Market Data

Browse articles from all of our Newsletters related to Market Data.

September 23, 2014 - IMFnews

Short Takes: Mortgage Industry Shrinks but Not by Much / Can It Be? Final Risk Retention Rules? / Treasury’s Experiment in Non-Agency MBS / October Non-QM Launch for Ethos / JPM Removed From Virginia Lawsuit

It appears that Ethos Lending will enter the non-QM market come October...


September 22, 2014 - IMFnews

Secondary Market Sales of Mortgages Rebounded in 2Q but Down Considerably From Last Year

On a year-to-date basis, mortgage sales were down 63.6 percent from the first half of 2013.


September 19, 2014 - IMFnews

What We're Hearing: Do Banks Really Hate Mortgages? / Stearns Hires Former BofA Retail Honcho / Do the GSEs Really Need Capital? / A Bad NPL Experience?

Commercial banks hate mortgages. No, they don't. Yes, they do. No they don't. Yes, they do...


September 18, 2014 - IMFnews

Purchase-Money Market Share at its Highest Level in 19 Years

The biggest chunk of purchase business for the GSEs were loans ranging from $200,000 to $300,000, which accounted for 29.4 percent of their business.


September 16, 2014 - IMFnews

Subservicing Growth Ebbs, but Prospects Still Look Bright

Dovenmuehle and Cenlar have long dominated the sector, but a growing number of small and midsized players have made inroads in recent years.


September 15, 2014 - IMFnews

Bank First-Lien Portfolios Continue to Grow, Including Agency Loans

Among the four largest holders of first liens, only Bank of America decreased its portfolio in the second quarter.


September 12, 2014 - Inside FHA Lending

FHA FRM Lending Propels Overall Volume in 2Q

FHA single-family loan production picked up in the second quarter thanks to a surge in fixed-rate mortgage lending, according to an Inside FHA Lending analysis of agency data. A 15.2 percent increase in FHA fixed-rate volume helped propel overall FHA originations in the second quarter, which rose 16.0 percent from the first quarter. Adjustable-rate lending also was up 32.3 percent over the same period. FHA purchase originations increased 20.6 percent, while FHA-insured refinances rose by only 4.3 percent. On the other hand, conforming-to-FHA refinances were down 4.5 percent from the first quarter. FHA baseline lending (below $417,000) saw volume rise 17.6 percent, while FHA-jumbo loan amounts up to the statutory high-cost loan limit increased by 6.2 percent. On the other hand, the volume of jumbos exceeding ... [1 chart]


September 12, 2014 - Inside FHA Lending

FHA Lending Back on Track with <680 Score

The average FHA credit score in the second quarter of 2014 continued to decline from the record highs of 2011, but remains well above the levels preceding the mortgage and credit crisis, according to FHA’s latest report to Congress on the state of the agency’s Mutual Mortgage Insurance Fund. The FHA’s second-quarter average credit score of 680 was 3 points below the previous quarter’s score and 13 points below the score during the same period last year. The report’s data suggest that FHA has accomplished its goal of shifting its market share to the 620-679 credit score bucket consistent with its target market while ceding its share of loans with scores exceeding 720 to the private MI sector. The last time borrowers’ average credit score hit 680 was in the second quarter of 2009. FHA officials said they are working to have 75 percent of the FHA lending in the ...


September 12, 2014 - Inside FHA Lending

MMIF in Negative Cash Flow in 2Q14, Says Report

The FHA Mutual Mortgage Insurance Fund account balances fell by $0.5 billion during the second quarter of 2014 to $45.3 billion due to higher claim payments and property expenses. Observers, nonetheless, remain optimistic the fund will return to full stability in 2015 with no further change in the mortgage insurance premium charged to borrowers. The MMIF’s total balances peaked at $48.4 billion in the third quarter of 2013 and then slipped gradually over the last three quarters, according to data in the FHA’s latest report to Congress regarding the financial health of the Mutual Mortgage Insurance Fund. Total revenues from premium collections, property sale, and note sale proceeds were $4.3 billion, while $5.1 billion was paid to cover claims and property expenses in the second quarter. This resulted in a negative$821 million cash flow in the quarter, the smallest outflow since ...


