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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.

July 17, 2014 - IMFnews

Short Takes: USB Grows Production by 27 Percent / New Applications Not So Hot / More Big MSR Deals on the Way? / Housing Starts Disappoint / Foreclosures Continue to Improve

Luckily, JPM’s Jamie Dimon doesn’t care about such silly thing as mortgage rankings. (And he's not a big fan of FHA either.)

July 17, 2014 - IMFnews

More Evidence of Strong 2Q Originations: Cardinal’s Volume Up 53%, Wash Fed 45%

So far, the only notable skunk at the second quarter origination party has been JPMorgan Chase which reported a 1 percent decline in fundings compared to the first quarter.

July 16, 2014 - IMFnews

Short Takes: Strong Earnings for MGIC, But a Warning Too / Non-QM to the Rescue? / Ocwen in Stock Deal with Ross / Stonegate Mortgage Gets a ‘Neutral’ Rating / Canada in for a Big Housing Correction?

MGIC is operating with each GSE as an eligible insurer under a remediation plan. In trading Wednesday, its share price was down 9 percent…

July 16, 2014 - IMFnews

BofA the Latest Megabank to Report a Strong Rise in Originations

Residential loan production is looking up at Bank of America. But can it last?

July 16, 2014 - IMFnews

GSE MBS Business Activity Rebounds in Second Quarter

Year-to-date MBS issuance by Fannie and Freddie was down 60.9 percent from the first half of 2013.

July 15, 2014 - IMFnews

Short Takes: Quicken Overtakes JPM as the Nation’s #2 Lender? (Not Likely) / What Does Jamie Dimon Like Less, Brokers or the FHA? / BofA Cuts New Repo Deal for PennyMac / Earnings Due Soon from MGIC, Radian, Others

Here’s a question to ponder: what does Jamie Dimon like less? Loan brokers or the FHA?

July 15, 2014 - IMFnews

JPM Ponders Leaving FHA Sector; Megabank Reports Weak Production Figures

Is Jamie Dimon mad at the FHA? Tuesday morning he told analysts that "the real question" is whether the bank should be in the FHA business at all.

July 14, 2014 - IMFnews

Another Megabank (Citigroup) Reports Much Stronger 2Q Originations

Citigroup also marked down the asset value of its residential mortgage servicing portfolio to $2.282 billion, a 12 percent decline on a sequential basis.

July 14, 2014 - IMFnews

Nonbanks Gaining More GSE Market Share; Small Shops Shine

Surprise: most of the growth by nonbanks has been by smaller mortgage bankers.

July 11, 2014 - Inside The GSEs

GSE Loss Mitigation Activity Declines in First Quarter 2014

Fannie Mae’s and Freddie Mac’ home retention activity declined for the most part during the first quarter of 2014, according to a new analysis of Federal Housing Finance Agency data by Inside The GSEs. Total loss mitigation activity – total home retention efforts and foreclosure alternatives combined – declined 8.9 percent from the first quarter of the year to 130,854 and was down 28.9 percent from year-ago levels.

July 11, 2014 - Inside The GSEs

GSE MBS Business Activity Rebounds in Second Quarter 2014

Fannie Mae and Freddie Mac generated $141.8 billion in single-family mortgage-backed securities during the second quarter of 2014, rebounding from the dismal first three months of the year, according to a new Inside The GSEs analysis. That was up 9.8 percent from the 14-year record low Fannie/Freddie MBS production of just $129.2 billion during the first quarter. However, the April-June cycle generated the second lowest quarterly volume since the end of 2008, and refinance volume continues to reach new lows – falling another 8.5 percent from the previous quarter.

July 11, 2014 - Inside The GSEs

OCC: Freddie Re-Default Mods Perform Ahead of Fannie in 1Q14

Modified Freddie Mac mortgages performed somewhat better than Fannie Mae loans for up to two years after modification as the performance gap between the two GSEs closed slowly, according to the Office of the Comptroller of the Currency. The OCC’s latest Mortgage Metrics Report noted that Freddie loans had a 15.6 percent re-default rate six months after modification, while Fannie mods saw a 16.3 percent rate. At the 12-month mark, Freddie stood at 22.3 percent compared to Fannie’s 23.4 percent.

