Market Data

Browse articles from all of our Newsletters related to Market Data.

September 30, 2014 - IMFnews

Higher-Priced Mortgage Lending on the Rise?

While higher-priced lending is on the rise, pricing on these originations isn’t nearly as high as it was in the subprime boom.


September 29, 2014 - Inside the CFPB

Credit History, DTI Issues Outpace Collateral for Purchase Denials

Credit history and debt-to-income outpaced collateral as the primary contributors to mortgage application denials in the purchase-loan segment in 2013, according to an analysis by Inside the CFPB of the latest Home Mortgage Disclosure Act data released last week by the CFPB and the Federal Financial Institutions Examination Council. It was a much closer horse race in the refinance space, but then again, collateral is always more of an issue for refis. Credit history was identified as the cause of denial for 26.3 percent of applications last year in FHA/VA purchase mortgages, followed by DTI at 23.3 percent, with collateral registering only at 12.4 percent. Things were a little more competitive in the conventional home purchase loan space. There, credit ...


September 29, 2014 - Inside the CFPB

Republicans Pounce on GAO Report On CFPB’s Huge Data Collection

Members of the Senate and House Grand Old Party wasted no time in seizing upon a new report from the Government Accountability Office that confirmed the huge scope of the CFPB’s data collection initiative and cited weaknesses with data security and privacy. “The CFPB’s massive data collection effort is an unwarranted, unwelcome intrusion into the private financial lives of millions of Americans,” said Senate Banking, Housing and Urban Affairs Committee ranking member Mike Crapo, R-ID, who requested the study. “This GAO report confirms what the bureau would not – that it has been collecting information on up to 600 million American financial accounts, and it does not have the proper safeguards in place to protect the information it is collecting,” he ...


September 29, 2014 - IMFnews

An MBS Program on Fire: Ginnie Mae

The Ginnie II program now accounts for up about 98 percent of new agency issuance.


September 29, 2014 - IMFnews

Ginnie Mae Tops Among Agencies in Financing Minorities

Fannie, Freddie and Ginnie All saw most of their business come from borrowers earning less than $150,000 per year.


September 26, 2014 - Inside FHA Lending

Downturn Avoided with $518M in New HMBS

Issuers of securities backed by Home Equity Conversion Mortgages created $518 million in new HMBS pools during August, the third largest monthly HMBS issuance this year and the latest month for which HMBS issuance data was available. August’s new issuance total was up slightly from July’s $507 million, according to New View Advisors, which advises financial services clients on capital markets, product development and investment strategies. Ninety-one pools were issued, consisting of 46 original issuance and 45 tail pools. Original HMBS pools are created when a pool of FHA-insured reverse mortgages is securitized for the first time. Tail HMBS issuances are HMBS pools created from the uncertified portions of HECMs that have already had their original HMBS issuance. Tail issuances accounted for about $140 million. Beginning with FY 2014, HECM principal limits were ...


September 26, 2014 - Inside FHA Lending

FHA’s QA Draft Addresses Enforcement Concerns

Obama administration officials and federal regulators met recently with mortgage industry representatives to discuss lender overlays and other obstacles preventing borrowers with slightly tainted credit and first-time homebuyers from obtaining a mortgage. Neither administration officials nor industry participants, however, spoke on or off the record about the things that were discussed during the Sept. 17 meeting at the White House. It was also unclear whether both sides have agreed on any solutions to the issues that lenders say are preventing them from lending. Sources, however, said one major issue is lenders’ uncertainty about their legal responsibilities and liabilities, which already have cost the industry billions of dollars in massive legacy settlements. Lenders have complained that even the slightest loan paperwork error could force them out of the ...


September 26, 2014 - Inside FHA Lending

Ginnie Mae AE Discusses Other Issuer Pitfalls

Approved issuers must ensure that loans have the requisite federal insurance or guarantee before bundling them for securitization, cautioned Ginnie Mae. Loans that fail Ginnie’s “loan matching” review will be tagged as “uninsured” and will not be accepted for securitization, according to John Kozak, a Ginnie Mae account executive and a panelist at a conference sponsored by the agency this week. Ginnie Mae uses loan matching to screen for mortgages that may have been endorsed on paper but have not been actually insured or guaranteed by either the FHA, VA or the Department of Agriculture’s Rural Housing Development. Every month, Ginnie Mae takes a certain lender’s entire mortgage portfolio and throws it up against the agency’s insured/guaranteed database in search for loan mismatches. To do this, the agency uses “two-string match” criteria, which consist of a ...


