Mortgage Insurance Profitability
Browse articles from all of our Newsletters related to Mortgage Insurance Profitability.
May 24, 2013 - Inside MBS & ABS
In NY State Court, Two MBS Putback Claims Under Same Statute of Limitations Decided Differently
Two repurchase lawsuits in the New York state court involving allegedly defective mortgage-backed securities and the state’s six-year statute of limitations have resulted in different outcomes for defendants, one of which could potentially limit MBS putback claims in the Empire State. In a May 13 decision, Justice O. Peter Sherwood of the Commercial Division of the New York Supreme Court dismissed with prejudice a $259 million MBS putback lawsuit against Nomura Credit & Capital. The decision was significant in part because it was the first among dozens of MBS putback cases currently pending in NY state court that was dismissed with prejudice on grounds that the six-year statute of limitations has expired, according to defense attorneys. Two affiliates of hedge fund Fir Tree Partners filed...
May 23, 2013 - Inside Mortgage Finance
First-Time Homebuyer Share of Home Purchases Declines as FHA Premium Prices Head Higher
After increasing for three consecutive months, the first-time homebuyer share of home purchases declined in April, according to the latest Campbell/Inside Mortgage Finance HousingPulse Tracking Survey. Industry analysts suggest that the decline of first-time buyers is due to an increase in pricing for FHA mortgages and other changes aimed at reducing the FHA’s market share and losses. First-time homebuyers accounted for 35.8 percent of home purchases in the April HousingPulse survey, based on the three-month moving average, down from a 36.1 percent share the previous month. At the beginning of April, the annual premium for all FHA forward mortgages with a downpayment of less than 5 percent increased by 10 basis points. The upfront mortgage insurance premium also increased 75 basis points to 1.75 percent. Thomas Popik, research director for Campbell Surveys, said...
May 23, 2013 - Inside Mortgage Finance
MBA Offers More Detailed Proposal For ‘Up-Front’ Risk-Sharing Using Private MI to Get Lower G-Fees
Private capital could better find its way back into the mortgage market, with decreasing costs for taxpayers and borrowers, if Fannie Mae and Freddie Mac would offer risk-sharing options to lenders at the “point of sale,” according to the Mortgage Bankers Association. The MBA first floated the concept several weeks ago at its secondary market conference in New York. In a white paper released this week, the group called on the Federal Housing Finance Agency to require the two government-sponsored enterprises to accept loans with deeper levels of credit enhancement in exchange for reductions in guaranty fees and other loan-level charges. “This new structure would bring...
May 17, 2013 - Inside FHA Lending
Regulation by Mortgagee Letter. The Department of Housing and Urban Development this week urged House lawmakers to grant it statutory authority to make temporary changes to the Home Equity Conversion Mortgage program through mortgagee letters while working to formalize the change through rulemaking. In a hearing before the House Financial Services Subcommittee on Housing and Insurance this week, Charles Coulter, HUD deputy assistant secretary for single-family housing, sought specific authority to limit the amount that may be drawn from ...
May 17, 2013 - Inside FHA Lending
HUD Announces New Note Sales Under DASP
The Department of Housing and Urban Development’s Office of the Inspector General has announced a second round of mortgage note sales for this year under the expanded Distressed Asset Stabilization Program. Separate sales of approximately 20,000 severely delinquent loans have been scheduled for June 26 and July 10 as part of HUD’s effort to reduce its bulging inventory of foreclosed residential properties and to target relief to areas hit the hardest by foreclosures. HUD estimates the total unpaid balance of the loans in this sale at ...
May 17, 2013 - Inside FHA Lending
Escrowed Funds Helped Reduce Claims Payments
After some rough sailing, the FHA could use a bit of good news. In a recent audit, the Department of Housing and Urban Development’s Office of the Inspector General found that funds held by lenders have adequately reduced FHA’s payments of single-family mortgage insurance claims. Such funds include buydown funds remaining in escrow, unapplied assistance payments, rental income, escrow funds and others. The audit focused on the FHA’s Single Family Claims Branch and was performed in response to concerns that HUD may not have the ...
