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December 2017 Archive


Mortgage Firms Make C-Suite Changes
Among several recent C-Suite appointments at mortgage companies have been chief financial officer, chief risk officer and chief marketing officer. A pair of government-sponsored enterprise executives have been recognized among America's most powerful.

VA Clarifies Use of 3rd-Party Verifications
Requirements for utilizing third parties to verify information on government-guaranteed residential loans to veterans have been clarified.

Hensarling on Short List of CFPB Director Prospects
Rep. Jeb Hensarling (R-Texas) is on a short list of prospects being considered by President Donald J. Trump to run the Consumer Financial Protection Bureau.

6-Year High for Hybrid ARMs
Mortgage rates moved higher this past week and month. It has been more than six years since rates on hybrid adjustable-rate mortgages have been as high as they were this week.

Japanese Firm Acquires Major Nationstar Investor
An investment firm with a major stake in Nationstar Mortgage LLC has been acquired by a Japanese firm with investments in giant global organizations.

Mortgage App Defects Elevated from Year Ago
Defects in single-family loan applications remain substantially higher than one year ago. But defects have more recently stabilized and are likely to remain stable.

Originations Hold Up at Churchill Mortgage
New quarterly business was slightly better at Churchill Mortgage Corp. But the number of people on the payroll and the balance of loans serviced diminished.

HMDA Tools Available Online
Three new tools that are part of the online platform for reporting data required by the Home Mortgage Disclosure Act are now available.

CMBS Delinquency Down Except Hotels
The successful resolution of commercial real estate loans securitized in 2006 was behind a drop in delinquency. But hotel loans didn't participate in the improvement.

Stearns Lending Founder's Home Sells for $20 Mil
The founder of Stearns Lending LLC has sold his home located in a wealthy Orange County, California, enclave for nearly $20 million.

Continuing Gains in Home Price Indices
Multiple home price indices indicate that monthly values continued to rise in October. The strongest increases are no longer limited to the West. But one estimate has a decline for November.

RBS Reaches Settlement on RMBS
The Royal Bank of Scotland has agreed to settle allegations that it misled pension funds about the risk involved in the investment of residential mortgage-backed securities.

Trump Tweet Cited in CFPB Leader Lawsuit
A posting by President Donald J. Trump to his Twitter account was cited in a federal lawsuit over control of the Consumer Financial Protection Bureau.

Mortgage Lates Up at Banks, Foreclosures Down
While quarterly delinquency on residential loans owned by banks moved higher, the number of foreclosures started and completed diminished.

Up Tick in FHA Business, Delinquency Worsens
Government-insured mortgage production was up from the preceding month but was down from a year ago. Delinquency deteriorated on both a month-over-month and year-over-year basis.

Mortgage Bankers Lift 2018, 2019 Purchase Forecast
Mortgage bankers have nudged up their expectations for purchase financing during 2018 and 2019. But next year's outlook for refinance production diminished.

New Home Sales at 10-Yr High, Supply at 16-Mth Low
Led by the West, new home sales soared to the highest rate in more than a decade. But the supply of new homes for sales has fallen to the lowest level in 16 months.

CFPB Eases New HMDA Requirements
New requirements for reporting loan activity under the Home Mortgage Disclosure Act have been somewhat relaxed by the Consumer Financial Protection Bureau.

ARM, Cashout Share Continue to Widen
While weekly new mortgage activity turned lower ahead of Christmas, there was a year-over-year gain. The share of prospective borrowers extracting cashout or opting for an adjustable-rate mortgage continued to grow.
Weekly mortgage business retreats ahead of Christmas
2017 High for Freddie's New Biz, Delinquency Spikes
After ascending to the highest level this year, monthly secondary activity moved even higher at the Federal Home Loan Mortgage Corp. Serious mortgage delinquency, however, deteriorated.

Rise In Mortgage Rates Could Continue
Interest rates increased last month and were also higher this week. Short-term and long-term predictions have further rate increases ahead.

Treasury, FHFA Reach Deal for GSE Capital Buffer
An agreement has been struck for the government-sponsored enterprises to maintain a small capital buffer. While the modifications addresses immediate concerns, lawmakers need to come up with a long-term housing finance solution next year.

Hurricane Spike for Serious Mortgage Delinquency
Despite a small improvement in the foreclosure rate, overall mortgage delinquency jumped as the hurricanes took a toll. Serious mortgage delinquency rose more than in any month since the financial crisis.

Mortgage Credit More Flexible Than Year Ago
Compared to a year ago, average credit scores have declined, average loan-to-value ratios have increased and average debt-to-income ratios have risen. Closing ratios have deteriorated, but turnaround was faster.

