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August 26, 2016 - Inside FHA/VA Lending

Wait Time for Evaluating, Deploying Home-Retention Options Reduced

The FHA has announced new streamlined procedures to help delinquent homeowners avoid foreclosure and stay in their homes. The agency is revising loss-mitigation procedures servicers use when evaluating and choosing the best home-retention options for delinquent borrowers by reducing waiting time for results. The new streamlined procedures are designed to enhance servicers’ ability to evaluate foreclosure-avoidance alternatives, especially for the FHA-Home Affordable Modification Program (FHA-HAMP). Specifically, FHA will require servicers to convert successful three-month trial modifications into permanent modifications within 60 days instead of the average four to six months. Borrowers who have three missed mortgage payments would be able to opt for a partial claim to bring their arrearages current versus the previous four-month minimum. In addition, the FHA will eliminate the ...

August 26, 2016 - Inside FHA/VA Lending

Purchase Lending Fires Up FHA in First Half, Refis Push VA Volume

FHA saw a modest rise in originations midway through 2016 compared to the same period last year, but VA did a lot better with a double-digit increase in loan production, according to an analysis of Ginnie Mae data. Lenders delivered $123.0 billion of FHA-insured loans to Ginnie pools during the first half of 2016, up 8.4 percent from the previous year. FHA’s midyear production was driven by a surge in purchase-mortgage lending in the second quarter, which also pushed volume higher for VA as well as conventional-conforming mortgages. Government-backed lending rose 32.3 percent from the first quarter to approximately $131.0 billion in second-quarter originations, according to Inside Mortgage Finance, an affiliate publication of Inside FHA/VA Lending. It was the highest three-month total for government-insured lending on record, although private mortgage insurance did more business in the ... [2 charts]

August 26, 2016 - IMFnews

Mortgage Securitization Rate Drifts Slightly Lower in 2Q16, Remains Well Below Post-Crash High

Fannie Mae and Freddie Mac are seeing some competition for eligible mortgages from portfolio lenders…

August 25, 2016 - IMFnews

Retail Market Share Hits a Two-Year High

The wholesale-broker market held its ground, maintaining a 10.0 percent share of new originations, Inside Mortgage Finance found.

August 24, 2016 - IMFnews

Delinquencies at Large Servicers Rise Ever So Slightly

The nation’s three largest residential servicers – Wells Fargo, Chase and Bank of America – all showed sequential increases in late payments...

August 23, 2016 - IMFnews

The Final Tally: Nonbanks Battered by MSR Accounting in 2Q16

Nine nonbanks reported a combined net loss of $339.5 million on mortgage-banking activity for 2Q16, but that was actually an improvement...

August 22, 2016 - IMFnews

Short Takes: Will Ocwen Come Roaring Back? / A 29 Percent Decline in MSR Contracts / Finally, A Stock Deal / HUD Left Money on the Table / A New Director for Altisource

Is Ocwen's share price extremely undervalued?

August 22, 2016 - IMFnews

Mortgage Underwriters Make How Much?

Stratmor based its findings on results from 36 companies. Most of the focus was on retail lending.

August 22, 2016 - IMFnews

Call Reports Show Modest Increase in Mortgage-Banking Income for 2Q16

The call-report data pose an interesting, and contrary, view of the banking industry’s mortgage-banking activity during the second quarter…

August 22, 2016 - IMFnews

Fannie Reclaims (Some of the) Share it Lost in First-Time Homebuyer Market

By itself, the FHA insured 37.1 percent of first-timer business in the first half of 2016…

August 19, 2016 - Inside MBS & ABS

Bank Holdings of Residential MBS Climb to New Record in June, Heavy Increase in GSE Paper

Commercial banks and savings institutions continued to load up on residential MBS during the second quarter of 2016, pushing their investment in the sector to a new high, according to a new analysis and ranking by Inside MBS & ABS. Banks and thrifts reported MBS holdings of $1.684 trillion as of the end of June, a 1.4 percent increase since the previous quarter. These are long-term holdings in banks’ held-to-maturity and available-for-sale portfolios. The industry held another $46.02 billion of MBS in their trading accounts. Not surprisingly, all of the gain came in agency MBS, particularly pass-through securities issued by Fannie Mae and Freddie Mac. The industry’s aggregate holdings of these securities, $867.64 billion, were up 4.1 percent from the ...