September 12, 2014 - IMFnews

What We're Hearing: A Mortgage M&A (Mini) Tidal Wave? / A Vendor Shakeup as Well? / 34 LOS Vendors? / It’s Hard Breaking Into Subservicing / Walter, the Best of the Three / The CFPB Wasn’t Even There!

The days of the megabanks – Wells Fargo, JPMorgan Chase and Bank of America – buying mortgage companies (of any size) are over. Never again. Right?...


September 11, 2014 - IMFnews

Short Takes: Altisource Unveils Broker Launch / If You Had Bought MGIC Stock Two Years Ago… / UGI and Other MIs Offer Rescission Relief / The ‘Jumbo Three’

Altisource Portfolio Solutions has rolled out a new operating platform for brokers, table funders and third-party vendors.


September 11, 2014 - IMFnews

2Q Jumbo Production Had Better Growth Than Overall Market

Lenders financed $11.9 billion of conforming-jumbo mortgages – loans greater than $417,000 – through Fannie, Freddie and the FHA during the second quarter.


September 10, 2014 - IMFnews

Banks Increased Holdings of Residential MBS in 2Q, Thrifts See a Reduction

Although the Federal Reserve has tapered its agency MBS purchases significantly, the central bank continued to grow its holdings during the second quarter.


September 9, 2014 - IMFnews

Richey May: Origination Market May be Looking Up

The advisory firm based its findings on the operating results of 37 independent mortgage banking companies across the U.S.


September 8, 2014 - IMFnews

‘Loans Serviced for Others’ Continue to Fall at Depositories

A number of banks have been motivated to reduce their MSR holdings because of concentration limits imposed by the emerging Basel risk capital rules.


September 5, 2014 - IMFnews

What We’re Hearing: Good, Let the Banks Get Out of Mortgages / Quicken Loans Comes on Strong / Can JPM Even Compete with Quicken? / Who Might Buy Ocwen, Nationstar? Anyone? / Carrington Expands in the Midwest / Dovenmuehle Who?

Does JPM's Jamie Dimon really care about the mortgage business? Or is he in it for the CRA credits?


September 5, 2014 - IMFnews

Mortgage Banking Employment Increased in July, but Brokers Cut Jobs

There are signs of life in mortgage hiring, depending on the job description. Firms looking to increase staff levels include the lending arm of Bayview Asset Management, Citadel Loan Servicing and Carrington Mortgage Services.


September 5, 2014 - IMFnews

Agency MBS Issuance Edged Higher in August, Freddie Seized a Bigger Market Share

Mortgage lenders securitized $90.95 billion of single-family MBS through the GSEs and Ginnie Mae during August – the biggest monthly volume since September 2013, according to IM&A.


September 4, 2014 - IMFnews

Conventional Market Grew Slightly Faster in Second Quarter, FHA the Laggard

When it comes to new originations, the laggard in the government-insured group has been the FHA program.


September 3, 2014 - IMFnews

FHA Originations Up 16 Percent in Second Quarter, Quicken the Top Dog

JPMorgan Chase, whose chairman and CEO Jamie Dimon has contemplated leaving the FHA program, originated $1.14 billion during the first half, a 55 percent decline from a year ago.


September 1, 2014 - Inside the CFPB

Incorrect Collection Attempts Dominate Debt Collection Gripes

The debt collection industry still has plenty of work to do in terms of correcting its collection attempts against delinquent borrowers, according to a new ranking and analysis by Inside the CFPB. “Incorrect collection attempts” were far and away the leading consumer complaint about the industry submitted to the CFPB, with more than 12,000 such gripes filed, nearly 40 percent of all debt-collection criticisms, the analysis found. (See chart on page 7.) The biggest offender in this regard was Encore Capital Group, with 925 such complaints. MNE Services Inc., on the other hand, had the lowest number of gripes in this area, 19, among the top 50 companies in the ranking. “Communication tactics” ranked second among types of consumer complaints ...