September 26, 2014 - Inside FHA Lending

GNMA to Tighten Supervision of Issuers

Ginnie Mae has unveiled new plans for issuer standards as well as steps to boost liquidity in the mortgage servicing rights (MSR) market. Agency officials at a summit hosted by Ginnie Mae this week in Washington, DC, said both actions are designed to avoid issuer failures and to preserve residential mortgage servicing as an economically viable activity and MSRs as an attractive asset class. The officials said changes will be made to Ginnie’s mortgage-backed securities program to support the agency’s transformation from a pre-crisis bank-driven government MBS program to a post-crisis program where non-depositories and smaller financial institutions play a much bigger role. By the middle of next year, approximately a third of Ginnie MSRs will have changed hands over the previous four years, agency officials said. Many of the new owners of the servicing rights are ...


September 26, 2014 - IMFnews

What We’re Hearing: How Long Can Regulators Keep ‘Baby-Proofing’ the American Mortgage Market? / Non-QM Lending is a $50 Billion Market. That’s All? / Citadel Has Little or No Competition / Ocwen-Wells MSR Deal Imminent… Not

In other words, mortgage banking is now supposed to be a “sure thing” where no one – and we do mean no one – takes on risk or fails. Ever.


September 26, 2014 - IMFnews

The Federal Reserve Continues to be the Hog at the MBS Trough

At the top of the heap was the Federal Reserve, which boosted its agency MBS portfolio by 3.8 percent during the second quarter.


September 25, 2014 - IMFnews

Home Mortgage Debt at Its Lowest Level Since 1Q 2006

The increase in mortgage debt outstanding in the third quarter of 2013 increasingly looks like an aberration rather than a turning point.


September 24, 2014 - IMFnews

Mortgage Brokers Originate Slightly Riskier Loans, At Least on Agency Products

Broker originations also had a significantly larger average loan amount, $230,082, than the other channels.


September 23, 2014 - IMFnews

Short Takes: Mortgage Industry Shrinks but Not by Much / Can It Be? Final Risk Retention Rules? / Treasury’s Experiment in Non-Agency MBS / October Non-QM Launch for Ethos / JPM Removed From Virginia Lawsuit

It appears that Ethos Lending will enter the non-QM market come October...


September 22, 2014 - IMFnews

Secondary Market Sales of Mortgages Rebounded in 2Q but Down Considerably From Last Year

On a year-to-date basis, mortgage sales were down 63.6 percent from the first half of 2013.


September 19, 2014 - IMFnews

What We're Hearing: Do Banks Really Hate Mortgages? / Stearns Hires Former BofA Retail Honcho / Do the GSEs Really Need Capital? / A Bad NPL Experience?

Commercial banks hate mortgages. No, they don't. Yes, they do. No they don't. Yes, they do...


September 18, 2014 - IMFnews

Purchase-Money Market Share at its Highest Level in 19 Years

The biggest chunk of purchase business for the GSEs were loans ranging from $200,000 to $300,000, which accounted for 29.4 percent of their business.


September 16, 2014 - IMFnews

Subservicing Growth Ebbs, but Prospects Still Look Bright

Dovenmuehle and Cenlar have long dominated the sector, but a growing number of small and midsized players have made inroads in recent years.


September 15, 2014 - IMFnews

Bank First-Lien Portfolios Continue to Grow, Including Agency Loans

Among the four largest holders of first liens, only Bank of America decreased its portfolio in the second quarter.