August 19, 2016 - IMFnews

PennyMac’s Stan Kurland Returns to His Past: Table Funding Through Loan Brokers

PennyMac also is pursuing new initiatives to grow seller relationships with credit unions and smaller banks…

August 19, 2016 - IMFnews

The Love Affair Continues: Bank Holdings of MBS Hit a New High in June. GSE Paper Leads the Way

Depositories also added to their Ginnie Mae pass-through investments, but by only 0.7 percent…

August 18, 2016 - IMFnews

Short Takes: Freedom, Now the Big Kahuna of FHA & VA / Quite an FHA Decline for BofA / Job Cuts at Ditech / Bad Timing / A New Subprime MBS?

Will the last megabank left in the FHA market please turn off the light...

August 18, 2016 - IMFnews

All Production Cylinders Firing in 2Q16 but Conventional Lending Increased the Most

Some 61.0 percent of loans securitized by Ginnie Mae in the first half of 2016 were purchase mortgages, compared to 46.2 percent for Fannie Mae and Freddie Mac…

August 17, 2016 - IMFnews

Caliber Only Major Subprime Servicer to Show Growth in 2Q16

However, Ocwen is still prohibited from buying bulk servicing rights until it receives regulatory approval from certain states…

August 16, 2016 - IMFnews

Sequential Decline in Non-QMs at Impac Blamed on Refi Activity

Impac president Bill Ashmore said that at the end of 2Q, the lender had a $115.0 million pipeline of non-QM originations, about level compared to the pipeline the lender had at the end of the previous quarter.

August 16, 2016 - IMFnews

Jumbo MSR Market Hit $863 Billion at Mid-Year

Second-ranked Chase Home Finance serviced $176.60 billion of jumbos at June 30, up 4.1 percent compared to 1Q16…

August 15, 2016 - IMFnews

FHA Endorsements Increase on Purchase Activity in Second Quarter

The FHA endorsed a total of $61.54 billion of forward mortgages during the second quarter, according to a new Inside FHA/VA Lending analysis and ranking.

August 12, 2016 - IMFnews

The Mandate Continues: GSE Mortgage Portfolios Down to $637 Billion

The GSEs have reduced their holdings of subprime MBS to just $17.5 billion.

August 11, 2016 - IMFnews

Short Takes: When Donald Met the NAHB / No New Regulations? / Foreclosures Rise on a Sequential Basis / Good News for the FHA MMIF / New Hire at Incenter

Earlier in the week, candidate Trump warmed the hearts of banking and financial services executives everywhere when he said he would propose a moratorium on all new financial regulations…

August 11, 2016 - IMFnews

New MI Has a Stellar Spring, Setting New Business Records in a Booming Market

All seven of the nation’s active MIs reported hefty increases in flow volume…

August 10, 2016 - IMFnews

Short Takes: Brokers are Hot, Bankers Not So Much / Help Wanted: Senior Mortgage Execs / Flagstar Boosting Retail / The Cost Savings From Closing a Jumbo Conduit / New NPL Auction from Fannie Mae

Senior-level mortgage executives are in demand these days, according to one recruiter...

August 10, 2016 - IMFnews

Loan Broker Employment Best Since the Financial Crisis

UWM is beginning to see some of its competitors pick up their game...

August 10, 2016 - IMFnews

It’s Summer Vacation Time, but Mortgage Applications are Going Strong

The VA share of new loan applications improved to 13.0 percent from 12.1 percent the week prior.

August 10, 2016 - IMFnews

GSE Credit Box Hardly Budged in 2Q16

The share of refi loans with scores of 740 or higher edged up from 57.8 percent in the first quarter to 61.6 percent in the second.

August 9, 2016 - IMFnews

PHH Working on Sale with ‘Sense of Urgency’; Company Loses $12 Million in 2Q16

The question remains: who will buy PHH's assets? Is a franchise deal even possible?

