Mortgage Originators

Browse articles from all of our Newsletters related to Mortgage Originators.

April 24, 2015 - Inside Mortgage Trends

BofA: Retail Key to Servicing Customers

D. Steve Boland, Bank of America’s home loans originations executive, says retail mortgage lending is the perfect way to connect with the bank’s customers. In an interview for a special report published by Inside Mortgage Finance Publications, Boland noted that BofA serves one out of every two banking customers in the country. “We have a tremendous footprint and franchise, from our financial centers to the mortgage loan officers and all of the other associates that serve our customers,” he said ...


April 24, 2015 - Inside Mortgage Trends

TPO Volume Lags Overall Market Growth

Mortgage lenders sold a total of $121.87 billion of loans that were originated by mortgage brokers and correspondents to Fannie Mae, Freddie Mac and Ginnie Mae during the first quarter of 2015, according to a new Inside Mortgage Trends analysis of loan-level mortgage-backed securities disclosures by the agencies. Third-party originated volume was up just 1.7 percent from the fourth quarter, while total issuance of agency MBS rose slightly more, by 3.7 percent ... [Includes one data chart]


April 24, 2015 - Inside Mortgage Trends

Government Mortgage Stimulus a Wash

Recent actions by the Federal Housing Finance Agency, the government-sponsored enterprises and FHA to make it easier for borrowers to get a mortgage are probably going to be an inconsequential wash overall, according to a panel of industry representatives and policy experts. However, there was some optimism expressed as well. Commenting on last week’s changes from the FHFA on GSE guaranty fees and loan-level price adjustments, Ron Haynie, senior vice president of ...


April 24, 2015 - Inside Mortgage Trends

Foreclosed Borrowers May Recover, Won’t Return

The majority of the 9.3 million borrowers who lost their homes between 2006 and 2014 will likely become eligible to re-enter the home purchase market within the next nine years, according to an analysis by the National Association of Realtors. However, only about a quarter of them are expected to actually return to the market. “The extended time needed to repair credit scores or save for a downpayment, combined with other overlapping post-distress factors on credit quality, such as ...


April 24, 2015 - Inside Mortgage Trends

Lenders Cautious on High LTV Product Changes

Most lenders already doing business with Fannie Mae and Freddie Mac expect to offer the new low-downpayment options available from the government-sponsored enterprises, though few expect to see much pickup in their originations. A new Fannie survey found 81 percent of lenders intend to offer the 97 percent loan-to-value ratio mortgage sometime this year. About 8 percent said they’re not interested and the rest weren’t sure. But of those planning to offer the product, only ...


April 24, 2015 - IMFnews

What We’re Hearing: Ocwen Decides to Keep its Ginnie MSRs / What Will a Borrower See When It Googles Ocwen’s Name? / Quicken Gets Hit in the Mouth With a Fastball / More Red Ink for Stewart Title

Grid Financial consultant Paul Hindman is a true believer in brokers as is Mat Ishbia of United Wholesale Mortgage.


April 24, 2015 - IMFnews

Impac Sees 1Q Earnings Spike Thanks to CashCall, Deferred Tax Assets

Impac originated $2.85 billion of loans in 1Q15, a figure that includes production from CashCall.


April 24, 2015 - IMFnews

Okay, DOJ Finally Sued Quicken, but Industry Backs Lender in Its Claims

Former FHA chief David Stevens said use of the False Claims Act as a “legal sledgehammer will now be tested by one of the highest quality FHA lenders in the nation.”


April 24, 2015 - IMFnews

Seasoned Investors Push CFPB for Changes to its ‘Mini-Corr’ Guidance

On the issue of mini-correspondent lending, a group of secondary market investors has offered alternative criteria it recommends the CFPB use...


April 23, 2015 - IMFnews

DOJ Sues Quicken for FHA Underwriting Violations, Accuses Nonbank of Inflating Appraisals, More

DOJ cites an email written by a Quicken divisional vice president for underwriting who brags that the lender has a team that is “responsible to pushback on appraisers questioning their appraised values.”


