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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.


August 18, 2014 - IMFnews

Quicken Remains No. 1 FHA Funder as Others Intentionally Shrink

Many banks are beginning to shy away from the product as the Inspector General of the Department of Housing and Urban Development and Justice Department take banks to task for underwriting flaws.


August 18, 2014 - IMFnews

Subprime Holdings at Fannie and Freddie Continue to Run Off

Fannie and Freddie held a combined $252 billion in Alt A and subprime mortgage assets at the end of June, down 18.3 percent from the second quarter of 2013.


August 15, 2014 - Inside FHA Lending

Private MIs, VA Overtake Faltering FHA Program

Weighed down by high premium costs and lender overlays, FHA lost more primary market share to private mortgage insurers and the Department of Veterans Affairs during the second quarter of 2014. Although June’s FHA endorsement numbers have not yet been released, the trend seen in April through May, along with Ginnie Mae securitization data, suggest that FHA business was up a modest 11.5 percent from the first quarter. But that increase provides no comfort to FHA, which saw its market share go down to 33.7 percent, a six-year low. From April to May, FHA forward endorsements rose by 2.4 percent to $10.61 billion. On a year-over-year basis, however, endorsements were down from $21.9 billion in May 2013, according to an Inside FHA Lending analysis of agency data. On the other hand, private MI companies reported a total of $44.19 billion of new insurance written (NIW) during the ... [2 charts]


August 15, 2014 - Inside FHA Lending

More Indemnification Demands Anticipated

The False Claims Act (FCA) and the Financial Institutions Reform, Recovery and Enforcement Act (FIRREA) not only have become strong enforcement tools in the fight against FHA mortgage fraud but also an efficient means of recovering taxpayer losses. Having used both federal statutes effectively to wrangle huge settlements from large banks, federal prosecutors now have their eyes set on mid-level banks, according to compliance experts during a recent webinar hosted by Inside Mortgage Finance Publications. “Because these FCA [and FIRREA] lawsuits have been a cash cow for the Department of Justice and the Inspector General of the Department of Housing and Urban Development, I think these agencies will target mid-level banks next,” said ...


August 15, 2014 - Inside FHA Lending

IG Audit Finds Flaws in Indemnification Recovery

The Department of Housing and Urban Development failed to bill lenders for 486 loans with enforceable indemnification agreements that created losses for the FHA, according to the HUD Inspector General. The loans were originated between 2004 and 2014 and were either in the Accelerated Claims Disposition program or the Claims Without Conveyance of Title program, or they went into default before an indemnification agreement expired. Due to procedural errors and apparent lack of oversight, HUD failed to recover $37.1 million for 486 loans that had enforceable indemnification agreements. The unbilled loans represented 8.0 percent of total activity in the programs during that period. In addition, HUD did not ensure that indemnification agreements were extended to 64 of 2,078 loans that were streamline financed. As a result, HUD incurred losses of ...


August 15, 2014 - IMFnews

REITs Increased MBS Holdings During Second Quarter as Fed Pared Back its Presence

The mortgage REIT industry held $286.3 billion of MBS at the end of June, according to exclusive figures compiled by Inside MBS & ABS.


August 14, 2014 - IMFnews

Private Mortgage Insurance Industry Posts Highest Market Share Since 2Q08

The VA home loan guaranty program also is building market share, with $25.52 billion of new business written during the second quarter, a 36 percent increase from early 2014.


August 13, 2014 - IMFnews

Slim Second Quarter Earnings for Cherry Hill REIT, Impac Mortgage

According to figures compiled by Inside Mortgage Finance, Freedom grew second quarter originations by almost 49 percent, the best sequential gain for any top 10 ranked lender.


August 12, 2014 - IMFnews

Fannie and Freddie Grew Securitizations by 12 Percent on a Sequential Basis

The privately held Quicken grew its Fannie/Freddie MBS volume by 18.5 percent from June.


August 11, 2014 - IMFnews

Nonbank Mortgage Firms Show Mixed Results for Second Quarter

A diverse group of 31 lenders tracked by Inside Mortgage Trends reported a combined $4.13 billion in mortgage banking income during the second quarter, up 32.7 percent from the first three months of 2014.


August 8, 2014 - Inside The GSEs

GSE MBS Business Activity Rises Month-to-Month in July

Fannie Mae and Freddie Mac issued $57.9 billion in single-family mortgage-backed securities during the month of July, a 12 percent increase from June, continuing an off-and-on monthly rebound that started in April, according to a new Inside The GSEs analysis.However, MBS issuance through the first seven months of 2014 was down 59.0 percent from the same period a year ago Top-ranked Wells Fargo’s Fannie and Freddie securitization, at $7.91 billion, rose by 8.5 percent on a monthly basis but dropped 71.6 percent year-to-date.


