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May 27, 2016 - IMFnews

Mortgage Securitization Rates Turn Paltry in 1Q16; Banks Keep Hogging Jumbos

Wells Fargo reported an 11.7 percent increase in its conventional-conforming originations during the first quarter, but the company’s GSE loan sales fell 12.2 percent on a sequential basis – quite a differential.

May 26, 2016 - IMFnews

Loan Brokers Increased Market Share to 10 Percent in 1Q16. Can Those Gains Hold?

The top retail producer in 1Q was Wells Fargo, the top table-funder United Wholesale Mortgage…

May 24, 2016 - IMFnews

FHA Production Slips in 1Q16; Just One Bank Among the Top 20 in FHA Retail

FHA loans as a share of all loan originations rose 7 percent year-over-year…

May 23, 2016 - IMFnews

Final Jumbo Tally for 1Q16: $77 Billion; JPM Dethrones Wells as Market Leader

Last summer, Chase started offering jumbos with credit scores as low as 680 and downpayments as small as 15 percent. Previously, the bank required credit scores of at least 720 and 20 percent down…

May 20, 2016 - Inside FHA/VA Lending

FHA Originations Decline in 1Q16, Production Improves Year-over-Year

FHA activity was lackluster in the first three months of 2016 as loan originations fell 7.8 percent from the prior quarter, according to Inside FHA/VA Lending’s analysis of agency data. The weak first-quarter production of $53.5 billion appeared to continue a trend from 2015, which saw the fourth quarter close with $58.1 billion, down significantly from $73.7 billion in the third quarter. In contrast, FHA originations fared better year-over year. Loan production was up 35.6 percent in the first quarter compared to the same period last year. Purchase lending totaled $36.5 billion in the first three months with overall production trending downward during the period. Borrowers in the 640-679 and 680-719 credit score ranges made up the bulk of new endorsements for January and February, the latest FHA data show. It is unlikely that trend will change even if March endorsements were added. Between all ... [ 2 charts ]

May 20, 2016 - IMFnews

What We’re Hearing: Let the TRID-Compliance Games Begin! / The Central Nervous System = CMS / And Don’t Forget a Parking Space for the CFPB! / JPM Now the Jumbo King / A New MSR Deal From IMA / Where Would the GSEs Be Without Their Legal Recoveries?

Helpful CFPB mortgage audit tip: Set aside a parking space for the visiting CFPB examiner(s) that says, “Welcome, CFPB…”

May 20, 2016 - IMFnews

Surprise: First-Time Homebuyers Finally Gain Market Share Despite Limited Inventory

First-time buyers tend to target homes with lower prices, which have been in particularly short supply recently.

May 20, 2016 - IMFnews

The Love Affair Continues: Banks and MBS, Though the Big Boys Pull Back

At $1.661 trillion, it’s a new record in terms of banks and MBS holdings…

May 19, 2016 - IMFnews

Purchase-Mortgages Fell Almost 13 Percent in 1Q16…

Production of loans with FHA, VA and rural housing guaranties held up a little better than the other sectors, with estimated originations slipping 1.0 percent from the fourth quarter.

May 18, 2016 - IMFnews

The Final Tally: MSR ‘Marks’ Hammered 1Q16 Results of Nonbank Mortgage Firms

How disruptive were MSR ‘marks’? The nine nonbank lenders tracked by Inside Mortgage Trends reported a combined $510.0 million loss in the first quarter…

May 17, 2016 - IMFnews

A Positive Sign: GSE Business Rises in April – But Slightly

The average credit score for purchase loans securitized last month was 749.7, the first time that measure has been below 750 in over two years.

May 16, 2016 - IMFnews

Subprime Servicing Drops, Regulatory Issues Do Not

Ocwen Financial continues to rule the roost in terms of subprime servicing…

May 13, 2016 - IMFnews

Mortgage REITs Scale Back MBS Holdings in 1Q16, But...

The MBS holdings of 16 top mortgage REITs were down 0.3 percent from the fourth quarter...

May 12, 2016 - IMFnews

Short Takes: Banks Aren’t Touching Subprime / Bad News for Specialty Servicers: Delinquencies Stay Low / A Multiyear Low for FHA Late Payments / Time to Dream of an FHA Premium Cut? / Mortgage Broker Falls Short in House Bid

Perhaps, the time is drawing near to once again raise the thorny issue of whether the Department of Housing and Urban Development should cut FHA premiums...

May 12, 2016 - IMFnews

Private MI Lost Some Ground to FHA Insurance in 1Q16

United Guaranty was the largest MI in terms of total policies written in 1Q16, but Arch Mortgage Insurance and National MI were the fastest growers.

May 11, 2016 - IMFnews

Signs of Life in Mortgage Hiring; Quicken Looks to Fill 770 Positions

Mortgage brokerage firms added 200 workers during March. Employment in the sector now stands at 80,400 positions.