July 11, 2014 - IMFnews

What We’re Hearing: Is Our Mortgage Origination Estimate Crazy? / Good News from At Least One Warehouse Lender / Bullish on Non-QM Lending? / The FHFA MI Proposal is Out and the World Hasn’t Ended, Yet / As for Radian… / Frank Raines’ New Job

So, you doubt our 2Q origination estimate? Here’s what an executive from a top-five warehouse bank told us: “We’re experiencing a significant pick up in outstandings."

July 11, 2014 - IMFnews

Purchase Mortgages Fueled Second Quarter Surge in MBS

The agencies securitized $122 billion of purchase mortgages during the second quarter of this year, a 16.6 percent sequential increase.

July 11, 2014 - IMFnews

Residential Originations Spike 31 Percent at Wells Fargo, but Bank Marks down MSRs

However, compared to the same quarter a year ago, loan production at Wells took it on the chin, falling a bloodcurdling 59 percent.

July 10, 2014 - IMFnews

Fannie and Freddie Securitized a Healthy Crop of MI Mortgages in 2Q

One positive trend for the mortgage insurance sector is that the growth in business during the second quarter was squarely in purchase mortgages and traditional MI loan-to-value ranges.

July 9, 2014 - IMFnews

Mortgage Brokers Gained Market Share in Second Quarter, At Least on GSE Loans

Marc Savitt, president of the National Association of Independent Housing Professionals, said he is seeing more lenders entering the wholesale channel. Most are nonbanks.

July 8, 2014 - IMFnews

Mortgage Brokers Add Jobs While Lender/Servicers Cut

With just $1 trillion in originations expected this year, lenders and servicers are trimming their payrolls accordingly.

July 8, 2014 - IMFnews

Redwood’s New Jumbo MBS is Set to Include a Few Non-QMs

All of the loans that were not reviewed were originated by First Republic Bank. The rating agencies indicated they are comfortable with the lender’s underwriting process.

July 8, 2014 - IMFnews

Mortgage Complaints Filed with the CFPB Fell by Almost 19 Percent in 2Q

Bank of America is the mortgage complaint king with 38,098 official gripes filed with the Consumer Financial Protection Bureau.

July 3, 2014 - Inside FHA Lending

Around the Industry

Senate Banking Committee Approves HUD, FHFA IG Nominees. The Senate Committee on Banking, Housing and Urban Affairs recently approved the nomination of Julian Castro as the next secretary of the Department of Housing and Urban Development. Castro, D, is the incumbent mayor of San Antonio, TX. The panel also approved the nomination of Laura Wertheimer as inspector general of the Federal Housing Finance Agency. The Senate has yet to confirm their nominations. Meanwhile, HUD Secretary Shaun Donovan’s nomination for director of the Office of Management and Budget was approved by the Senate Committee on Homeland Security and Governmental Reform on June 25. FHA Policies on Arm’s Length Transactions and Compliance with State Laws. The FHA is developing guidance to address concerns that laws in certain states may conflict with its arm’s length transaction requirements for preforeclosure/short sales. Until the guidance is issued, FHA lenders should seek guidance and assistance from the FHA National Servicing Center in matters of ...

July 3, 2014 - Inside FHA Lending

FHA Requests Feedback on Handbook Sections

The FHA is seeking comment on two new sections of a proposed single-family handbook for mortgage lenders. The handbook is in development. Once completed, it will serve as the centralized source of current and future FHA policies. Agency staff is collating policies from several handbooks, rules, mortgagee letters, notices and other sources to incorporate into the handbook. The FHA is publishing two new sections, “Doing Business with FHA – FHA Lenders and Mortgagees” and “Quality Control, Oversight and Compliance,” for comment. The “Doing Business” section lays out the requirements for FHA lender approval, including eligibility requirements, application processes, operating requirements and post-approval changes. The section also contains the recertification process as well as processes for applying for ...

