Mortgage Originators

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

March 24, 2017 - Inside Mortgage Trends

Retail Channel Dominated Agency Lending in 2016

Some 53.7 percent of newly originated mortgages delivered into agency mortgage-backed securities programs last year were generated through lenders’ retail production operations, according to a new Inside Mortgage Trends analysis. Correspondents accounted for the next largest share, 33.4 percent, of loans sold to Fannie Mae, Freddie Mac and Ginnie Mae. The data exclude mortgages that were over six months old when they were securitized ... [Includes two data charts]


March 24, 2017 - Inside Mortgage Trends

Grants Launch 15 Mortgage Broker Shops

A program launched in September to provide grants to mortgage brokers has helped launch 15 new independent mortgage brokerage shops, according to the National Association of Mortgage Brokers. The NAMB KickStart program provides a grant of up to $10,000 to help launch broker operations. The program started with financial support from United Wholesale Mortgage. “After mega banks pinned mortgage brokers as the scapegoats of the financial crisis in ...


March 24, 2017 - Inside Mortgage Trends

Tight Credit Could Lead to Economic Disparity

If left unresolved, the tightness of mortgage credit would result in a much lower percentage of homeowners because most potential new homebuyers would likely be Hispanic or nonwhite – groups with lower income, less wealth and lower credit scores, according to a new study by the Urban Institute. Author Laurie Goodman, co-director of UI’s Housing Finance Policy Center, noted the very tight mortgage credit situation that has developed since the mortgage crisis, which she attributed to mortgage lenders becoming more cautious than ever in their lending.


March 24, 2017 - Inside Mortgage Trends

Experian, Finicity Digitize Verifications

Credit bureau Experian and data services vendor Finicity have partnered to come up with a digital verification capability to help bring the lending industry to the point where a “10-by-10” mortgage becomes the norm; that is, a loan application that can be completed in 10 minutes, and the resulting mortgage closed in 10 days. Experian said its new Digital Verification Solutions will provide verification of assets and income by utilizing Finicity’s data aggregation and insight platform ...


March 24, 2017 - Inside Mortgage Trends

Costs Weigh on Lender Tech Considerations

Most lenders aren’t currently using so-called next-generation mortgage technology service providers, according to a survey conducted by Fannie Mae. High costs are among the reasons keeping many lenders from adopting technology that could ease the burdens borrowers face when obtaining a mortgage. Some 63.0 percent of the 184 lenders surveyed by Fannie in November said they haven’t used next-gen tech providers. Fannie released the survey results ...


March 24, 2017 - IMFnews

What We’re Hearing: No GSE Capital in Nine Months / But Don’t Sweat It / Mel Knows / Fairholme’s Bad Bet on Sears / Impac Borrows Against Fannie Mae MSRs / Blend’s Clients Include Movement Mortgage

Not only does Fairholme own Fannie and Freddie shares, it has an investment in Sears, the troubled department store chain...


March 24, 2017 - IMFnews

With Trump in Power, the CFPB is Hardly Bashful About Pressing Enforcement Actions

Presumably the bureau is going to keep bringing enforcement actions like this until a final resolution is reached curbing its authority, the attorney noted…


March 24, 2017 - IMFnews

A New Low for Walter’s Share Price: 64 Cents

When Walter Investment released fourth quarter results last week it declined to hold a live earnings call – somewhat of a rarity…


March 24, 2017 - IMFnews

Proposal to Curb ‘Rating Shopping’ Met with Skepticism

Esaki and White propose allowing issuers to choose any number of rating services to submit credit support levels for a particular MBS or ABS, paying a bid-preparation fee for each estimate.


March 24, 2017 - IMFnews

Fitch the 2016 Rating Service King in Both Non-Agency MBS and Non-Mortgage ABS

S&P finished a close second with a 53.6 percent market share.


March 23, 2017 - Inside Mortgage Finance

Mortgage Market at a Glance

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


March 23, 2017 - IMFnews

A Change in the GSE PSPAs Coming Soon? Don’t Bet on It…

Waiting for a change in the GSE PSPAs is like waiting for Godot...


March 23, 2017 - IMFnews

Nationstar Mortgage EVP and CFO Robert Stiles Departs

In early March, Stiles filed notice to sell 11,931 shares of Nationstar common at a price of $18.40 a share or $219,530.


March 23, 2017 - IMFnews

VA Considering Stronger Measures to Stop Early Solicitation of Purchase Loans for Refis

There have been scattered reports that some lenders and brokers are still chasing quick-turn refis aided by secondary market investors offering to buy and securitize those loans.