May 11, 2016 - IMFnews

Five Oaks Takes $17.8 Million Loss in 1Q16, Sees Opportunities with Risk Retention

The market did not react kindly to Five Oaks' earnings news. At one point in trading, its share price was down 13 percent on the day.

May 11, 2016 - IMFnews

FHA Originations – When in Doubt, Use the Correspondent Channel

Over half (51.1 percent) of VA loans securitized through Ginnie MBS in the first quarter of 2016 were retail originations, but only 39.1 percent of FHA loans came through that channel.

May 10, 2016 - IMFnews

Short Takes: Taking a Discount for Being a ‘Marketplace’ Lender? / California Regulators are Watching / Founder to Stay On / A Record Month for PRMG / Ellington and Non-QMs / UGC Gets Some Extra Insurance

New applications are booming at PRMG...

May 10, 2016 - IMFnews

GSEs Continue to Prune Investment Portfolios, Especially Subprime Assets

Freddie Mac reduced its portfolio to $339.9 billion at the end of the quarter, a 2.0 percent drop. Like Fannie, the biggest decline in percentage terms was in non-agency MBS…

May 10, 2016 - IMFnews

An Ugly 1Q For Stonegate: Large MSR Writedown, A Large Loss and a Decline in Originations

Stonegate’s results were affected by declining interest rates, a plague that has marred the performance of residential servicers from coast to coast...

May 9, 2016 - IMFnews

Marketplace Lender SoFi Originating $100 Million Per Month in Mortgages

Is there a future for “marketplace” lenders in mortgage banking? Opinions can differ…

May 9, 2016 - IMFnews

Altisource Residential Posts Huge Loss for 1Q16, But Stresses Progress

Altisource Residential plans to recycle NPL money into investments of “pools of stabilized rental homes at attractive yields.”

May 9, 2016 - IMFnews

Lenders Cozying Up to Non-QM Loans, but Challenges Remain

Impac Mortgage, one of the better known non-QM lenders, funded $75.0 million in such loans during the first quarter of 2016, up from $50.8 million in the previous quarter.

May 6, 2016 - Inside FHA/VA Lending

Correspondent Channel Plays Huge Role in 1Q FHA Purchase Lending

Retail loan originations account for most new VA lending, but the correspondent channel plays an outsized role in the FHA market, especially in purchase-mortgage lending, according to a new analysis of Ginnie Mae mortgage-backed securities data by Inside FHA/VA Lending. Over half (51.1 percent) of VA loans securitized through Ginnie MBS in the first quarter of 2016 were retail originations, but only 39.1 percent of FHA loans came through that channel. The biggest source of FHA loans was correspondent lenders, which accounted for 45.8 percent of loans securitized during the first three months of this year. That was actually slightly below the 49.2 percent correspondent share of FHA loans back in 2014 and 46.8 percent last year. Correspondents accounted for well over half (53.9 percent) of FHA purchase mortgages during the first quarter, while playing a more ... [ 3 charts ]

May 6, 2016 - IMFnews

The GSE Tally to Date: $23.5 Billion in Losses on Derivatives. But G-Fee Income Shines

Fannie’s guaranty fee income for single-family and multifamily segments nudged up 0.9 percent from the fourth quarter, while Freddie’s was up 0.4 percent.

May 6, 2016 - IMFnews

A Positive Sign: Agency MBS Market Springs to Life in April

Although Fannie’s year-to-date issuance was off 8.4 percent from a year ago, it was still ahead of Ginnie through the first third of 2016.

May 5, 2016 - IMFnews

Short Takes: The New Mortgage Normal: Volatility / When Red Turns to Black / Citadel on a Hiring Spree / Stearns Gets a New CFO / Would Your Lending Shop Accept Private Flood Insurance?

Is the end near for servicing writedowns? Hedging marks?

May 5, 2016 - IMFnews

A Sale of PHH/Assets Looms Large After 1Q Loss, Declining Revenue and Falling Originations

Earlier this year, management signaled that the nonbank is considering its options...

May 5, 2016 - IMFnews

Two Harbors Takes $88.93 Million Net Loss in 1Q Due to MSR ‘Fair Value’ Changes

Two Harbors was the first – and thus far only – firm to issue a jumbo MBS with loans subject to the TRID mortgage disclosure rule.

May 5, 2016 - IMFnews

Fannie Mae’s Net Profit Fell 54 Percent After the GSE Took a $2.8 Billion Hit on Derivatives

G-fees – which have been rising in recent years – are ultimately paid by borrowers.

May 5, 2016 - IMFnews

Top-Five Servicers Continue to Pull Back; Receivables Drop Almost 8 Percent YoY

U.S. Bank was the only top-five servicer that has been growing its portfolio…

May 4, 2016 - IMFnews

Hammered by MSR Writedowns, Nationstar Posts $133 Million Loss for 1Q16

When are falling rates a bad thing? Answer: When you own a ton of mortgage servicing rights.