September 12, 2014 - Inside FHA Lending

FHA FRM Lending Propels Overall Volume in 2Q

FHA single-family loan production picked up in the second quarter thanks to a surge in fixed-rate mortgage lending, according to an Inside FHA Lending analysis of agency data. A 15.2 percent increase in FHA fixed-rate volume helped propel overall FHA originations in the second quarter, which rose 16.0 percent from the first quarter. Adjustable-rate lending also was up 32.3 percent over the same period. FHA purchase originations increased 20.6 percent, while FHA-insured refinances rose by only 4.3 percent. On the other hand, conforming-to-FHA refinances were down 4.5 percent from the first quarter. FHA baseline lending (below $417,000) saw volume rise 17.6 percent, while FHA-jumbo loan amounts up to the statutory high-cost loan limit increased by 6.2 percent. On the other hand, the volume of jumbos exceeding ... [1 chart]


September 12, 2014 - Inside FHA Lending

FHA Lending Back on Track with <680 Score

The average FHA credit score in the second quarter of 2014 continued to decline from the record highs of 2011, but remains well above the levels preceding the mortgage and credit crisis, according to FHA’s latest report to Congress on the state of the agency’s Mutual Mortgage Insurance Fund. The FHA’s second-quarter average credit score of 680 was 3 points below the previous quarter’s score and 13 points below the score during the same period last year. The report’s data suggest that FHA has accomplished its goal of shifting its market share to the 620-679 credit score bucket consistent with its target market while ceding its share of loans with scores exceeding 720 to the private MI sector. The last time borrowers’ average credit score hit 680 was in the second quarter of 2009. FHA officials said they are working to have 75 percent of the FHA lending in the ...


September 12, 2014 - Inside FHA Lending

MMIF in Negative Cash Flow in 2Q14, Says Report

The FHA Mutual Mortgage Insurance Fund account balances fell by $0.5 billion during the second quarter of 2014 to $45.3 billion due to higher claim payments and property expenses. Observers, nonetheless, remain optimistic the fund will return to full stability in 2015 with no further change in the mortgage insurance premium charged to borrowers. The MMIF’s total balances peaked at $48.4 billion in the third quarter of 2013 and then slipped gradually over the last three quarters, according to data in the FHA’s latest report to Congress regarding the financial health of the Mutual Mortgage Insurance Fund. Total revenues from premium collections, property sale, and note sale proceeds were $4.3 billion, while $5.1 billion was paid to cover claims and property expenses in the second quarter. This resulted in a negative$821 million cash flow in the quarter, the smallest outflow since ...


September 12, 2014 - IMFnews

What We're Hearing: A Mortgage M&A (Mini) Tidal Wave? / A Vendor Shakeup as Well? / 34 LOS Vendors? / It’s Hard Breaking Into Subservicing / Walter, the Best of the Three / The CFPB Wasn’t Even There!

The days of the megabanks – Wells Fargo, JPMorgan Chase and Bank of America – buying mortgage companies (of any size) are over. Never again. Right?...


September 11, 2014 - IMFnews

Short Takes: Altisource Unveils Broker Launch / If You Had Bought MGIC Stock Two Years Ago… / UGI and Other MIs Offer Rescission Relief / The ‘Jumbo Three’

Altisource Portfolio Solutions has rolled out a new operating platform for brokers, table funders and third-party vendors.


September 11, 2014 - IMFnews

2Q Jumbo Production Had Better Growth Than Overall Market

Lenders financed $11.9 billion of conforming-jumbo mortgages – loans greater than $417,000 – through Fannie, Freddie and the FHA during the second quarter.


September 10, 2014 - IMFnews

Banks Increased Holdings of Residential MBS in 2Q, Thrifts See a Reduction

Although the Federal Reserve has tapered its agency MBS purchases significantly, the central bank continued to grow its holdings during the second quarter.


September 9, 2014 - IMFnews

Richey May: Origination Market May be Looking Up

The advisory firm based its findings on the operating results of 37 independent mortgage banking companies across the U.S.


September 8, 2014 - IMFnews

‘Loans Serviced for Others’ Continue to Fall at Depositories

A number of banks have been motivated to reduce their MSR holdings because of concentration limits imposed by the emerging Basel risk capital rules.


September 5, 2014 - IMFnews

What We’re Hearing: Good, Let the Banks Get Out of Mortgages / Quicken Loans Comes on Strong / Can JPM Even Compete with Quicken? / Who Might Buy Ocwen, Nationstar? Anyone? / Carrington Expands in the Midwest / Dovenmuehle Who?