March 23, 2017 - IMFnews

Home-Equity Lending Up in 2016, but HEL Debt Sinks to 13-Year Low

At the end of 2016, the supply of outstanding home-equity loans fell to $595.4 billion from $607.9 billion the year prior…


March 22, 2017 - IMFnews

Short Takes: Reading the Mortgage Tea Leaves for 1Q17 / When in Doubt, Go Non-QM / Impac by the Numbers / Applications Fall, Existing Homes Sales Drop as Well

Don’t look now but the yield on the benchmark 10-year Treasury is now down to 2.40 percent. And just in time for the spring home buying season…


March 22, 2017 - IMFnews

Wall Streeter Phillips to Play ‘Critical’ Role at Treasury on GSE Reform; GSE ‘Principles’ Coming Soon from Trump?

Calabria joined the Trump administration from the conservative Cato Institute and is no fan of the GSEs...


March 22, 2017 - IMFnews

Finance of America Commercial Makes Big Push Into Broker Market with ‘Fix & Flip’ Lending

CEO Mark Filler said FoAC is now offering fix-and-flip loans as cheaply as 6.99 percent…


March 22, 2017 - IMFnews

HECM Production Stumbles a Bit in 2016

Among the top 10 originators in 2016, Reverse Mortgage Solutions posted the largest annual decline at 64.5 percent. RMS is owned by Walter Investment…


March 22, 2017 - IMFnews

PHH Counsel Theodore Olson Lays Out Steps to Make the CFPB ‘Constitutional’

For the CFPB to pass the constitutionality test, its director needs to be removable by the president of the United States...


March 21, 2017 - IMFnews

Short Takes: Coming Soon: Falling Interest Rates? / Walter Gets Smacked Down Again / Embrace Sends its Top LOs to Boca / CoreLogic’s $5 Million Man (Rounded) / A New Hire for Silver Hill

All totaled, the new CoreLogic chief could earn almost $5 million...


March 21, 2017 - IMFnews

IMF Poll: Lenders Will Liberalize Underwriting Standards – but Not by Much

Some 14 percent of respondents said they might begin making non-qualified mortgages over the coming months.


March 21, 2017 - IMFnews

USDA Securitization Rose in 2016; Chase Led the Sector, but…

Although JPMorgan/Chase was the market leader, it is now mostly out of the sector…


March 21, 2017 - IMFnews

MBA: Net Origination Profit Plunged 68 Percent in 4Q16

MBA noted that including all business lines, 73 percent of the mortgage companies posted pre-tax profits for the fourth quarter, down from 94 percent in 3Q16…


March 21, 2017 - IMFnews

Still Rising: Retail Channel Accounts for 81.6 Percent of Jumbo Originations

Roughly $72.09 billion of jumbo mortgages were originated in the fourth quarter, down 3.4 percent on a sequential basis.


March 20, 2017 - IMFnews

Short Takes: Walter Retains M&A Advisor Houlihan Lokey / A Penny Stock / $902 Million of Losses / Rebranding for MountainView / Ocwen Shuffles its Board

Over the past three years, Walter Investment Management has lost a whopping $902 million...


March 20, 2017 - IMFnews

Serial Rapid Refinancing on VA Loans Continues. Is There a Cure?

MBA’s Pete Mills noted there are a handful of lenders and brokers that specialize in quick-turn refis…


March 20, 2017 - IMFnews

DOJ Filing Reveals Trump Wants to Keep the CFPB, but with a ‘Removable’ Director

Attorneys with the Ballard Spahr law firm noted that, “If the DOJ gets its way, the CFPB would remain intact with a director that President Trump can replace at any time.”


March 20, 2017 - IMFnews

Wholesale-Broker Channel Saw Big Gains in Agency Market Last Year

Mortgage brokers earned their biggest market share in the Ginnie Mae sector…


March 17, 2017 - Inside FHA/VA Lending

Utah FHA Lender Pays $4.25 M to DOJ, HUD to Resolve Fraud Claims

Security National Mortgage Co. of Salt Lake City has paid $4.25 million to the Department of Housing and Urban Development to settle allegations of failing to comply with FHA loan requirements. Security National, a retail lender, has been an FHA-approved direct endorsement lender since October 1993, the year it was founded. The settlement resolves a joint civil investigation by the HUD Office of the Inspector General, Department of Justice and the U.S. Attorney’s Office for the District of New Jersey into Security National’s FHA origination and underwriting practices in connection with 100 FHA-insured loans. As part of the settlement, the lender “agreed it engaged in certain conduct in connection with its origination and underwriting of the loans.” The HUD OIG provided no details about the investigation. The OIG said the loans that were certified as compliant would not have been insured had ...