July 3, 2014 - Inside FHA Lending

Agencies Take Down Another FHA Lender

U.S. Bank became the latest casualty in the government’s offensive against lax underwriting and improper origination of FHA mortgages after the bank to pay $200 million to settle all related charges. The Minneapolis-based bank became the seventh FHA lender since 2012 that has entered into settlement agreements with the Department of Justice and the Department of Housing and Urban Development to resolve alleged violation of the False Claims Act and the Financial Institution Reform, Recovery and Enforcement Act, according to Inside FHA Lending’s analysis of government data. The government lawsuits allege that the banks’ certification of loans as eligible for FHA insurance under the direct endorsement program violated the FCA. The banks’ misconduct allegedly contributed to the legacy losses that crippled the FHA Mutual Mortgage Insurance Fund and placed the ...

July 3, 2014 - IMFnews

What We’re Hearing: Those Darn Confidentiality Agreements with FHFA / Nationstar Does Not Borrow Short! Got That? / A 15-Year ARM (No, That’s Not a Misprint) / Ginnie Hits $1.5 Trillion Mark

One MI CEO, who we called, said this: “Thanks for reaching out. We, along with the other MIs are currently in confidential discussions with FHFA and the GSEs regarding the new standards. Unfortunately, we cannot comment until they are public.”

July 3, 2014 - IMFnews

GSE Business Rebounds in 2Q as Purchase Mortgages Gain Strength

Fannie Mae and Freddie Mac issued $141.83 billion of single-family MBS during the second quarter, an encouraging 9.4 percent increase from the dreary levels recorded in the first three months of 2014.

July 2, 2014 - IMFnews

Mortgage Sales by Banks Plummeted in Early 2014

The sale of mortgages by banks took it on the chin in the first quarter. Lower originations is one explanation but are banks keeping more of their own production?

July 1, 2014 - IMFnews

The FHLBs and MBS: The Love Affair Continues

The largest holder of MBS among the 12 regional banks is the Federal Home Loan Bank of San Francisco with $22.02 billion.

June 27, 2014 - Inside The GSEs

FHLBank Agency MBS Investments Drop During First Quarter 2014

Fannie Mae and Freddie Mac mortgage-backed securities remained the preferred investment choice of the 12 Federal Home Loan Banks during the first quarter of 2014, with a very slight decline from the previous quarter, according to a new analysis and ranking by Inside The GSEs based on data from the Federal Housing Finance Agency. Meanwhile, Ginnie Mae securities posted an increase within the FHLBank system during the first three months of the year.

June 27, 2014 - Inside The GSEs

Fannie, Freddie MBS Activity Decreases Again in May

Fannie Mae and Freddie Mac in May resumed a more than year-long streak of declines with monthly decreases in the volume of single-family mortgages securitized by the two GSEs, according to a new Inside The GSEs analysis. Fannie and Freddie issued $44.8 billion in single-family mortgage-backed securities in May, a 1.3 percent decrease from the previous month. April’s $45.4 billion issuance proved to be just a brief reversal to the longer trend.

June 27, 2014 - Inside The GSEs

Enterprise Endnotes

DC Circuit Latest Court to Reject GSE Tax Collection Effort by Municipalities. A three-judge panel of the DC Circuit Court recently upheld a lower court ruling against Kay County in Oklahoma, which has been trying to collect real estate transfer taxes from Fannie Mae and Freddie Mac. In rejecting Kay County’s bid to get the GSEs to pay a 1 percent “documentary stamp tax,” the DC court’s finding became the latest in a growing number of…

June 27, 2014 - IMFnews

Mortgage Securitization Rates Face a Bit of Stress

The home-equity origination market rebounded somewhat during 2013, but none of these loans are winding up in new securities.

June 27, 2014 - IMFnews

A Mini-Revival for the Jumbo MBS Market?

While jumbo mortgage securitization is currently attractive to issuers, industry analysts suggest that volume will remain limited this year due to a number of factors.

June 26, 2014 - IMFnews

8-Year Low for Mortgage Debt; But Credit Unions Could Surpass Thrifts in Holdings

Declining mortgage debt is good news for consumers, but not-so-good news for lenders. Then again, this trend can't last. Or can it?

June 23, 2014 - IMFnews

Closing Times on Purchase Mortgages Improving, GSE Loans at 43.7 Days

On Fannie Mae and Freddie Mac mortgages with private mortgage insurance, average closing times declined to 42.5 days from 46.0 days.


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

Plans to enter this market over the next 12 months.
Is already making home equity loans and hopes to increase the offerings.
Is in the market but don’t expect much growth.
Is not making second liens and has no plans to do so.

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