Does JPM's Jamie Dimon really care about the mortgage business? Or is he in it for the CRA credits?


September 5, 2014 - IMFnews

Mortgage Banking Employment Increased in July, but Brokers Cut Jobs

There are signs of life in mortgage hiring, depending on the job description. Firms looking to increase staff levels include the lending arm of Bayview Asset Management, Citadel Loan Servicing and Carrington Mortgage Services.


September 5, 2014 - IMFnews

Agency MBS Issuance Edged Higher in August, Freddie Seized a Bigger Market Share

Mortgage lenders securitized $90.95 billion of single-family MBS through the GSEs and Ginnie Mae during August – the biggest monthly volume since September 2013, according to IM&A.


September 4, 2014 - IMFnews

Conventional Market Grew Slightly Faster in Second Quarter, FHA the Laggard

When it comes to new originations, the laggard in the government-insured group has been the FHA program.


September 3, 2014 - IMFnews

FHA Originations Up 16 Percent in Second Quarter, Quicken the Top Dog

JPMorgan Chase, whose chairman and CEO Jamie Dimon has contemplated leaving the FHA program, originated $1.14 billion during the first half, a 55 percent decline from a year ago.


September 1, 2014 - Inside the CFPB

Incorrect Collection Attempts Dominate Debt Collection Gripes

The debt collection industry still has plenty of work to do in terms of correcting its collection attempts against delinquent borrowers, according to a new ranking and analysis by Inside the CFPB. “Incorrect collection attempts” were far and away the leading consumer complaint about the industry submitted to the CFPB, with more than 12,000 such gripes filed, nearly 40 percent of all debt-collection criticisms, the analysis found. (See chart on page 7.) The biggest offender in this regard was Encore Capital Group, with 925 such complaints. MNE Services Inc., on the other hand, had the lowest number of gripes in this area, 19, among the top 50 companies in the ranking. “Communication tactics” ranked second among types of consumer complaints ...


September 2, 2014 - IMFnews

FHA Lending to Low FICO Score Borrowers Increases

The study’s findings challenge certain beliefs about FHA lending, namely that high insurance premiums, lender overlays and low credit scores are denying many qualified borrowers access to the program.


September 2, 2014 - IMFnews

Credit Suisse Issues Complex Jumbo MBS, New Penn a Major Contributor

The top contributors to the deal are New Penn Financial with a 23.1 percent share, EverBank Financial with 20.3 percent and Quicken with 19.8 percent.


September 2, 2014 - IMFnews

Jumbo Originations Bounce Back in 2Q; Share of Total Production Soars

Union Bank and First Republic Bank are the only banks in the top 10 to focus a large majority of their originations on jumbos.


August 29, 2014 - Inside FHA Lending

Around the Industry

Revised HUD/VA Addendum to the Uniform Residential Loan Application. On July 30, the FHA has posted on its HUDCLIPS website a revised Addendum to the Uniform Residential Loan Application (Form HUD-92900-A/VA Form 26-1802). This form is used for both FHA and VA mortgage originations.The Department of Veterans Affairs has updated its form to clarify what constitutes a valid marriage for the purpose of obtaining VA benefits. Although the changes to the form do not apply to FHA-insured mortgages specifically, lenders should begin using the revised form for new FHA mortgage originations as soon as possible, the FHA recommended. Processing Request for Execution of VA Quitclaim Deeds. The Department of Veterans Affairs has issued guidance (Circular 26-14-19) for handling of requests for execution of quitclaim deeds. A quitclaim deed is a legal document that is used to transfer a person’s rights to real estate to ...