March 17, 2017 - Inside FHA/VA Lending

HECM Originations Down in 2016, December Spike Slowed Descent

Production of Home Equity Conversion Mortgage loans was down in 2016 with an estimated $14.9 billion originated last year, compared to $16.0 billion the previous year. Year-over-year, total HECM volume fell 6.4 percent. Purchase loans accounted for 85.9 percent of FHA-insured reverse mortgages produced over the 12-month period. Originations, however, rose by 8.0 percent in the fourth quarter from the previous quarter due to a spike in HECM lending in December. Purchase HECMs with an adjustable rate appeared to be the product of choice among HECM borrowers in 2016. American Advisors Group continued to dominate the market, closing 2016 with $2.1 billion in HECM originations for a 14.0 percent market share. One Reverse Mortgage was the second top HECM producer of the year with $855 million, while Reverse Mortgage Funding was in third place with $649.8 million. Liberty Home Equity Solutions hung on ... [ 1 chart ]


March 17, 2017 - Inside FHA/VA Lending

USDA Securitization Rose in 2016, Chase Home Continues to Lead

Approximately $18.8 billion in rural housing loans with a U.S. Department of Agriculture guarantee were delivered into Ginnie Mae pools in 2016, according to an analysis of Ginnie data. Securitization of USDA loans was up 3.9 percent from the previous year. Fourth quarter production, however, was off 10.3 percent from the prior quarter, slowing down production of USDA loans during the period. Ditech Financial, which ranked 15th among the top Ginnie Mae issuers of mortgage-backed securities backed by USDA loans, ended 2016 with $284.9 million. That was up a staggering 4712.9 percent from 2015. Chase Home Finance led the market with $3.6 billion in 2016, despite hefty declines quarter-over-quarter and year-over-year. Second-ranked PennyMac closed the year with a total volume of $2.1 billion, while Freedom Mortgage, in third place, reported $2.0 billion, a whopping ... [ 1 chart ]


March 17, 2017 - Inside FHA/VA Lending

Georgia Appeals Court Finds for Wells Fargo in Provisional Win

A Georgia appellate court recently handed Wells Fargo Bank a provisional win in a lawsuit in which a VA borrower alleged breach of contract and wrongful foreclosure. In Wells Fargo Bank, N.A., d/b/a Wells Fargo Home Mortgage v. LaTouche, the court ruled that Wells did not breach its duty to the borrower to comply with VA foreclosure regulations. The court concluded that the trial court had erred in denying Wells Fargo’s motion for summary judgment as to the defendant’s claims for wrongful foreclosure that hinged upon the same VA regulations. The reversal stemmed from Wells Fargo’s request for an interlocutory review of the trial court’s denial of its motion for summary judgment on defendant Michael LaTouche’s claims for breach of contract, wrongful foreclosure and “surprise. An interlocutory review is undertaken when a question of law must be answered by an appellate court before ...


March 17, 2017 - Inside FHA/VA Lending

Correspondent Channel Lost Some Share of Gov’t Market in 2016

Correspondent mortgage originators account for an unusually large share of FHA and VA lending, but the channel lost some market share in 2016, according to a new analysis by Inside FHA/VA Lending. Correspondent production accounted for 53.2 percent of the $275.14 billion of government-insured mortgages originated by a diverse group of lenders that included the top players in the market. That was a significantly bigger correspondent share than was seen in the conventional-conforming market (42.6 percent) or the jumbo space (16.2 percent). However, the 2016 figure was down from a 57.8 percent correspondent share of FHA/VA lending back in 2015, the first year for which data are available. Correspondent originations of government-insured lending by the group were up 31.1 percent from 2015, but their total FHA/VA lending jumped 42.3 percent. The retail share rose ... [ 1 chart ]


March 17, 2017 - Inside FHA/VA Lending

Serial Rapid Refinancing Continues As VA, MBA Explore Potential Cures

Solicitation of VA purchase loans for streamline refinancing within weeks of closing is apparently continuing despite Ginnie Mae’s efforts to stop the harmful practice. The Mortgage Bankers Association has expressed concern that guidance on pooling eligibility for streamlined refinance loans, which Ginnie issued in October last year, was far less effective than expected. Although the aggressive refinancing trend has slowed due to Ginnie’s action, there are still “pockets of that activity” being reported, said Pete Mills, MBA senior vice president. Refinancing a veteran’s purchase mortgage less than six months after its origination is not in the vet’s best interest because it strips equity from the house and results in higher financing costs, said Mills. While the rapid refi trend involves only a small number of loans in Ginnie mortgage-backed securities pools, investors do not get the full benefit of their investment because of early prepayment. Mills said there are a handful of lenders and brokers that ...