August 8, 2014 - Inside The GSEs

Fannie, Freddie Post ‘Normal’ 2Q Profit Minus One-Time Boosters

Fannie Mae and Freddie Mac reported a combined $5.0 billion in net income during the second quarter of 2014, down 46.2 percent from the first three months of the year. Compared to the first half of 2013, GSE profits were down nearly 82 percent, though both companies posted strong earnings during the three-month period ending June 30, 2014. Both GSEs are coming off a banner 2013 when each company’s earnings were super-charged by several one-time items – including the capture of each company’s deferred tax allowance, and numerous non-agency lawsuit settlements.


August 8, 2014 - IMFnews

Originations Increase Across Production Channels in Second Quarter

Mortgage origination volume was up in all three major production channels during the second quarter of 2014, with a slight shift in market share toward the retail channel as well as to brokers, according to a new Inside Mortgage Finance analysis and ranking.


August 5, 2014 - IMFnews

Ginnie Data: Wells, Chase Pulled Back

JPMorgan Chase and Wells Fargo have both paid major settlements regarding FHA lending, and both have curtailed their participation in the program, according to a new analysis of Ginnie Mae data by Inside FHA Lending.


August 4, 2014 - IMFnews

IMA Selling $1.2 Billion Bulk MSR Package

The seller, which IMA would not identify, hopes to close the sale by Sept. 30. Just over 5,050 loans are in portfolio, which is top heavy in California.


August 4, 2014 - IMFnews

Commercial Banks Top Contributors to Jumbo MBS

First Republic Bank and JPMorgan Chase were the top two contributors to the scant four jumbo MBS deals that hit the market during the second quarter.


August 1, 2014 - Inside FHA Lending

GNMA Data Show Wells, Chase Pulled Back

JPMorgan Chase and Wells Fargo have both paid major settlements regarding FHA lending, and both have curtailed their participation in the program, according to a new analysis of Ginnie Mae data by Inside FHA Lending. During the first six months of 2013, Chase accounted for 11.8 percent of the FHA mortgages in newly issued Ginnie mortgage-backed securities. During the first half of 2014, its volume of FHA loans in Ginnie pools was down 75.8 percent from the same period last year, and its share of the market sank more than half, to just 5.1 percent. Jamie Dimon, Chase’s president and CEO, recently questioned why the bank should stay in the FHA business when legal costs are so high. The Ginnie data show it ... [1 chart]


August 1, 2014 - Inside FHA Lending

FHA Delinquency Rates Fall Midway Through 2014

The delinquency rate for residential FHA-insured mortgages fell at the halfway mark of 2014 from the end of the fourth quarter last year, a result of improved overall loan performance, strong credit standards and an improving, albeit slowly, economy, an Inside FHA Lending analysis of agency data suggests. Although the number of FHA lenders included in the analysis has doubled since year-end 2013, delinquency rates in the 30-60 days and 90-day plus buckets appear to be trending downward. As of June 30, FHA delinquencies across the board were down to 13.3 percent from 15.2 percent as of Dec. 30, 2013. The seriously delinquent rate – the percentage of loans that are 90 days or more past due – has dropped to 7.14 percent from 8.08 percent over the same period. The delinquency rate of FHA loans that are at least one payment past due also fell to ... [1 chart]


August 1, 2014 - IMFnews

GSE Buyback Activity Continued to Decline in First Quarter

Fannie Mae and Freddie Mac actually withdrew $881.5 million of buyback demands, more than lenders repurchased during the first quarter.


July 31, 2014 - IMFnews

Short Takes: Matrix and Freedom Mortgage Come on Strong / Hope for Warehouse Banks? / Norcom Opens More Branches / About that Servicing Legislation… / Congress: We Can’t Live With Them, and We Can’t…

One joke making the rounds in Washington this week: Congress is going on its August vacation. How will we know the difference?


July 31, 2014 - IMFnews

Ocwen Suffers Earnings Decline, Blames ‘Regulatory’ Costs; Will Invest in Non-Agency MBS

The unspoken factor affecting Ocwen's immediate future is Benjamin Lawsky and the New York Department of Financial Services.