September 2, 2014 - IMFnews

FHA Lending to Low FICO Score Borrowers Increases

The study’s findings challenge certain beliefs about FHA lending, namely that high insurance premiums, lender overlays and low credit scores are denying many qualified borrowers access to the program.


September 2, 2014 - IMFnews

Credit Suisse Issues Complex Jumbo MBS, New Penn a Major Contributor

The top contributors to the deal are New Penn Financial with a 23.1 percent share, EverBank Financial with 20.3 percent and Quicken with 19.8 percent.


September 2, 2014 - IMFnews

Jumbo Originations Bounce Back in 2Q; Share of Total Production Soars

Union Bank and First Republic Bank are the only banks in the top 10 to focus a large majority of their originations on jumbos.


August 29, 2014 - Inside FHA Lending

Around the Industry

Revised HUD/VA Addendum to the Uniform Residential Loan Application. On July 30, the FHA has posted on its HUDCLIPS website a revised Addendum to the Uniform Residential Loan Application (Form HUD-92900-A/VA Form 26-1802). This form is used for both FHA and VA mortgage originations.The Department of Veterans Affairs has updated its form to clarify what constitutes a valid marriage for the purpose of obtaining VA benefits. Although the changes to the form do not apply to FHA-insured mortgages specifically, lenders should begin using the revised form for new FHA mortgage originations as soon as possible, the FHA recommended. Processing Request for Execution of VA Quitclaim Deeds. The Department of Veterans Affairs has issued guidance (Circular 26-14-19) for handling of requests for execution of quitclaim deeds. A quitclaim deed is a legal document that is used to transfer a person’s rights to real estate to ...


August 29, 2014 - Inside FHA Lending

Over $65B in FHA Loans Securitized in 1H14

An estimated $65.5 billion of FHA-insured mortgages, excluding reverse and modified loans, were included in Ginnie Mae mortgage-backed securities issued during the first six months of 2014, according to an Inside FHA Lending analysis of agency securitization data. Ginnie Mae FHA MBS issued during the first half of the year nearly matches the total number of new FHA loans originated over the same period (see related chart, p. 4-5). FHA purchase home mortgages served as collateral on 76.3 percent of Ginnie Mae MBS issued over the six-month period, while loans to first-time homebuyers accounted for 63.0 percent of Ginnie MBS issued during the period. The FHA loans in Ginnie pools over the last two quarters showed an average FICO score of 681, a loan-to-value ratio of 92.5 percent and an average loan amount of $169,093. Except for fifth-ranked Freedom Mortgage, the rest of the top five ... [1 chart]


August 29, 2014 - Inside FHA Lending

FHA Volume Drops in First Half of 2014

FHA loan volume continued to decline in the first half of 2014 despite continuing improvement in the quality of new originations and a high demand for purchase mortgage loans, according to Inside FHA Lending’s analysis of agency data. Overall, FHA production for the first six months of the year, excluding reverse mortgages, totaled $61.1 billion. While originations were up 16.0 percent in the second quarter, it was down a hefty 51.8 percent on a year-over-year basis. Purchase loans accounted for $47.3 billion of new FHA-insured loans made over the six-month period while an estimated $58.4 billion of loans had fixed interest rates. For FY 2014, volume was down 19.0 percent. “In FY 2013, approximately 702,000 FHA-insured loans were originated and this year we’re running at 560,000 loans, which is roughly 20 percent of last fiscal year’s total,” said an FHA analyst. “In the first quarter, approximately ... [1 chart]


August 28, 2014 - IMFnews

Fannie Mae and Freddie Mac Continue to Lose MBS Market Share

Since the collapse of the non-agency market back in 2008, Fannie and Freddie have generally accounted for over 70 percent of new MBS production.


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.


Poll

Over the next six months we plan to hire this many more additional loan officers:

1 to 10 (We're being careful.)
11 to 30 (We're optimistic.)
More than 30 (We're in a growth mode as the banks get out.)
We're cutting back. (Are you nuts? It's ugly out there.)

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