New 8-Year Low for CMBS Delinquency
After falling to the lowest level in more than eight years, the rate of delinquency on securitized commercial real estate loans took another tumble. Office loans led the decline.

Feedback Sought For Credit Score Changes at GSEs
People in the mortgage industry are being invited to give their thoughts about changing credit score models that are utilized by the government-sponsored enterprises.

Hirings Planned for Movement Mortgage
Expansion plans for Movement Mortgage LLC's headquarters has the fast-growing company adding hundreds of new employees in the upcoming years.

Decade-High Existing Home Sales, Record Low Supply
Last month's rate of pre-owned home sales climbed to the highest level in more than a decade, with the Midwest leading the month-over-month gain. The supply of homes fell to a record low.

Mortgage Apps Drop But Refi Share Widest in 1 Year
With applications for loans to finance a home purchase leading the way, weekly mortgage application activity moved lower. Refinance share, though, was the widest it's been in a year.

Mortgage Credit Risk Dips from Prior Quarter
On a quarter-over-quarter basis, mortgage lenders have reduced the amount of risk they took. But there was an increase from a year earlier as refinance share retreated.

Fannie Updates Lending Requirements
The Federal National Mortgage Association has made changes to its policies on frozen credit reports, premium pricing and Texas home-equity loans.

New Construction Up, Permits & Completed Const Off
Despite weakening housing permits and completed construction, new construction rose last month. In the West, new construction soared as completed construction plummeted.

Serious 2nd Mortgage Delinquency Soars
A modest improvement was reported for the rate of serious delinquency on first mortgages. But the rate took an ugly turn on second mortgages.

Wells Fargo Names New Consumer Chief
A new consumer lending chief at Wells Fargo & Co. will now oversee 115,000 employees and the biggest mortgage originator in the country.

Wholesaler, Bank and Credit Union Fail
Over the past month, mortgage-related businesses to close or fail include a bank, a credit union and the wholesale division of a large bank.

PHH Unit Sold to Guaranteed Rate
PHH Corp. has sold off one of its operating units in a transaction that generated an estimated nearly $100 million in gross proceeds.

3-Year Home Purchase Financing Forecast Lifted
The three-year forecast for the origination of loans to finance single-family property purchases has been increased by nearly $50 billion.

Former Exec Sues Guaranteed Rate
A former executive who was sued by Guaranteed Rate Mortgage has counter-sued the company alleging senior executives manipulated gain-on-sale revenues to avoid paying him the full amount owed to him.

18-Year High for Home Builder Confidence
The nation's home builders have grown more confident than at any time since Bill Clinton was president. Deregulation was cited as one factor for the optimism.

Freddie Takes Steps to Ease Affordable Housing Crisis
Steps being taken by Freddie Mac to address the affordable housing crisis include making more financing available for single-family homes, manufactured housing and rural properties.

Mortgage Banking Exec Indicted for Warehouse Fraud
An executive who handled warehouse advances for a mortgage banker in the Empire State has been indicted and arrested. The company collapsed amid warehouse-related litigation.

Surge in GSE Refinances, HARP Down
The monthly number of government-sponsored enterprise mortgages refinanced turned sharply higher even as government-supported refinances fell to a new low.

Major IRS Glitch Could Delay Closings by Months
A change in the technology utilized by the Internal Revenue Service has created a glitch in a system used by home lenders that could end up delaying mortgage closings by months.

Upcoming Holidays Eat Into Weekly Mortgage Biz
As the heart of the holiday season approaches, new mortgage business is beginning to erode. Government activity was most impacted by the deceleration.
Government activity hurt most
Mortgage Brokers Operated AMC to Influence Values
The owners of a Chicago-area mortgage brokerage are accused of operating an appraisal management company in order to influence appraised values on fraudulent loans.

Investment Firm Taking Stake in Guaranteed Rate
An investment firm with interests in firms like Black Knight Inc., ServiceLink Holdings LLC and Ten-X LLC is taking a stake in Guaranteed Rate Inc.

PHH Fined Over $100k On Vacant Property
PHH Mortgage Corp.'s failure to follow state requirements for vacant real-estate-owned assets in the Empire State will cost it more than $100,000.

Mortgage Rates Hold Despite Fed Move, Could Drop
Despite a broadly expected rate increase from the Federal Reserve Board's Federal Open Market Committee, fixed mortgage rates were little changed. But a decline could be in the offing.