May 17, 2013 - Inside FHA Lending
FHA Delinquencies Down, Foreclosure Starts Up
FHA loans saw an improvement in delinquencies even as the mortgage industry reported an increase in the overall delinquency rate for single-family mortgages at the end of the first quarter of 2013, according to the Mortgage Bankers Association’s latest national delinquency survey. Among loan types, the FHA saw the largest improvement on a seasonally adjusted basis as its delinquency rate dropped to 10.97 percent in the first quarter, down 20 basis points from the previous quarter. This was good news for an agency that has been battling to reduce losses and stabilize its Mutual Mortgage Insurance Fund. However, the refreshing change was ...
May 17, 2013 - Inside FHA Lending
FHA Jumbo Production Picks Up in First Quarter
FHA jumbo loan originations increased in the first quarter of 2013 as well as from the same period last year pending hikes in the mortgage insurance premium and the required downpayment on loans above $625,500, according to Inside FHA Lending’s analysis of FHA data. FHA jumbo lenders produced an estimated $5.44 billion in loans over $417,000 during the first three months of the year, up 6.6 percent from the fourth quarter of 2012 and 14.0 percent higher compared to the volume from a year ago. Consumers continued to use the FHA jumbo product despite FHA’s decision to raise the annual mortgage insurance premiums on ... [2 charts]
May 17, 2013 - Inside FHA Lending
Sanctions for Failure to Use New Codes, Says HUD
FHA lenders now face more stringent default monitoring and reporting requirements as federal housing regulators try to keep close tabs on loan performance to reduce losses to the FHA insurance fund. New guidance issued by the Department of Housing and Urban Development requires FHA lenders to use new status codes in their monthly reporting of delinquent single-family mortgages, special forbearances and trial payment plans. At the same time, HUD announced a new reporting requirement for FHA loan modifications in which the servicer receives no incentives. The requirement to use the new codes and to ...
May 17, 2013 - Inside FHA Lending
Policy Change Could Put Loans in HPML Category
Changes to the FHA’s mortgage insurance premium cancellation policy, which take effect on June 3, could ultimately cause some FHA loans closed after the effective date to become a “higher-priced mortgage loan” that no investor would want to purchase, lenders warned. Eliminating the MIP cancellation and requiring insurance to be kept for the life of the mortgage loan will raise the annual percentage rate 150 basis points above the average prime offer rate (APOR) index. This will trigger a higher-priced mortgage loan (HPML) designation for some ...
May 17, 2013 - Inside FHA Lending
SunTrust Negotiates Settlement of FCA Case
SunTrust Mortgage is in settlement discussions with the Department of Housing and Urban Development and the Department of Justice over alleged violation of the False Claims Act in connection with the bank’s origination of FHA loans. The Atlanta-based mortgage lender disclosed the ongoing talks in a recent regulatory filing after being notified by the agencies of the results of their preliminary investigation during the first quarter of 2013. Even with the ongoing settlement talks, SunTrust continued to deny any wrongdoing, making clear its disagreement with the government’s analysis and methodology. It gave no further ...
May 10, 2013 - Inside Mortgage Trends
AIG Reenters Market as Whole Loan Investor
AIG and its mortgage insurance subsidiary United Guaranty Corp. are combining their investment expertise and knowledge of the mortgage market to purchase residential whole loan mortgages as investments. The initiative is in a pilot phase and limited in scope, according to UGC executives. Closed loans will be purchased individually from correspondent lenders and held in portfolio. There are no plans for direct lending or securitization, executives added. Loans targeted for purchase will be subject to ...
May 9, 2013 - Inside Mortgage Finance
Pending Qualified Mortgage Standard May Prompt Shift Toward Monthly Borrower-Paid Premium MI
The three percent points-and-fees cap for qualified mortgages under the Consumer Financial Protection Bureau’s ability-to-repay rule is likely to push the private mortgage insurance industry away from products that emphasize upfront premiums and towards products built on monthly premiums. As the rule stands now, borrower-paid, non-refundable upfront MI premiums would be included in the points-and-fee calculation, but borrower-paid monthly MI premiums would not. There are two caveats: lenders may also exclude...