April 23, 2015 - IMFnews

Short Takes: Some Lenders Think Mortgage Counseling is a Waste of Time / Credit Suisse Readies New Jumbo Deal / Originations Rise Slightly at BB&T / More MSR Deals / DocMagic Rolls out TRID Service

The top contributor to the new Credit Suisse jumbo deal is New Penn, which is controlled by MBS co-inventor Lew Ranieri.


April 23, 2015 - Inside Mortgage Finance

Mortgage Market at a Glance

Weekly mortgage rates and application survey data as well as indexes for ARMs.


April 23, 2015 - Inside Mortgage Finance

Real Estate Agents Frustrated with Appraisal Costs, Practices of Appraisal Management Companies

The costs for appraisals for home purchases have increased in recent years, according to some real estate agents responding to the latest Campbell/Inside Mortgage Finance HousingPulse Tracking Survey, with blame being placed on appraisal management companies. “Many agents report that appraisal costs have risen and AMCs’ overhead may be responsible,” said Tom Popik, research director of Campbell Surveys. While lenders aren’t required...


April 23, 2015 - IMFnews

Five Oaks Ready to Issue First Jumbo MBS from Its Own Platform

Five Oaks will retain all the subordinate classes, the servicing rights and the IOs.


April 23, 2015 - IMFnews

Altisource Earnings Plunge 90 Percent, Cost Cutting Ensues, Including Layoffs

Most of Altisource's business is tied to Ocwen, which is in the process of ridding its servicing portfolio of agency loans.


April 23, 2015 - IMFnews

What’s an Appraisal Cost? Try $450 to $800, At Least

Many real estate agents report that appraisal costs have risen and AMCs’ overhead may be responsible...


April 23, 2015 - IMFnews

Agency MSRs: Nonbanks Continue to Steal Market Share From the Megabanks

Most of the slack is being taken up by nonbanks, which serviced $1.571 trillion of agency MBS at March 31.


April 22, 2015 - IMFnews

Short Takes: A HUD Settlement for Green Tree? / After Losing LeBron, Quicken Owner Fears Little / More Regs for AMCs / Lenders You May Not Know: First Cal / Freddie Gets New Chief Risk Officer

It's always possible that Green Tree could turn around and sue HUD before HUD sues them, which is what Quicken Loans did.


April 22, 2015 - IMFnews

Wall Street’s Return to Mortgage Lending: Blackstone Buys a Residential Lender

Is Blackstone's purchase of a mortgage lender a "one-off" deal or will other Street firms follow suit?


April 22, 2015 - IMFnews

Redwood’s Latest Jumbo MBS Includes Highest Share Yet of Non-QMs

Some 97 lenders contributed to the pending security from Redwood, led by PrimeLending with a 9.0 percent share.


April 22, 2015 - IMFnews

Realtors Continue the Drumbeat: Mortgage Credit is Too Restrictive

Then there was Bert Ely who noted: "In my opinion, American housing policy is leading the country down the same path that led to the last housing bubble..."


April 21, 2015 - IMFnews

Short Takes: MBA Backs Changes at CFPB / A Strong Quarter from MGIC / The Weekend the Lights Went out at FHA / S&P Puts Ocwen on Watch List / Executive Bolts Ocwen for Green River

The MBA is backing changes to how the CFPB functions...


April 21, 2015 - IMFnews

Bank Sells $2 Billion Bond to a GSE in Deal Assisted by MIAC

The sale actually closed at yearend, although it was revealed in a press statement dated April 21.


April 21, 2015 - IMFnews

Glen Messina, PHH’s $7.4 Million CEO

for 2014, Messina's compensation package included a base salary of $930,436, stock awards of $2.3 million and $4.1 million in “non-equity incentive” pay.


April 21, 2015 - IMFnews

Are ‘Fast Servicers’ Impacting the TBA market? Nonbanks a Factor?

The Federal Reserve is seen as taking the brunt of nonbank servicer-induced prepayment risk on agency MBS.