May 4, 2016 - IMFnews

Too Much Regulation? A 70 Percent Spike in Mortgage Exams at the CFPB Last Year; Nonbank Servicers Under Intense Scrutiny Compared to Peers

The exam outlook is even worse for nonbank mortgage servicers..

May 3, 2016 - IMFnews

Freddie Books $4.56 Billion Hedging Loss for 1Q. But Net Loss is Just $354 Million. No Assistance From Uncle Sam (At This Time)

For the past several weeks, speculation was rife that if the yield on the 10-year bond remained under 2.0 percent at March 31 Freddie might book a large hedging loss...

May 3, 2016 - IMFnews

Walter’s Stock Crushed After $173 Million Loss For 1Q; Inks Deal to Sell MSRs

Walter/Ditech originated $5.0 billion of new mortgages in 1Q16, down 10.7 percent from the previous quarter.

May 3, 2016 - IMFnews

Banks Report Modest Improvement in Mortgage-Banking Income for 1Q16

What some bank-watchers may not realize: Most depositories do not factor in personnel and other key expenses when calculating mortgage-banking income…

May 2, 2016 - IMFnews

Fannie and Freddie Rocking ‘n’ Rolling in Multifamily MBS; $100 Billion This Year?

Over at Freddie Mac, the GSE did $10.8 billion in issuance for the first quarter, mostly in its K-deal program, along with its small balance program, otherwise known as “SB deals.”

May 2, 2016 - IMFnews

‘Middle Tier’ Servicers Keep Gaining GSE Market Share; The Big Boys Give Up?

As a group, the 45 companies that ranked sixth through 50th had a combined portfolio of $1.668 trillion, equal to 37.5 percent of the market.

April 29, 2016 - Inside Mortgage Trends

Data: Top Sellers of TPO Originations - 3M2016

A ranking of the top 100 sellers of third-party originations in the first three months of 2016. Based on loan-level mortgage-backed security disclosures for MBS issued by Fannie Mae, Freddie Mac and Ginnie Mae.

April 29, 2016 - IMFnews

Time to Worry Again? Agency MBS Trading Hits Low for the Year. The ‘New Normal’?

Christopher Whalen, senior managing director at KBRA, noted that most of the megabanks “are showing lower mortgage banking lines, which includes MBS desk P&L [profit and loss]. Gain-on-sale is also down about 50 percent year-over-year, so that’s another factor in the balance.”

April 29, 2016 - IMFnews

BofA, JPMorgan Chase Differ on Loans Not Sold to the GSEs

Chase continues to retain large amounts of conforming mortgages in portfolio...

April 29, 2016 - IMFnews

Impac Bucks the Trend and Increases Lending in 1Q, Expects More Growth; Earnings Marred by ‘Adjustments’

Impac's residential servicing portfolio increased by 45 percent on a sequential basis to an unpaid principal balance of $5.2 billion.

April 29, 2016 - IMFnews

A Slump for Commercial MBS in 1Q16, Including GSE Multifamily

Fannie, Freddie and Ginnie continue to dominate in multifamily mortgage securitization, capturing a combined 93.6 percent of the market in the first quarter.

April 28, 2016 - IMFnews

More Bad News for Ocwen: No Word on When MSR Purchases Can Commence; Lending Falls

The publicly traded servicer/originator took in $330.7 million in revenue, a 35.2 percent decline from 1Q15. Its origination revenue was a meager $23.2 million…

April 28, 2016 - IMFnews

Delinquencies Continue to Fall but Foreclosure Timelines Hit New Highs

Molly Boesel, a senior economist at CoreLogic, noted that in judicial states, servicers must provide evidence of delinquency to the courts in order to move a borrower into foreclosure.

April 28, 2016 - IMFnews

The Final Origination Tally for 1Q16: A Slight Decline but Results Vary Among Lenders

Quicken Loans, for example, reported a 4.9 percent increase in total originations compared to 4Q15. An estimated 81.0 percent of the nonbank’s production in 2015 was refinance loans…

April 26, 2016 - IMFnews

BB&T Reports Warehouse Commitments of $2.8 Billion

Warehouse consultant Larry Charbonneau noted that he knows of at least two new entrants to the business.

April 26, 2016 - IMFnews

Flagstar Boosts Originations and Income in 1Q16, Is Comfortable with TRID

Flagstar is the only depository that ranks among the nation’s top-five wholesale/broker lenders, according to Inside Mortgage Finance.

April 26, 2016 - IMFnews

Declining Rates Hurt MSR Values in 1Q16; 58 BPs for BofA?

A spokesman for BofA declined to provide any color on the mark, but provided a link to past financial filings where the bank talks about its hedging activities which are based on “model and other cash flow” assumptions.


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