May 9, 2013 - Inside Mortgage Finance
Private MIs Lose a Little Ground to FHA/VA, But Come Close to Profitability in Early 2013
Private mortgage insurers lost a little collective market share to the FHA and VA during the first quarter, although that may have been simply a timing distortion, according to a new market analysis and ranking by Inside Mortgage Finance. The more groundbreaking news is that the surviving private MIs, as a group, probably turned a profit during the first quarter of 2013. The four publicly traded companies reported a combined loss on their domestic MI business of just $14.6 million during the first quarter of 2013. Essent Guaranty, the fifth-largest MI in terms of new business, is...
May 9, 2013 - Inside Mortgage Finance
The mortgage industry has a window of opportunity to improve the secondary market without having to wait years for Congress to deal with Fannie Mae and Freddie Mac, according to the leadership of the Mortgage Bankers Association, which this week announced a three-prong agenda that doesn’t depend on new legislation. The conservatorships of the two government-sponsored enterprises, which will be five years old in October, were intended to be a short “time out,” and there is still no endgame in sight or any plan for transition, said MBA President and CEO David Stevens, during the group’s secondary market conference in New York this week. Stevens outlined...
May 9, 2013 - Inside Mortgage Finance
Next Round of G-Fee Hikes Could Pull More Private Capital, But May Force Other Changes
Most mortgage industry observers expect the Federal Housing Finance Agency to raise Fannie Mae and Freddie Mac guaranty fees by about 20 basis points this year, but many are convinced that the impact on market practices may be bigger than the magnetic effect on private capital. The FHFA has said it wants to raise g-fees to the point that private capital comes into the market, according to Paul Mullins, a senior vice president and interim head of single-family at Freddie Mac. During remarks at the secondary market conference sponsored by the Mortgage Bankers Association this week, he said “The odds are reasonably good you will see higher guaranty fees.” Already around 50 bps and twice their historic level, the fees charged...
May 3, 2013 - Inside FHA Lending
Congress Extends MI Tax Deductibility. Congress again extended legislation ensuring the tax deductibility of mortgage insurance on purchase and refinance loans through Dec. 31, 2013. Consequently, homeowners with adjusted household incomes of $109,000 or less can continue to claim the MI tax deduction on their federal tax return retroactive to Jan. 1, 2012. With a tax deduction, qualified borrowers may be able to ...
May 3, 2013 - Inside FHA Lending
FHA Lenders Liable for Restrictive Covenants
The Department of Housing and Urban Development’s Office of the Inspector General has recommended that two lenders be reviewed for potential treble damages under the False Claims Act for allowing restrictive covenants to be recorded in regard to 864 FHA-insured loans in violation of FHA regulations. CTX Mortgage Co. of Dallas, TX, and Pulte Mortgage of Englewood, CO, could be on the hook for millions of dollars if HUD agrees to accept the OIG’s recommendations, which also include reimbursements and indemnification for paid and potential future claims. Both lenders maintained that ...
May 3, 2013 - Inside FHA Lending
HUD Closes Offices, Restructures Multifamily Hubs
The Department of Housing and Urban Development has announced plans to consolidate multifamily hubs nationwide and close a number of its smaller field offices. The plan would result in an estimated $61.9 million in annual costs savings for HUD after completion and affect approximately 900 of the department’s 9,300 employees. No employee will be laid off as a result of the restructuring, according to HUD Secretary Shaun Donovan. Donovan said the changes are part of a broader, long-term effort that will allow HUD to continue to deliver high-quality services by adapting modern best practices. The decision to ...
May 3, 2013 - Inside FHA Lending
ASF Calls for Reduced FHA/GSE Loan Limits
Wall Street has unveiled policy proposals calling for premium and guaranty fee adjustments and reduced loan limits for FHA and the government-sponsored enterprises to jump start the return of private capital to the U.S. housing market. The American Securitization Forum said the current level of government activity in the mortgage market is neither sustainable nor advisable. The government, through FHA, Fannie Mae and Freddie Mac, directly or indirectly guarantees 90 to 95 percent of new mortgage originations in the country, the trade association said. While everyone agrees the government’s role in housing should be reduced over the long term, there is ...