April 21, 2015 - IMFnews

Hoping and Praying that the CFPB Goes ‘Soft’ on TRID

A period with protection against liability would allow the CFPB to evaluate any unforeseen issues stemming from TRID.


April 20, 2015 - Inside the CFPB

Looking Ahead/Worth Noting

CFPB Community Bank Advisory Council Meeting April 22. CFPB Director Richard Cordray plans to discuss credit scores and credit reporting and the related implications for community banks when the bureau convenes the next meeting of its Community Bank Advisory Council on April 22, from 3:00 p.m. to 4:30 p.m., in Washington, DC. The event is scheduled to be held at the bureau’s location at 1275 First Street, N.E., and is open to the public, but an RSVP is required to attend. CFPB to Hold Research Conference May 7-8. The CFPB plans to host its first research conference May 7-8, 2015. The conference will focus on high-quality consumer finance research, with academic and government researchers presenting their research papers. “The goal ...


April 20, 2015 - Inside the CFPB

Consumer Mortgage Complaints Close to Free Fall in First Quarter

Mortgage-related complaints to the CFPB are falling through the floor on just about every key metric, according to the latest analysis of bureau data by Inside the CFPB, fueled mostly by a plunging in gripes about loan modifications. The data reflect the depressed levels of mortgage originations in recent years as well as a continued rebound in home price appreciation. The plunge is most notable when comparing first-quarter 2015 numbers with the same period last year. For instance, total consumer gripes about their home loans fell 33.5 percent in 1Q15 versus 1Q14. The fall in belly-aching about loan mods was even more dramatic, down 38.6 percent, the data show. Consumer criticisms about mortgage servicing also declined markedly but not quite ...


April 20, 2015 - Inside the CFPB

Investors Suggest Different Focus For CFPB on ‘Mini-Corr’ Lenders

A group of investors who purchased more than $8 billion in loans from mini-correspondents in 2014 responded to the CFPB’s “mini-corr” guidance and suggested the bureau use somewhat different questions when trying to determine if an entity under review has in fact made the transition from mortgage broker to correspondent lender. According to a copy of the materials sent to the bureau and obtained by Inside the CFPB, the first question the investors suggested was, when does the sales transaction take place when a loan is sold by a lender to an investor? To ensure that a transaction in question truly occurs as a sale in the secondary market, as opposed to a table-funded transaction, several steps should transpire, the ...


April 20, 2015 - Inside the CFPB

CFPB Cracks Down on Mortgage Lender Over Advertising Practices

The CFPB brought an enforcement action against RMK Financial Corp., a California-based mortgage lender, for allegedly using deceptive mortgage advertising practices, including ads that led consumers to believe that the company was affiliated with the U.S. government. According to the CFPB, RMK used the names and logos of the Department of Veterans Affairs and the FHA in mailed advertisements in such a way as to falsely imply that the ads were sent by the VA or FHA, or that the company or the mortgage products it advertised were endorsed or sponsored by those agencies. RMK’s ads also allegedly misrepresented the loans’ interest rates and estimated monthly payments, including whether the interest rate was fixed or variable. Consumers who called the ...


April 20, 2015 - Inside the CFPB

Lawmakers Join Growing Chorus Calling for Eased TRID Enforcement

The odds that the CFPB will publicly announce or tacitly concede some degree of soft enforcement of its integrated disclosure rule, known as TRID, may have improved recently when two Republican Congressmen called on the bureau to give the mortgage industry such a break when the rule kicks in Aug. 1, 2015. “We strongly encourage you to make the August 1, 2015, to December 31, 2015, timeframe a ‘hold harmless’ period of restrained enforcement and liability,” said Reps. Blaine Luetkemeyer, R-MO, and Randy Neugebauer, R-TX, in a letter recently sent to CFPB Director Richard Cordray. “This would allow all parties to better understand the changes associated with TRID and help ensure consumer confidence and stability in the nation's housing market,” ...