July 31, 2014 - IMFnews

Nonbanks Continue Their Assault on Servicing Market Share

Among the nation’s top five servicers, all suffered a decline in their MSR portfolios. Among the top 30, 20 firms saw a reduction in housing receivables.


July 30, 2014 - IMFnews

Short Takes: Todd Rundgren Takes on JPM / Jumbo Production Jumps 37% at EverBank / HAMP Processing Slows – A Lot / FHFA’s Watt to Take HARP Road Show to Atlanta / More Executive Changes at Flagstar

Hello, It's Me Again: Your foreclosure notice.


July 30, 2014 - IMFnews

California Once Again Dominates GSE Business with a 21 Percent Share

Texas was the second largest source of Fannie/Freddie business during the first half, accounting for 7.3 percent of the market.


July 29, 2014 - IMFnews

Forget Ocwen’s Earnings, Will It Say Anything About the Lawsky Squabble?

“I don’t see how New York can’t ultimately approve Wells’ sale of servicing to Ocwen,” said one analyst. “I think it’s more a matter of when.”


July 29, 2014 - IMFnews

Will Bank of America Ever Mend Fences With Fannie Mae?

The Fannie-BofA squabble was tied to repurchase claims surrounding the bank’s legacy book of business, largely involving loans produced by Countrywide Financial and Merrill Lynch.


July 29, 2014 - IMFnews

Non-Mortgage ABS on Track for Best Year Since 2008 Crash

Analysts at Wells Fargo Securities recently upsized their ABS issuance forecast for 2014, projecting $195 billion in issuance for the year.


July 28, 2014 - IMFnews

Big Banks Report Substantial Increase in 2Q14 Mortgage Income

Although only one of the 21 banks (BB&T) posted a net loss on mortgage banking during the second quarter, seven others reported lower profits than they had in the first quarter.


July 25, 2014 - Inside The GSEs

Fannie, Freddie MBS Activity Posts Monthly Rebound in June

Fannie Mae and Freddie Mac in June rebounded from a decline the previous month with a big boost in the volume of single-family mortgages securitized by the two GSEs, according to a new Inside The GSEs analysis. Fannie and Freddie issued $51.6 billion in single-family mortgage-backed securities in June, a 15.2 percent jump from the previous month. Year-to-date MBS issuance was down 60.9 percent from the same period a year ago.


July 25, 2014 - Inside The GSEs

Enterprise Endnotes

Critic: CFPB Regulations Ensure Fannie, Freddie Market Dominance. The Consumer Financial Protection Bureau, through its scores of regulations, has stifled and discouraged mortgage market growth away from the GSEs, a critic of the bureau noted during the CFPB’s third anniversary last week. “One of the important effects of the CFPB has been to ensure the continuing market dominance of Fannie Mae and Freddie Mac by the way they have written their mortgage regulations, which give you a pass if you make a loan eligible for sale to Fannie or Freddie or give you very onerous legal risks if you don’t,” said Alex Pollock, a resident fellow at the American Enterprise Institute.


July 25, 2014 - IMFnews

2014 Loan Limit Decreases Slowed FHA Lending

A new analysis shows that housing markets where FHA loan limits were reduced this year have seen a bigger drop in FHA business than elsewhere in the country.


July 23, 2014 - IMFnews

Residential Originations Jumped 22 Percent at Flagstar, 17 Percent at Quicken

Flagstar, a thrift that is also the largest remaining depository in the table funding sector, earned $25.5 million in the second quarter compared to a $78.9 million loss in 1Q.


July 22, 2014 - IMFnews

Freedom Mortgage Posts Record Originations in June

By comparison, in the first quarter of 2014, Freedom averaged $1.28 billion of originations per month.


July 21, 2014 - Inside the CFPB

Mortgage Complaints to CFPB Plunge Across the Board

A new analysis by Inside the CFPB found that consumer complaints to the bureau about their mortgages fell sharply in the second quarter, which likely reflects a continued stabilization in the housing and mortgage markets. In 15 out of 16 metrics tracked, customer gripes declined by double digits, with the remaining metric showing only a modest rise year-over-year. And in terms of the sole metric that showed a slight rise – a 3.6 percent increase in criticisms about mortgage servicing year over year – even there the data show a double-digit improvement (20.6 percent) from the first quarter of 2014 to the second. However, upon closer examination, the data also reveal that the double-digit rates of decline in consumer complaints slowed during ...


July 21, 2014 - IMFnews

Market Share Loss in Mortgages by Megabanks Bottoming Out?

But have layoffs by the megabanks hurt their ability to fund loans should mortgage rates fall further?