May 3, 2013 - Inside FHA Lending
HUD Issues Detailed Guidance on LI Final Rule
The Department of Housing and Urban Development this week issued more detailed guidance to changes in the FHA Lender Insurance Program based on a final rule published in the Federal Register in January 2012. Under the LI program, high-performing direct endorsement lenders have the authority to conduct pre-endorsement reviews and endorse loans. Mortgagee Letter 2013-12 supersedes guidance HUD issued last month and provides additional details on initial and continuing eligibility for Lender Insurance. It also talks about HUD monitoring of program participants as well indemnification procedures, which were discussed in ...
May 3, 2013 - Inside FHA Lending
Wells Fargo to Appeal Ruling on NY FCA Case
Wells Fargo will reportedly appeal a federal judge’s decision that a $25 billion agreement Wells and four other banks made with federal agencies and 49 state attorneys general last year to settle allegations of servicing malpractices does not make the banks immune to future claims under the False Claims Act. The Feb. 12 decision by Judge Rosemary Collyer of the U.S. District Court for the District of Columbia said that the landmark settlement she had approved in April 2012 does not release the from future False Claims Act claims the government may bring. Dating back to the U.S. Civil War, the FCA provides for treble damages for fraud that results in ...
May 3, 2013 - Inside FHA Lending
FHA Claims Payments Exceed Collections, Report Shows
The FHA paid out more in claims than it had collected in premiums and note and property sales as of Sept. 30, 2012, according to the Department of Housing and Urban Development’s quarterly report to Congress on the FHA Mutual Mortgage Insurance Fund. FHA disbursed $19.5 billion at the end of the third quarter last year mostly to pay claims and booked $16.7 billion in collections, resulting in an outflow of $2.8 billion, the report stated. Cash flows from operations over the last year covered 80 percent of default losses, the report noted. Premiums collected over four quarters ending Sept. 30, 2012, totaled ...
May 3, 2013 - Inside FHA Lending
FHA Originations Down Slightly in 1Q13
Overall FHA loan production dropped a tad during the first quarter of 2013 even as refinancing volume remained elevated, according to an Inside FHA Lending analysis of agency data. FHA lenders produced a total of $63.7 billion in new FHA-insured loans during the quarter, down 0.6 percent from the previous quarter but up 27.4 percent from the same period last year. FHA streamline refinancing rose 8.4 percent to $31.0 billion in the first quarter from the prior period. That was also up a whopping 97.8 percent from the same period last year. In a new report to Congress, the ... [2 charts]
May 2, 2013 - Inside Mortgage Finance
Genworth Financial reported improved first-quarter earnings, Mortgage Guaranty Insurance Co. made some progress on the litigation front while new entrant National Mortgage Insurance went through some highs and lows in the same week. It’s not every day a private MI gets to report a net profit, but Genworth’s U.S. mortgage operation posted $21 million in operating income during the first quarter, following a $32 million loss in the previous quarter. It was the first time in five years that the MI unit reported a profitable quarter. First-quarter results included a $4.5 million charge related to the settlement with the Consumer Financial Protection Bureau announced on April 4. Genworth’s MI losses were...
April 26, 2013 - Inside Mortgage Trends
MI Attached to Many Underwater GSE Mortgages
Private mortgage insurers provided coverage on some $8.2 billion of mortgages securitized by Fannie Mae and Freddie Mac during the first quarter of 2013 that had loan-to-value ratios exceeding 105 percent, according to a new Inside Mortgage Finance analysis of loan-level data. Private MIs had little choice in the matter since the Home Affordable Refinance Program allows underwater borrowers to refinance without getting additional MI, or any mortgage insurance if the original loan wasn’t insured. In fact, Fannie and Freddie securitized a total of $27.1 billion of mortgages with LTV ratios over 105 percent, most of which did not have insurance. But most private MI coverage was placed...[Includes one data chart]
April 26, 2013 - Inside Mortgage Trends
National MI Begins Writing New Business
National MI, a new entrant in the private mortgage insurance market, began issuing its first commitments this month, although company officials acknowledge that a lot of the company’s operations are still being put together. In fact, building a new MI from scratch with state-of-the-art technology and no hangover from the housing collapse is one of National MI’s key advantages, officials said. “2013 is...