Bogus Impac Mortgage CEO Emails Sent to Consumers
Consumers have received emails from someone claiming to be the chief executive officer of Impac Mortgage Corp. and requesting money in order to receive a loan. But the messages are fraudulent.

Dozens of Mortgage Conferences Scheduled for Q1
Dozens of mortgage-related events scheduled for the first-three months of 2018 will cover a range of topics including secondary marketing, servicing and women in real estate finance.

Banks Among Firms Acquiring Mortgage Bankers
Several mortgage banking firms are being acquired, including two that are being picked up by banks. Two smaller Louisiana firms are merging, while a significant player is being purchased by another.

Mortgage Vendor Search Engine Launched
A new search engine has been launched for people in the mortgage industry to find vendors that offer a variety of services to the sector.

Tax Bill Progresses, Mortgage Deduction Compromise
An agreement on tax reform has been reached between House and Senate Republicans that includes a compromise on the mortgage interest deduction.

13-Year Low Predicted for Mortgage Delinquency
Mortgage delinquency is predicted to fall to a 13-year low next year, while the origination of home-secured credit lines over the next five years is expected to double.

Mortgage Apps Drop, Refi Share at Nearly 1-yr High
Even though a decline was recorded for weekly mortgage applications, the share that were for refinances was the widest it's been in nearly a year. Jumbo rates suggest investors seek more jumbo product.

Day 1 Certainty Cuts Loan Origination Turnaround
Mortgage bankers that utilize the Federal National Mortgage Association's Day 1 Certainty can cut there turnaround by as much as a third.

Acquisition to Lift Wintrust Production by $1 Bil
The acquisition of a mortgage banker that specializes in home loans to veterans will boost Wintrust Mortgage's annual originations by nearly $1 billion and its servicing portfolio by more than $1 billion.

Pricing Engines Improved, Integrated & Implemented
As developers of mortgage product and pricing engines improve their technology and integrate with other service providers, they are gaining new clients.

Calif Hits Another Lender for Interest Overcharges
For the second time this month, a mortgage lender has agreed to settle allegations by the Golden State of illegal  interest charges. The latest settlement also resolves charges of unlicensed servicing.

Hurricanes Push Up Mortgage Delinquency
Despite hurricane-related deterioration in the rate of mortgage delinquency, the rate of serious delinquency and foreclosures stand at the lowest level in decades.

Loan Origination Systems Enhanced, Adopted
Enhancements to a loan origination system have thrust a technology provider into the fastest-growing club. One LOS developer has integrated the services of two mortgage insurance companies, and two have scored new clients.

15-Month High for Ginnie's HMBS Issuance
Although overa1l issuance eased at the Government National Mortgage Association, issuance of reverse mortgage securities was the highest it's been in 15 months.

New American Funding Among Best OC Employers
In Orange County, California, New American Funding was recognized as one of the best employers. The company's chief executive officer talked about their success.

Weekly Mortgage Business Strengthens, Gov Leads
New mortgage activity turned sharply higher last week. While government-backed programs had the largest gains, rate-term refinance business reached a 10-month high.
Rate-term refinance activity at 10-month high
Service Providers Help With Mortgage Compliance
A regulator is helping lenders prepare for upcoming changes to Home Mortgage Disclosure Act reporting. Two mortgage firms are utilizing service providers to help them with quality control.

IBERIABANK Settles FHA False Claims Lawsuit
A lawsuit alleging that IBERIABANK Corp. made false claims on residential loans that are insured by the Federal Housing Administration has been settled for nearly $12 million.

Trump Denies Reports of Going Easy on Wells Fargo
The president is firing back at reports his administration will drop fines and penalties against Wells Fargo & Co., suggesting they could even be increased.

Mortgage Staffing Drops Despite Strong Jobs Report
Although U.S. employers in all industries saw robust hiring last month, the latest statistics for the mortgage industry indicate that staffing contracted again.

15-Year Mortgages Lead Rates Higher
Weekly interest rates on single-family loans moved higher, with 15-year rates taking the biggest hit. The spread between adjustable and fixed rates has recently thinned, pushing more borrowers into fixed rates.

FHA Raises Loan Limits for 2018
As was the case recently for conventional conforming loan amounts, loan limits on forward and reverse mortgages insured by the Federal Housing Administration have been boosted for next year.

FHA to Stop Financing Properties With PACE Loans
The Department of Housing and Urban Development will no longer allow financing on properties where energy efficient improvement liens will remain in place.

Diminished Mortgage Deduction Has Few Opponents
Aside from the real estate industry, there are few economists who oppose Republicans' plans to greatly diminish the benefit of the mortgage interest deduction in their tax proposal.