August 9, 2016 - IMFnews

July Brings a Surge in New GSE Business, Thanks to Strong Purchase Market

Of the two GSEs, Freddie Mac had the bigger monthly increase at 17.1 percent…

August 8, 2016 - IMFnews

Banks See Lower Mortgage Profits in 2Q16. Blame it on the Big Guys

The 22 regional banks fared a lot better, reporting a combined $903.5 million of mortgage-banking income…

August 5, 2016 - Inside The GSEs

GSEs 2Q: Net Income Gains, Increased Reliance on G-Fees

Fannie Mae and Freddie Mac – in conservatorship for almost eight years now – posted combined net income of $3.94 billion for the second quarter, with an assist from higher guaranty fee income and a noticeable decline in hedging charges. Fannie’s profit was $2.9 billion for the second quarter, more than double the $1.1 billion reported last quarter. The GSE attributed the increase in net income to lower fair value losses in the quarter, coupled with high credit-related income due to home price increases and interest rate decreases. Higher net revenues driven by increased mortgage prepayments also helped. Fannie booked $3.26 billion of guaranty fee income in 2Q16, compared to $3.22 billion in the first quarter.

August 5, 2016 - Inside Mortgage Trends

GSE Credit Box Shows Little Change in 2Q16

The dramatic expansion of the credit box for loans sold to Fannie Mae and Freddie Mac in the first quarter of this year held steady in the second quarter, according to a new Inside Mortgage Trends analysis of mortgage-backed securities data. In the first quarter, the share of purchase loans sold to the government-sponsored enterprises with credit scores ranging from 620 to 699 jumped by nearly 7 percentage points to 21.4 percent. The low-score share ... [Includes one data chart]

August 5, 2016 - IMFnews

Agency MBS Production Continued to Gain Momentum in July

The three agencies securitized $43.09 billion of purchase mortgages last month, a 15.3 percent increase from June.

August 4, 2016 - IMFnews

PennyMac Has a Blowout Quarter: Income Rises Almost 180 Percent; Record Originations Too

PennyMac is also a large subservicer with $52.0 billion worth of contracts on its books.

August 4, 2016 - IMFnews

Servicing Market Skews Further Toward Nonbanks, Midsized Shops in 2Q16; Runoff an Issue for Many

Banks, thrifts and credit unions still accounted for 66.0 percent of the $7.206 trillion in single-family mortgages serviced by the top 50 companies, Inside Mortgage Finance found.

August 3, 2016 - IMFnews

Nation’s Largest Table-Funder UWM Looking at a Record Year for Loan Production

According to Mat Ishbia of UWM, the loan broker segment is thriving.

August 3, 2016 - IMFnews

Nationstar Whipsawed by MSR Marks, Loses $92 Million in 2Q; Revenue Rises Along with Originations

The company has been diversifying heavily into subservicing contracts and over the past year has struck outsourcing deals with USAA and Seneca Mortgage Servicing.

August 2, 2016 - IMFnews

Short Takes: Freddie Mac, An ‘Earner’ for Uncle Sam / GSE Investors Wonder: When Do We Get Ours? / Top LO Bolts for New Penn / Oaktree’s Non-QM Volume / Ocwen Readies $500 Million ABS

Investors in Freddie (and Fannie Mae) common and preferred who bought their shares as a speculative investment are still wondering: Hey, when do we get some of that money?

August 2, 2016 - IMFnews

Slip Sliding Away: Securitization of ARMs

An estimated $46 billion in ARMs were originated in the first quarter of 2016, down 2.1 percent from the previous quarter…

August 1, 2016 - IMFnews

Here Come the Nonbank Earnings. It Could Get Ugly

According to KBR, falling rates trimmed MSR values by roughly 6 percent.

August 1, 2016 - IMFnews

FHA Cracks the $1 Trillion Mark. New Issuance Exceeds Runoff

Refinancing has been heavy this year. Ginnie MBS outstanding at the end of 2015 lost $99.51 billion of FHA loans through the first six months of 2016.

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...


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.


Housing Pulse