April 26, 2013 - Inside The GSEs
DeMarco Telegraphs FHFA Force-Placed Decision
Look for Fannie Mae’s and Freddie Mac’s regulator to press forward with its policy proposal to develop a set of aligned standards for force-placed insurance, the head of the Federal Housing Finance Agency told lawmakers last week. Testifying before the Senate Banking, Housing and Urban Affairs Committee, FHFA Acting Director Edward DeMarco said the agency plans to pursue a “broader approach” to force-placed insurance. “Our goal is to establish a set of standards that could be adopted by a broader set of mortgage market participants, similar to what was done with the Servicing Alignment Initiative,” said DeMarco. “This broadened approach will also enable greater regulatory coordination in an effort to consider the various issues associated with lender-placed insurance.”
April 19, 2013 - Inside FHA Lending
VA Issues Warning. Loans reported for guaranty more than 60 days after loan closing will be subject to automatic full review, the Department of Veterans Affairs warned. In guidance issued earlier this month, the VA reminded lenders that they must enter guaranty requests in the VA’s webLGY system within 60 days of closing or risk going through another review and additional requirements. If a loan is guaranteed late, the lender must include a brief explanation and a certification that the loan was current when they submitted the file to VA. Timely reporting of loans for VA guaranty ensures ...
April 19, 2013 - Inside FHA Lending
FHA Delinquencies Fall, Foreclosures Flat
The overall delinquency rate among FHA-insured portfolios dropped during the first three months of 2013 while little change was seen in the foreclosure rate quarter over quarter, according to an Inside FHA Lending analysis of FHA data. Top FHA servicer data showed that 15.3 percent of the more than 7.68 million active FHA-insured loans were delinquent as of the end of the first quarter. Although elevated, that percentage was down from the 16.9 percent overall delinquency rate reported by FHA servicers at the end of the fourth quarter last year. The share of FHA-insured mortgages in foreclosure remained flat from quarter to quarter, a sign that the housing crisis may have ... [1 chart]
April 19, 2013 - Inside FHA Lending
GNMA Seeks Input on Future of Ginnie I & II
Ginnie Mae is seeking feedback from dealers, issuers and investors about whether to continue to maintain two separate mortgage-backed securities programs or to consolidate them under a single security. Comments are also being sought on other possible options. Bloomberg.com recently reported that Ginnie Mae sent out questionnaires to Wall Street broker-dealers for their input on the future of both the Ginnie Mae I and Ginnie Mae II MBS programs. The agency has been considering whether it should merge the programs for some time. The Ginnie Mae I single-issuer pool program with stringent pooling requirements began in ...
April 19, 2013 - Inside FHA Lending
FHFA to Set New Eligibility Rules for Private MI
Private mortgage insurers may soon find themselves required to meet new eligibility standards if they want to continue doing business with the government-sponsored enterprises. In written testimony submitted to the Senate Committee on Banking, Housing and Urban Affairs, FHFA Acting Director Edward DeMarco said the FHFA intends to set new criteria for private MI companies in doing business with Fannie Mae and Freddie Mac. The revised private MI standards are among the agency’s priorities in 2013 and is part of the conservatorship strategic plan to ...
April 19, 2013 - Inside FHA Lending
Small Lenders Exempt from Audited Reporting
Supervised small FHA lenders and mortgagees with less than $500 million in consolidated assets would enjoy some cost relief under a regulatory proposal that would exclude them from submitting audited financial statements. Instead, these institutions would only need to submit their unaudited financial regulatory reports, which include bank and credit union call reports, to fulfill their net worth reporting obligations with the Department of Housing and Urban Development. That is the same exclusion the federal banking agencies – the Federal Reserve Board, Federal Deposit Insurance Corp., and the National Credit Union Administration – give ...
April 19, 2013 - Inside FHA Lending
MRB Reports 2012 Settlements, Indemnifications
The Department of Housing and Urban Development’s Mortgagee Review Board slapped 157 FHA lenders during the first nine months of 2012 with various administrative actions, including more than $1.7 million in civil money penalties and indemnifications to HUD for paid and potential claim losses totaling $1.25 million. The MRB, which is HUD’s disciplinary arm, took action against the approved lenders from Jan. 1, 2012, to Sept. 30, 2012. According to a notice published in the April 11 Federal Register, the board withdrew the FHA approval of 130 lenders for failing to ...
