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July 29, 2016 - Inside FHA/VA Lending

VA Further Clarifies Guidance on TRID, Other Policy Handbook Items

We pick up where we left off last issue with the Department of Veterans Affairs attempting to clarify certain guidance in the VA Lender Handbook. ? If the TRID (Truth in Lending/Real Estate Settlement Procedures Act Integrated Disclosures) closing disclosures change after the veteran signs [the form], should the lender require the veteran to sign it again? VA: The short answer is yes. The lender is required to provide the TRID closing disclosure no later than three business days before consummation. The lender is required to provide a corrected closing disclosure to the borrower three days before consummation or closing in certain instances, and at or before consummation if other types of changes occur, such as adjustment of costs or credits. Therefore, any changes made that require an amended disclosure must have the borrower’s signature. ? Is the Amendatory Clause mandatory for all ...

July 29, 2016 - IMFnews

Thanks to ‘Brexit,’ Second Half Could be a Humdinger for Loan Production

Rob Branthover, a managing director at Mortgage Industry Advisory Corp., noted that purchase-mortgage originators are doing well…

July 29, 2016 - IMFnews

Impac Posts Strong Profit Gain; Originations Increased 38 Percent in 2Q16

Impac said that while it sells production, it is now retaining more than 80.0 percent of its mortgage servicing rights.

July 29, 2016 - IMFnews

Rate Plunge at End of 2Q16 Means GSEs Likely Took Hits on Their Derivatives; But Strong G-Fee Revenue May Soften the Blow

Next week, the GSEs will release 2Q results and all eyes will be on the line item that reveals the net gain or loss from their derivatives, the instruments the two use to hedge their MBS positions.

July 29, 2016 - IMFnews

Commercial Mortgage Securitization Took a Tumble in 2Q16; Non-Agency Issuance Hits Four-Year Low

Conduit deals issued in the second half of this year will benefit the most from spread tightening…

July 28, 2016 - IMFnews

Short Takes: Will the Last Jumbo Securitizer Left in the Business Please Turn Off the Lights / A Positive Word on Ocwen / Ocwen’s Irony / A Tidbit on One of MBA’s New Members / Strong MI Results for Arch

JGWHL’s parent company was recently delisted by the New York Stock Exchange…

July 28, 2016 - IMFnews

Mortgage Applications Down for the Week, but Business Still Humming at Some Shops

New applications are at an all-time high at Skyline Home Loans in California…

July 28, 2016 - IMFnews

Thanks to Plunging Interest Rates, Loan Production Hit a Three-Year High in 2Q16; Huge Gains at Some Shops

Among the top 10 residential lenders in 2Q16, Caliber Home Loans had the largest sequential gain at 51.9 percent, according to an analysis by Inside Mortgage Finance…

July 27, 2016 - IMFnews

Small Commercial Banks Quietly Amassing MSR Market Share

Smaller depositories held 8.0 percent of the banking industry’s total mortgage servicing assets in 2015, up from a share of less than 2.0 percent as recently as 2009.

July 26, 2016 - IMFnews

Short Takes: Ginnie Mae MSR Demand: Deadly Slow? / FHFA IG Says Agency Shirking Its Duty / Summer Foreclosure Rates Looking Good (for Consumers) / Prepayment Speeds Spike / A New Hire at NCB

The IG accused the FHFA of shirking its responsibility to effectively examine Fannie Mae and Freddie Mac...

July 26, 2016 - IMFnews

Flagstar Grows Originations by 31.1 Percent in Second Quarter

Flagstar capitalized its residential servicing portfolio at 99 basis points at June 30, compared to 106 bps at March 31.

July 26, 2016 - IMFnews

Thanks to ‘Brexit’ Vote and Resulting Refis, Origination Capacity is Strained, and Then Some

Applications and refis are so robust that production "capacity" is now a major concern...

July 25, 2016 - IMFnews

Short Takes: Big Servicing Markdowns for Nationstar and Walter? / The Tally, Thus Far, on MSR ‘Marks’ / Five Years and $7,000 / Victorian Joins CMLA / A Promotion at Capital Bank

Since the CFPB was born, the cost to originate a home mortgage has exploded...