April 20, 2015 - Inside the CFPB

House Points-and-Fees Bill Faces Resistance in Senate

Days after the full House of Representatives passed legislation that would amend the points-and-fees calculation in the CFPB’s ability-to-repay rule, the bill ran into some sudden resistance on the other side of Capitol Hill. H.R. 685, the Mortgage Choice Act, is a bipartisan bill that would clarify that certain affiliated title costs do not count against the “qualified mortgage” 3 percent cap on points and fees under the bureau’s ATR rule. H.R. 685, introduced by Rep. Bill Huizenga, R-MI, with dozens of co-sponsors from both parties, would exclude from the definition of points and fees all title charges, regardless of whether they are charged by an affiliated company, provided they are bona fide and reasonable. Lawmakers in the House passed ...


April 20, 2015 - IMFnews

Short Takes: The Quicken Data Dump to DOJ / Dan Gilbert’s Growing Portfolio of Detroit Properties / Ocwen Gets Extension / ASPS Grants Options to Executives / BofA and IBM?

The lender says government investigators have conducted lengthy depositions with numerous Quicken leaders…


April 20, 2015 - IMFnews

Industry Cheers as Nation’s Largest FHA Lender Sues HUD and DOJ

Quicken is the first major lender in the nation to challenge the government in this regard by filing a lawsuit.


April 20, 2015 - IMFnews

The Best Mortgage Credit of Them All: Doctors and Dentists

Tal Frank, president of the company, noted that mortgages made to physicians maintain a near zero delinquency rate, even those without a downpayment.


April 20, 2015 - IMFnews

Marketplace Lender Ponders Non-Agency Mortgages

LendingHome is testing residential originations of non-qualified mortgages, among other products.


April 20, 2015 - IMFnews

PMIER Fallout: Genworth May Need $700MM of Additional Capital but Expects to be Compliant

In trading Monday, Genworth’s stock price was down slightly trading at $7.96. Its 52-week low is $6.75, its high $18.74.


April 20, 2015 - IMFnews

VA Servicing Growing While FHA Market Shrinks

The trend reflects the surge in VA home loan originations over the past few years at a time when the FHA has lost market share to private mortgage insurers.


April 17, 2015 - IMFnews

No G-Fee Hike but LLPAs Rise for Cash-Outs, Conforming Jumbos; A PMIER Suprise

G-fees will stay the same while the adverse market charge will be eliminated and certain loan-level pricing adjustments will increase. The FHFA also released private mortgage insurer eligibility requirements.


April 17, 2015 - Inside FHA/VA Lending

New Day USA Faulted for SAFE Act Testing Violations

New Day USA, a major VA lender, agreed to a multi-million dollar settlement this week with state regulators and removed its chief operating officer due to widespread violations involving the Secure and Fair Enforcement for Mortgage Licensing Act. The lender will pay a $5.28 million administrative penalty as part of a consent order and settlement with regulators from 42 states and Washington, DC. New Day also removed COO Paul Alger. In order to meet continuing education requirements ...


April 17, 2015 - Inside FHA/VA Lending

CFPB Targets Lender for Falsely Suggesting FHA, VA Backing

Last week, the Consumer Financial Protection Bureau brought an enforcement action against RMK Financial Corp., an FHA/VA lender based in Rancho Cucamonga, CA, for allegedly using deceptive mortgage advertising practices, including the use of ads that led consumers to believe that the company was affiliated with the U.S. government. The bureau alleged that RMK, also known as Majestic Home Loans, used the names and logos of the Department of Veterans Affairs and ...


April 17, 2015 - Inside FHA/VA Lending

1st Alliance Aims to Help Distressed Homeowners with New Platform

1st Alliance Lending of East Hartford, CT, has announced a new multi-channel lending platform to help underwater homeowners refinance into affordable government-backed mortgages and help those who have lost their homes previously in bankruptcy obtain a new mortgage. The platform focuses mainly on the FHA Short Refi program and the agency’s “Back to Work – Extenuating Circumstances” program. The multi-channel platform adds a wholesale channel to ...