July 21, 2014 - IMFnews

Jumbo Loan Quality Remains Strong, But It’s Still Hard Getting MBS Deals Done

Even if home prices fall by 10 percent, most borrowers in jumbo MBS issued in recent years will have more equity than they had at the time of origination, said Grant Bailey of Fitch Ratings.


July 21, 2014 - IMFnews

FHA Endorsements Rise for 620 to 679 FICO Scores

The distribution of FHA borrower credit scores continued the migration seen in previous quarters, though at a slower pace in 1Q14.


July 18, 2014 - Inside FHA Lending

House Democrats’ Bill Features Amped-Up GNMA

Ginnie Mae would play a greater role in a private-market partnership model envisioned in proposed housing finance reform legislation introduced recently by House Democrats. However, many in the industry doubt whether a Democrat-sponsored reform bill will pass in this Congress. Sponsored by Reps. John Delaney (MD), John Carney (DE) and Jim Himes (CT), the Partnership to Strengthen Homeownership Act would put Ginnie Mae in charge of all single- and multifamily mortgage-backed securities with government backing. Among other things, H.R. 5055 would create a new Ginnie Mae MBS for conventional mortgages backed by the full faith and credit of the federal government with minimum support from the private sector. Under the proposed model, private entities would assume up to 5 percent of the first-loss capital on the MBS. The remaining 95 percent would be shared between ...


July 18, 2014 - Inside FHA Lending

Ginnie Mae Servicing Remains Flat in 2Q14

Ginnie Mae servicing remained flat in the second quarter of 2014, continuing a trend that began in the third quarter of last year as FHA refinancing fell and purchase activity slowed, according to Inside FHA Lending’s analysis of Ginnie Mae data. Servicing volume rose by only 0.7 percent from the first quarter, slightly lower from the 0.9 percent increase reported by Ginnie Mae servicers for the first three months of 2014. On the other hand, volume was up modestly by 5.9 percent year-over-year, data showed. Ginnie Mae servicers ended the second quarter with a total of $1.46 trillion in unpaid principal balance, up from $1.45 trillion in the prior quarter. Four out of the top five Ginnie Mae servicers were banks. Wells Fargo closed out the second quarter with $425.9 billion in servicing volume, a 0.2 percent decrease from the previous quarter but up 2.1 percent from a year ago. Its 29.2 percent market share put it ... [1 chart]


July 18, 2014 - Inside FHA Lending

Infractions that Could Trigger MRB Enforcement

One deficiency commonly noted in cases heard by the Department of Housing and Urban Development’s Mortgagee Review Board is failure by FHA lenders and servicers to implement and maintain a quality control (QC) plan. FHA’s focus on quality control has increased over the last couple of years as the agency strives to correct underwriting flaws that have contributed to the massive losses and severe depletion of the Mutual Mortgage Insurance Fund. After years of guiding and helping clients comply and cope with FHA regulations, requirements and enforcement actions, the Collingwood Group reports that a common QC-related mistake among FHA lenders is failure to document steps taken to correct deficiencies – or to take any corrective action at all. Tied to this issue is ...


July 18, 2014 - Inside FHA Lending

Borrower OK Required to Voluntarily End Federal MI

New FHA guidance regarding voluntary termination of FHA mortgage insurance does not affect separate guidance requiring borrowers to continue payment of their annual insurance premium regardless of the loan’s amortization terms. The FHA made the clarification in relation to Mortgagee Letter 2014-13, which requires written consents by the lender and the borrower in all voluntary terminations of FHA mortgage insurance. The requirement becomes effective on Oct. 1st this year. Specifically, the guidance requires FHA lenders to document that they have obtained the borrower’s informed consent to terminate FHA insurance on the mortgage. The change ensures that the lender would incur no liability and that the borrower understands the terms of the voluntary termination. Under current rules, the FHA may terminate mortgage insurance at the request of the borrower and the lender. The lender may cancel the insurance endorsement upon notification by the FHA commissioner that the insurance contract is terminated.


July 18, 2014 - IMFnews

Non-Agency MBS Issuance Sputtered in Second Quarter

Nationstar Mortgage ranked first among non-agency MBS issuers, but its volume was tied to servicer advances.


Poll

Home-equity lending is beginning to show new life. My company (pick one):

Plans to enter this market over the next 12 months.

25%

Is already making home equity loans and hopes to increase the offerings.

45%

Is in the market but don’t expect much growth.

15%

Is not making second liens and has no plans to do so.

15%

Housing Pulse