July 25, 2016 - IMFnews

Megabank Originations Surged in 2Q16, but Mortgage Profits Sagged

The bigger issue was a sharp drop in net servicing income…

July 22, 2016 - IMFnews

Half of Outstanding Agency Mortgages Have Interest Rates Higher than 4.000%

Wells Fargo handled 20.2 percent of the $841.42 million in agency mortgages outstanding at the end of the second quarter of 2016 that had interest rates between 4.510 percent and 5.000 percent.

July 18, 2016 - IMFnews

Ginnie Mae Issuance Outpaces GSEs in Second Quarter, Strong Increase in VA Mortgages

While FHA forward mortgages continued to be the biggest source of collateral, the VA program actually produced a bigger gain, 42.4 percent, from the first to the second quarter.

July 15, 2016 - IMFnews

An Ugly Showing for the Non-Agency MBS Market in 2Q16

Lone Star produced a rare rated deal backed by subprime loans that had been originated within the past year …

July 15, 2016 - IMFnews

A 46.5 Percent Origination Gain for Wells Fargo in 2Q15, but Mortgage Income Nicked by MSR-Related Charges

The bank’s residential whole loan portfolio (based on average balances) totaled $275.85 billion at quarter’s end compared to $266.02 billion a year ago.

July 14, 2016 - IMFnews

JPM Grew Production by 11.6% in 2Q16; But it Marked Down its MSRs to Just 81 Basis Points. A Sign of the Times?

At June 30, JPM held $175.8 billion of residential whole loans in portfolio, a gain of $7.06 billion over the reading at March 31.

July 14, 2016 - IMFnews

Fannie/Freddie MI Loans Spiked 33 Percent in Second Quarter

In the private MI segment, the biggest gain in percentage terms was in refinance loans…

July 13, 2016 - IMFnews

On the Rise Once Again: New Mortgage Applications

Another week, and another gain in new mortgage applications...

July 12, 2016 - IMFnews

Loan Broker Employment Highest in Almost Eight Years

The only major bank to rank among the top five table funders in 1Q16 was U.S. Bancorp with a 4.1 percent market share.

July 12, 2016 - IMFnews

Good News for Borrowers and Lenders: Home Equity Nears Its All-Time Peak

One other finding from Black Knight: roughly $75 billion in home equity has been extracted from residences over the past 12 months…

July 11, 2016 - Inside the CFPB

Coordinated Planning Key in Complying With New HMDA Rule

Among a host of best practices and other tips lenders should consider for complying with the CFPB’s new Home Mortgage Disclosure Act rule is coordinated institutional planning, according to Ellen Costa, vice president of strategy and business capability development at Wells Fargo Home Lending. Speaking to attendees at the recent regulatory compliance conference sponsored by the American Bankers Association, Costa said, “All of the CFPB's regulatory changes – HMDA in particular – mean significant change management within your institution. It is a best practice to be very agile and proactive about coordinating a project plan that includes a strategy upfront, really understanding what the regulations are driving at.” A solid plan developed ahead of time and properly executed will allow a clear ...

July 11, 2016 - IMFnews

Red-Hot California Market Gave a Boost to GSE Jumbo, Broker Share in 2Q16

The surge in California business helped boost the national broker share to 12.5 percent of GSE volume during the second quarter…

July 8, 2016 - Inside The GSEs

First NPL Sales Report Details Top Buyers and Sales Outcomes

Fannie Mae and Freddie Mac have sold 41,649 nonperforming loans through May 2016, according to the Federal Housing Finance Agency’s inaugural report on nonperforming loan sales and borrower outcomes. The report, released last week, is the first of two reports the FHFA plans to publish each year highlighting NPL sales activities. The loans had an aggregate unpaid principal balance of $8.5 billion and were delinquent 3.4 years on average. Freddie led the NPL sales market for the GSEs having sold 26,436 delinquent loans. Fannie was a distant second at 15,213. The average loan-to-value ratio was 98 percent. LSF9 Mortgage Holdings and Pretium Mortgage Credit Partners were the top...