April 17, 2015 - Inside FHA/VA Lending

Lenders, Consultants Urged to Learn New 203(k) Policies

The FHA is urging 203(k) program lenders and consultants to be aware of key policy revisions when reviewing the published versions of the 203(k) Rehabilitation Mortgage Insurance Program and 203(k) Consultant Requirements in the new Single-Family Housing Policy Handbook. The revised policies include changes to reflect a clearer, more direct and consistent language and terminology. However, they do not represent a significant departure from 203(k) origination policies or ...


April 17, 2015 - Inside FHA/VA Lending

FHA Looks at Non-Traditional Factors to Improve Credit Scoring

The FHA is looking at non-traditional factors in credit scoring that might be considered in determining a borrower’s creditworthiness. In remarks during a credit-access symposium co-hosted by the National Association of Realtors and other industry groups, Department of Housing and Urban Development Secretary Julian Castro said the FHA is looking at various alternative credit-scoring models that might help increase homeownership opportunities for more people ...


April 17, 2015 - Inside FHA/VA Lending

FTH, Special Programs Fuel Navy Fed’s Record Lending in March

First-time homebuyers and specialized loan products helped propel Navy Federal Credit Union’s mortgage originations over the $1 billion mark in March, the best month in the credit union’s 82-year history. Year-to-date, Navy Federal has made more than $2.5 billion in mortgages to members, which now include active-duty, retired and reserve personnel of all the armed services, as well as Department of Defense civilian employees and defense contractors. In March 2013, Navy Federal expanded its ...


April 17, 2015 - Inside FHA/VA Lending

DOJ, HUD Settlement with Defunct Lender Raises Recovery Issues

A recent $36 million settlement agreement between Golden First Mortgage Corp. and the federal government is raising questions about the lender’s ability to pay. The Department of Justice apparently has a plan to collect from a company that is no longer in business and hardly generated enough revenue to pay the full settlement amount. Whatever that plan is, the agency is not disclosing it. Based in upstate New York, Golden First agreed to pay up to resolve allegations that it ...


April 17, 2015 - Inside Nonconforming Markets

Marketplace Lender Eyes Non-Agency Mortgages

LendingHome announced this week that it has originated more than $100 million in loans since launching a year ago, focusing on flexible financing options for investors with a wide range of credit characteristics. The firm is a marketplace lender, connecting borrowers with investors. To this point, LendingHome has focused its originations on bridge loans and loans for investor properties. Officials at the lender said LendingHome plans to offer nonconforming mortgages this year with ...


April 17, 2015 - Inside Nonconforming Markets

Quicken Laments Lack of Traditional Alt A Loans

The Consumer Financial Protection Bureau’s ability-to-repay rule was an “over correction” in terms of income documentation standards, according to Peter Carroll, executive vice president for mortgage policy and counterparty relations at Quicken Loans. At a talk this week hosted by the Financial Services Roundtable and CoreLogic, Carroll said the ATR rule has limited Quicken’s originations of mortgages for borrowers who have significant income that’s accounted for outside of ...


April 17, 2015 - IMFnews

What We’re Hearing: Concern Over LPMI Discounting? / RoundPoint Still Hunting for a Suitor / A Book out on Seterus? / When Fannie Almost Bought Litton / loanDepot Claims It’s Among the Fastest

If Fannie Mae bought a servicing platform Congress, of course, would blow a gasket...


April 17, 2015 - IMFnews

Deal Agent Seen as ‘Centerpiece’ of Benchmark Non-Agency MBS Project

Laurie Goodman, director of the Urban Institute’s Housing Finance Policy Center, is among those who support Treasury’s push to include a deal agent in the benchmark non-agency MBS.


Poll

The Supreme Court recently decided that mortgage loan officers are entitled to overtime pay. How has this affected your shop?

It's a very big deal, but our company will limit OT pay or pay very little.
It’s sort of a big deal, but we have no plans to pay overtime pay at all.
We have no problem paying our LOs OT.
We’re still studying the case and have not yet decided what to do.

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