August 29, 2014 - Inside FHA Lending

Over $65B in FHA Loans Securitized in 1H14

An estimated $65.5 billion of FHA-insured mortgages, excluding reverse and modified loans, were included in Ginnie Mae mortgage-backed securities issued during the first six months of 2014, according to an Inside FHA Lending analysis of agency securitization data. Ginnie Mae FHA MBS issued during the first half of the year nearly matches the total number of new FHA loans originated over the same period (see related chart, p. 4-5). FHA purchase home mortgages served as collateral on 76.3 percent of Ginnie Mae MBS issued over the six-month period, while loans to first-time homebuyers accounted for 63.0 percent of Ginnie MBS issued during the period. The FHA loans in Ginnie pools over the last two quarters showed an average FICO score of 681, a loan-to-value ratio of 92.5 percent and an average loan amount of $169,093. Except for fifth-ranked Freedom Mortgage, the rest of the top five ... [1 chart]


August 29, 2014 - Inside FHA Lending

FHA Volume Drops in First Half of 2014

FHA loan volume continued to decline in the first half of 2014 despite continuing improvement in the quality of new originations and a high demand for purchase mortgage loans, according to Inside FHA Lending’s analysis of agency data. Overall, FHA production for the first six months of the year, excluding reverse mortgages, totaled $61.1 billion. While originations were up 16.0 percent in the second quarter, it was down a hefty 51.8 percent on a year-over-year basis. Purchase loans accounted for $47.3 billion of new FHA-insured loans made over the six-month period while an estimated $58.4 billion of loans had fixed interest rates. For FY 2014, volume was down 19.0 percent. “In FY 2013, approximately 702,000 FHA-insured loans were originated and this year we’re running at 560,000 loans, which is roughly 20 percent of last fiscal year’s total,” said an FHA analyst. “In the first quarter, approximately ... [1 chart]


August 28, 2014 - IMFnews

Fannie Mae and Freddie Mac Continue to Lose MBS Market Share

Since the collapse of the non-agency market back in 2008, Fannie and Freddie have generally accounted for over 70 percent of new MBS production.


August 28, 2014 - IMFnews

New HMDA Disclosures Will be a Fair Lending ‘Game Changer’ for Originators

The comment period on the CFPB’s proposed rule closes Oct. 22, and lenders won’t be subject to the proposed new reporting requirements until 2016.


August 27, 2014 - IMFnews

Short Takes: Top FHA Lender with a (Relatively) Low LTV / Share Price of Altisource Unit Turns Ugly / Fannie Customer Count / Nationwide Title Goes Green / New President for BB&T

On Wednesday, shares of Altisource Asset Management Corp. were selling for $697 compared to a 52-week high of $1,209.


August 26, 2014 - IMFnews

81 Percent of Independent Mortgage Firms are Now Profitable

MBA derived its profit figures from data provided by 349 residential originators.


August 25, 2014 - IMFnews

Servicing and Origination Profits Recovered Nicely in Second Quarter

Warehouse lending consultants told IMFnews that many originators turned profitable after the first quarter, but are not making as much as they earned this time last year.


August 22, 2014 - IMFnews

What We’re Hearing: Banks to FDIC: Drop Dead / FHA and Ginnie Get a Chunk of the Massive BofA Settlement / Should DOJ Sue a Dead Subprime Executive? / LO Profession in Bifurcation Mode / The Pain Caused by Ocwen / DocMagic Gets CFPB Contract

A fair question to ask is this: If DOJ goes after Mozilo, why not go after the owners of Ameriquest/Argent which created so much of the faulty subprime product that Greenwich securitized?


August 21, 2014 - IMFnews

Short Takes: Manny Friedman Bullish on PennyMac / The Ocwen Mystery: Why All the Spinoffs? / Reverse Loan Officers Clean Up / CTM Has a New Parent / LenderLive Names New Servicing Executive

The average loan officer makes a $4,000 commission on each reach reverse mortgage they originate. Really?


August 21, 2014 - IMFnews

Final Tally: Banks Posted Solid Gains in Mortgage Income During 2Q

The second-quarter rebound in mortgage profits was linked to an increase in new lending and loan sales.


August 21, 2014 - IMFnews

First-Time Homebuyer Share of Home Purchases Rises Significantly

The increased market share for first-time homebuyers is part of a seasonal trend that has occurred in each of the past three years.


Poll

Over the next six months we plan to hire this many more additional loan officers:

1 to 10 (We're being careful.)
11 to 30 (We're optimistic.)
More than 30 (We're in a growth mode as the banks get out.)
We're cutting back. (Are you nuts? It's ugly out there.)

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