July 8, 2016 - IMFnews

What We’re Hearing: What’s $465 Billion Among Friends? / How Much More Business will Wells Fargo and JPM Cede to the Nonbanks? / Ocwen, Ocwen, Ocwen / Will the FHFA Hold a ‘Liquidity Summit’ on Nonbanks Too? / Higher GSE Capital Minimums?

Recently, rumors were making the rounds in Washington that Fannie and Freddie might be pondering an increase in their net worth minimums for seller/servicers...

July 8, 2016 - IMFnews

Loan Closing Delays, Repair Rules Continue to Hound FHA 203(k) Program; Volume Off 11 Percent

With higher costs and restrictions, it may take a 203(k) loan 45 to 90 days to close…

July 8, 2016 - IMFnews

First-Half Tally: MBS Issuance by Fannie, Freddie and Ginnie Topped $612 Billion

The agencies issued $120.05 billion of single-family MBS last month, the strongest output since July 2015…

July 7, 2016 - IMFnews

Short Takes: Bond Market Bubble? / MSR Owners: Now Let Us Pray / What the Investment Bankers Think / Maybe Ginnie Shouldn’t Hold Invitation-Only Summits / Quicken Tops in FHA Condo Lending

Quicken Loans was the top FHA condo lender in the first quarter of 2016, according to a new ranking from Inside FHA/VA Lending.

July 7, 2016 - IMFnews

If Mortgage Bankers Need Extra Revenue, They Can Sell Leads to Real Estate Agents

Researcher Tom Popik noted that real estate agents rarely mention lenders as a “favorite” source of leads…

July 7, 2016 - IMFnews

Don’t Look Now, but Nonbanks Had the Market Share Lead on GSE Deliveries in 2Q16

Nonbank mortgage lenders saw a 33.0 percent increase in GSE deliveries during the second quarter…

July 6, 2016 - IMFnews

Short Takes: Another Refi Boom? Maybe Not / Application Volumes Can Vary / MBA’s Tally / Pickup’s Stake in Impac / Ditech Hires Former JPM Executive

The refi share of new applications is now at 61.6 percent…

July 6, 2016 - IMFnews

How Low Might the Yield on the 10-Year Treasury Go? What About 1.0 Percent?

A recession in the U.S. could cause the 10-year Treasury bond to yield 1.0 percent…

July 5, 2016 - IMFnews

Short Takes: Can You Spell ‘Prepayment’: Yield on 10-Year Drops to New Low! / Ocwen Clocked Again / CFPB Reveals IO Disclosure Problem / Freddie Sells NPLs / Promotions at BB&T

Can rates go any lower than this? Time will tell...

July 5, 2016 - IMFnews

VA Production on the Rise in 1Q16; Streamlined Refis Lead the Way

USAA ranked first in VA loan production with Freedom Mortgage a close second...

July 5, 2016 - IMFnews

The Final Tally: Prime Non-Agency MBS Issuance a Dud in 2Q16; Just Two Deals

Prime non-agency MBS issuance in the second quarter of 2016 was down by 74.1 percent from the previous quarter.

July 1, 2016 - IMFnews

The FHFA Tally on GSE NPL Sales: 12 Percent of the Loans Wind Up in Foreclosure

The FHFA promises it will provide regular updates on NPL sales going forward…

July 1, 2016 - IMFnews

A Boom in Securitizations for 2Q16: $400 Billion of MBS & ABS Hit the Market; Residential MBS Jumps 28 Percent

Most of the second-quarter gain came from the residential MBS sector…

June 30, 2016 - IMFnews

A Historic Shift? Nonbanks Closing in on 50% Share of New Originations

Thanks to the megabanks turning “Chicken Little” on mortgages, the nonbanks have gained market share…

June 29, 2016 - IMFnews

Short Takes: Walter Extends ‘Poison Pill’ Plan / What? / Large Positions in a Money-Losing Company / Why Mortgage Applications Fell, an Explanation / Nice Increases for Prosperity Mortgage

Among those reporting higher application volume is Prosperity Mortgage, the residential lending arm of realty giant Long & Foster...

