggest civil money penalty assessed out of a recent batch of actions against FHA mortgagees.

Mortgage Interest Deduction Big Target for Deficit Hawks
WASHINGTON -- The deduction for mortgage interest, which cuts the country's tax revenues by more than $100 billion a year, disproportionately benefits wealthier borrowers -- making it a big target for lawmakers tasked with cutting federal spending.

Ally Originations Increase
After plummeting in the first quarter, Ally Financial Inc. was able to eke out a gain in originations. Rising repurchases hurt mortgage earnings, though company-wide income improved.

Positive Bankruptcy Trend Developing
As Americans move to increase personal liquidity, fewer are becoming bankrupt.

Hotel Delinquency Leads CMBS Deterioration
An increase of more than 100 basis points in the delinquency rate on securitized lodging loans helped fuel deterioration in overall commercial-mortgage backed securities performance. The bad news comes as secondary market conditions have worsened over the past couple months. But one category had an improvement of more than 50 BPS.

Correspondent Lender Expands Offerings
In an effort to reach out to more clients, a national correspondent lender has enhanced its product line with government and conventional renovation financing and loans for manufactured homes.

Acquisition Creates New Wholesaler
The acquisition of a California-based lender postures Carrington Mortgage Services LLC to launch a wholesale lending channel.

Lender Doubles HECM Originations Despite Industry Decline
The volume of federally insured reverse mortgage closings was lower last month, though a few originators bucked the trend. Despite its intention to exit the reverse mortgage business, the biggest reverse lender increased originations, while a Georgia-based company more than doubled its business.

BB&T is Best Servicer
Branch Banking and Trust Co. has been ranked by borrowers as the best of the biggest mortgage servicers. But the bank and its peers have seen deterioration in customer satisfaction over the past year.

Quicken Among Few Lenders to Turn Up Production
Quicken Loans Inc. joined a short list of companies to report a quarter-over-quarter increase in originations.

Chicago Ordinance Disrupts Lending
If adopted across the country, an ordinance that has been passed by the city of Chicago could raise loan costs, eliminate non-agency production or prompt more stringent credit requirements for borrowers on securitized loans in the impacted areas. The ordinance is likely to be quickly challenged.

Record MTA Despite Rise in 1-Year Treasury
The daily average yield last month for the one-year Treasury note turned higher, though it wasn't enough to stop the Monthly Treasury Average from reaching a new low.

10-Year Falls to Lowest Level Since Last Year
The yield on a benchmark for mortgage rates fell to the lowest level since 2010.

Wave of CRE Defaults Ahead
As more than a trillion dollars in commercial mortgages come due during the next few years, investors are seeking a safer place to put their money -- leaving borrowers on these loans in a tough spot. What little capital is available is going to the lowest-risk projects.

Agency Issuance Eases
A jump in the issuance of government mortgages wasn't enough to offset a drop in conventional issuance last month.

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