Ginnie Limits VA Refinances to Address Churning
The Government National Mortgage Association has imposed restrictions on refinances of home loans guaranteed by the Department of Veterans Affairs.

New Post-Crisis High for Mortgage Credit Conditions
Home lenders were more flexible with loan approvals last month than at any time since the financial crisis. Jumbo conditions eased most as investor offerings expanded.

TV Ad Seeks to Stop Mulvaney from Gutting CFPB
A television advertisement being run by a group that has the support of Sen. Elizabeth Warren (D-Massachusetts) seeks to stop the Trump administration from gutting the Consumer Financial Protection Bureau.

Jumbo, Reverse and Nonprime RMBS Issuance to Rise
Issuance of residential mortgage-backed securities filled with jumbo mortgages, nonprime loans and reverse mortgages is forecasted to rise next year, while credit standards are likely to ease.

Servicing Expands, Origination Up at Caliber
Quarterly mortgage originations increased at Caliber Home Loans Inc., as did the size of its servicing portfolio. But the company reduced its payroll by nearly 200 people.

FHA Endorsements Down, Delinquency Up
New monthly business at the Federal Housing Administration turned lower and is likely to recede even further. Reverse mortgage applications exploded ahead of premium changes. FHA delinquency deteriorated.

Mortgage Apps Accelerate, Refi Share at 3-Mth High
Mortgage applications took off this past week, with refinances leading the way. As refinance share widened to a nearly three-month high, adjustable-rate share was at an almost 11-month low.

Senate Committee Passes Regulatory Reform
A bill that would reduce regulation for smaller financial institutions and make it easier for consumers to get mortgages has been passed by a key Senate committee.

Office Loans Lead Drop In CMBS Delinquency
Loan performance on securitized commercial real estate loans improved for the fifth consecutive month, with office loans faring best. But the holiday season isn't being kind to retail.

Nationstar Settles Alleged Interest Overcharges
Nationstar Mortgage LLC has agreed to a more than $9 million settlement that resolves allegations it overcharged borrowers for interest and collected illegal fees.

CIT Settles With Ocwen
The banking subsidiary of CIT Group Inc. has agreed to settle claims by the servicing subsidiary of Ocwen Financial Corp. that it should have been reimbursed for servicing errors.

Flood Insurance Program Set to Expire Friday
The real estate industry is concerned that a possible lapse in the National Flood Insurance Program could roil real estate markets in flood-prone areas.

Consumer Bankruptcies Rise From Year Earlier
While the number of consumers who sought relief from their liabilities improved on a month-over-month basis, consumer bankruptcies turned higher from a year ago.

Wave of Mortgage Executive Appointments
From the board room to the C-Suites to the executive suites, home lending organizations have recently been busy appointing, recruiting and promoting new leaders and directors.

Guaranteed Rate Sues Former Executive
A lawsuit has been filed against a former executive of Guaranteed Rate Mortgage for allegedly conspiring to recruit a group of employees for a rival.

Pacific Union Adding Hundreds of Texas Jobs
Hundreds of new jobs planned for a new location in Texas will generate hundreds of thousands of dollars in tax and fee rebates for Pacific Union Financial LLC.

Ocwen Agrees to Settlement With Investor
A settlement has been reached between Ocwen Financial Corp. and an investment fund that is located in the Northeast.

Monthly HECM Endorsements Increase
Federally insured reverse mortgage production moved higher both on a month-over-month basis and on a year-over-year basis.

Refis Lead Recovery in Weekly Mortgage Business
New residential lending activity during the past seven days took a big leap from the holiday week. Leading the week-over-week improvement was surging refinance business.

Mortgage Market Index up from Thanksgiving week
Fannie's Multifamily Lates Climb to 7-Month High
Monthly secondary marketing activity at the Federal National Mortgage Association turned lower. In its commercial business, delinquency deteriorated on apartment loans.

Walter Investment Files Bankruptcy
Walter Investment Management Corp. has filed for bankruptcy as expected. The company hopes to wipe out nearly $1 billion in outstanding debt.

8-Year Low for CMBS Delinquency
A big drop in late payments on securitized commercial real estate loans left the rate at a more than eight-year low. Hotel loans had the largest decrease.

Wells Fargo Could Face OCC Cease-and-Desist Order
Wells Fargo & Co. has reportedly been warned by the Office of the Comptroller of the Currency that it could face a cease-and-desist order for bad home and auto lending practices.

Freddie Leads Agency MBS Issuance Higher
Freddie Mac was out front of a month-over-month ascension in the issuance of agency mortgage-backed securities. It was a different story for Ginnie Mae.

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