June 29, 2016 - IMFnews

Commercial Banks Report Uptick in Mortgage Repurchases

Fifth Third Bank ranked second in repurchases in the call-report data with $93.9 million…

June 29, 2016 - IMFnews

Mortgage Complaints Held Steady in Third Place in May

Ocwen experienced the greatest percentage decrease in average monthly complaint volume from the first quarter of 2015 to 1Q16. Then again, Ocwen's servicing portfolio has been shrinking.

June 28, 2016 - IMFnews

Subservicing Keeps Growing as Regulatory Headaches Force MSR Owners to Cut Costs and Outsource

Subservicing firms now process roughly 16.3 percent of all home mortgages in the U.S., the highest reading since Inside Mortgage Finance began publishing these data two years ago.

June 27, 2016 - IMFnews

Short Takes: UWM is Hitting its Stride / TRID Not a Problem / Flagstar Moves on From Uncle Sam / White House Stalling in GSE Case / Chris George Gets the Nod From MBA

The CEO of United Wholesale Mortgage is projecting that in June the lender could fund $1.9 billion, which would be the firm’s best month ever…

June 27, 2016 - IMFnews

GSE Loan Repurchase Activity Fell to Record Low in 1Q16

Actual repurchases or replacements were substantially below the $541.8 million in buyback requests that were withdrawn by the GSEs during the first quarter…

June 24, 2016 - Inside The GSEs

GSEs Sold Credit Risk on $1 Trillion in UPB So Far

Fannie Mae and Freddie Mac have now sold credit risk on more than $1 trillion in unpaid balances of single-family mortgages combined. As of the second quarter, Freddie sold slightly more and transferred the risk on $552.7 million, and Fannie sold $550.1 billion. In the second quarter, Freddie’s credit risk transfer transactions amounted to $75.6 million, an increase from $53.7 billion in the first quarter but less than the $98.0 billion transferred in the second quarter of 2015. Fannie transferred the risk on $37.3 billion in the first quarter, down from the $65.9 billion the previous quarter and $46.2 billion a year earlier.

June 24, 2016 - Inside The GSEs

GSE Repurchase Activity Sets Another All-Time Low in 1Q16

The level of repurchase activity at Fannie Mae and Freddie Mac continued to decline during the first quarter, helped along by the resolution of older buyback cases, according to a new Inside The GSEs analysis of Securities and Exchange Commission disclosures by the two. Lenders repurchased or replaced just $315.0 million of mortgages – or otherwise indemnified the GSEs – during the first quarter, the analysis reveals. That was the lowest quarterly repurchase total since Fannie and Freddie, along with other asset securitizers, began filing repurchase disclosures with the SEC back in early 2012. First-quarter repurchases were down 11.8 percent from the fourth quarter of 2015 and 35.9 percent below the total for the first three months of last year.

June 24, 2016 - Inside Mortgage Trends

GSE Repurchase Activity Fell to Record Low in Early 2016, Focus on New Loans

Mortgage lenders continue to face persistent repurchase demands from Fannie Mae and Freddie Mac, but a growing share of them end up being withdrawn, according to a new Inside Mortgage Trends analysis of disclosures made by the two government-sponsored enterprises. During the first quarter of 2016, lenders repurchased or replaced $315.0 million of mortgage loans for breaches of representations and warranties. That was a record low for ... [Includes two data charts]

June 24, 2016 - IMFnews

VA Streamlined Refis Soared in the First Quarter

Outreach and lender-education efforts by industry groups, such as the National Association of Realtors and the National Association of Home Builders, have boosted refis as well...


The yield on the benchmark 10-year Treasury fell to all-time low of 1.34% recently. How much better will originations be at your shop in the second half compared to 1H, if at all?

Better by 1% to 10%.
Better by 11% to 25%.
Off the charts better. Applications are great now.
Worse than 1H, but not by much.
A lot worse. But not sure on the damage.

vote to see results
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