April 19, 2013 - Inside FHA Lending
DOJ Announces SCRA Lawsuits, Settlements
The Department of Justice recently announced enforcement actions against a New York-based FHA lender and its owner/president for fraudulent certification of FHA-insured loans as well as two separate settlements with bank subsidiaries for alleged violations of the Servicemembers Civil Relief Act. In the first action, the U.S. Attorney for the Southern District of New York, the Department of Housing and Urban Development, and the HUD Office of the Inspector General jointly announced a civil mortgage fraud lawsuit against ...
April 19, 2013 - Inside FHA Lending
HUD Reiterates Plea for Expanded HECM Power
Department of Housing and Urban Development Secretary Shaun Donovan this week reiterated his agency’s request for additional legislative authority to regulate the Home Equity Conversion Mortgage program by mortgagee letter so that much-needed changes can be implemented immediately. Rather than go through the tedious legislative process of amending HECM legislation to improve the program and reduce HECM losses, expanding HUD’s authority would enable the department to undertake immediate reforms, such as restricting lump sum payments, requiring financial assessments of HECM applicants and requiring borrowers to ...
April 19, 2013 - Inside FHA Lending
Guidance Clarifies Indemnification Process
The Department of Housing and Urban Development this week issued guidance that spells out procedures for demanding indemnification from lenders participating in the agency’s Lenders Insurance (LI) program for loans deemed ineligible for FHA insurance. The guidance (Mortgagee Letter 2013-10) implements regulation that HUD finalized in January 2012. Indemnification for defective LI loans became even more important for the FHA after an independent actuarial audit in November revealed a negative capital reserve ratio and that a taxpayer bailout seemed imminent. Compliance experts warned that, with the policy changes, the more than ...
April 18, 2013 - Inside Mortgage Finance
The Department of Housing and Urban Development’s fiscal 2014 budget proposal is in for some rough sailing in Congress as House appropriators, unmoved by pleas to soften the impact of sequestration, criticized HUD’s lack of commitment to fiscal reform. Appearing as the sole witness before the House Appropriations Subcommittee on Transportation, Housing and Urban Development, and Related Agencies, HUD Secretary Shaun Donovan had an earful from Republican lawmakers who expressed “deep concern” about the lack of comprehensive reform proposals in the proposed budget. Subcommittee Chairman Tom Latham, R-IA, expressed...
April 18, 2013 - Inside Mortgage Finance
District Court Allows Class Action on Captive Reinsurance to Proceed Against Lender, MIs
A major mortgage lender and four private mortgage insurance companies – all co-defendants in a class-action lawsuit over captive reinsurance – failed to convince a federal court that the case should be thrown out because the charges were brought well after the timeframe allowed under the Real Estate Settlement Procedures Act. Instead, the U.S. District Court for the Eastern District of Pennsylvania ruled that the mortgage borrowers should have the benefit of “equitable tolling,” which allows plaintiffs to bring cases beyond the normal limits of the law if the defendant actively misled them or the plaintiff was prevented in some extraordinary way from asserting his rights in a timely manner. RESPA generally requires...
April 12, 2013 - Inside Mortgage Trends
Lenders Push No-MI Loans for Purchase Boom
Anticipation of a boom in the purchase-mortgage market has prompted some conventional conforming lenders to roll out products with no mortgage insurance, and the response has been overwhelming. The 360 Mortgage Group in Austin, TX, recently launched its exclusively wholesale “NOMI” (no-MI) product and demand has been very strong, executives said. “One week after launch, we have been getting calls from mortgage brokers, correspondents, real estate agents and consumers who are very ...
April 12, 2013 - Inside The GSEs
OIG: FHLB Insurance Advances Need Stricter Review
The Federal Housing Finance Agency’s oversight of the 12 Federal Home Loan Banks’ growing amount of advances to insurance companies should be improved to include tighter coordination with state regulatory authorities, according to the agency’s official watchdog. The FHFA Office of Inspector General’s recent audit noted FHLBank advances to insurance company members have dramatically increased even as overall advances have declined in recent years. From 2005 through 2012, the volume of FHLBank advances to insurance companies increased “over fourfold” from $11.5 billion to $52.4 billion.
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