March 17, 2017 - Inside Nonconforming Markets

News Briefs

Freddie Mac is preparing to issue a $639.91 million Whole Loan Securities transaction backed by conforming-jumbo mortgages, according to Moody’s Investors Service. Some 65.9 percent of the mortgages in the transaction were originated by Caliber Home Loans, followed by Wells Fargo Bank with a 19.1 percent share and Quicken Loans with a 10.0 percent share. JPMorgan Chase recently opted to include conforming-jumbo mortgages in a non-agency ... [Includes five briefs]


March 17, 2017 - Inside Nonconforming Markets

Non-QMs Poised for Growth as Refis Decline

As interest rates increase and refinance business shrinks, some lenders are putting an emphasis on non-qualified mortgages. “CashCall Mortgage’s business in refinance has fallen off; it is now targeting a different section of the marketplace,” Joe Tomkinson, chairman and CEO of Impac Mortgage Holdings, said during the nonbank’s recent earnings call. “Now we are bringing a product that is very real estate friendly to the marketplace, and we will see an increase in that.” Most of ...


March 17, 2017 - Inside Nonconforming Markets

Retail Gains Share of Jumbo Lending in 4Q, Remains Dominant Channel for Production

The retail channel remains the predominant source of jumbo originations, according to an Inside Nonconforming Markets analysis of survey responses collected by Inside Mortgage Finance. Among the top jumbo lenders, more than four out of five jumbos originated during the fourth quarter of 2016 were through the retail channel. The 81.6 percent retail share of jumbo originations was up from a 79.3 percent share in the fourth quarter of 2015 ... [Includes one data chart]


March 17, 2017 - IMFnews

Top Cities for Millennial Homebuyers Include Pittsburgh, DC

A new study by LendingTree said that Pittsburgh tops the list of cities for millennial homebuyers with 48.4 percent of all purchase mortgage requests coming from that demographic.


March 17, 2017 - IMFnews

Appraisers Frustrated with Regulatory Burdens, Low Pay

Appraisers are most frustrated with the FHA, excessive regulations and insufficient compensation, according to a National Association of Realtors survey of more than 2,000 appraisers.


March 17, 2017 - IMFnews

Grant from NAMB and United Wholesale Helps Fund 15 New Mortgage Broker Shops

A program launched in September to provide grants to mortgage brokers has helped launch 15 new independent mortgage brokerage shops, according to the National Association of Mortgage Brokers.


March 17, 2017 - IMFnews

Credit Reporting Changes Could Spur More Mortgage Lending

The three major credit bureaus plan to exclude two critical pieces of negative information from their reports, which may make it easier for some borrowers to qualify for a mortgage.


March 16, 2017 - Inside Mortgage Finance

Mortgage Market at a Glance

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


March 16, 2017 - Inside Mortgage Finance

Wholesale-Brokers Saw Biggest Gains in Agency Market Last Year, But Retail Was Still King

Fannie Mae, Freddie Mac and Ginnie Mae securitized $183.69 billion of newly originated mortgages produced through the wholesale-broker channel last year, a new Inside Mortgage Finance analysis reveals. That was up 22.2 percent from 2015 volume, the biggest increase among the three mortgage-production channels. The biggest increase for broker originations was in Fannie mortgage-backed securities, rising 31.5 percent from 2015, accounting for 12.2 percent of the government-sponsored enterprise’s MBS issuance last year. The dataset includes only purchase and refinance loans that were securitized within six months of origination, and it excludes mortgages with no channel identification. Brokers earned...[Includes two data tables]


March 16, 2017 - Inside Mortgage Finance

FCC Weighs Revised Phone-Contact Standards That Could Interfere with Mortgage Business

A request from two consumers for changes to the Telephone Consumer Protection Act would interfere with mortgage origination and servicing operations, according to the Consumer Mortgage Coalition. The CMC submitted a comment letter to the Federal Communications Commission late last week in response to a petition submitted to the FCC in January. The petition called for the FCC to re-write parts of the TCPA and require express consent to be in writing from consumers regarding certain communications from companies, including mortgage lenders and servicers. The petition would define express consent as not being provided even when a person to be called knowingly provides a phone number to a lender on a loan application. Anne Canfield, executive director of the CMC, said...


March 16, 2017 - Inside Mortgage Finance

Credit Reporting Changes Could Spur Mortgage Lending as Consumers’ Scores Are Elevated

The three major credit bureaus plan to exclude two critical pieces of negative information from their reports, which may make it easier for some borrowers to qualify for a mortgage. Many tax liens and civil judgments, which can weigh down a credit score, will be removed. As part of a multi-year plan to alleviate incorrect information, on July 1, Equifax, Experian and Transunion will apply new public record standards when it comes to collecting and the timely updating of civil judgments and tax liens, the Consumer Data Industry Association said this week. The new standard will apply...


March 16, 2017 - IMFnews

Agency Servicing Growing, Commercial Banks Continue Pullback

The volume of home mortgages outstanding continued to grow during the final three months of 2016, no thanks to the commercial banking industry.


March 15, 2017 - IMFnews

Short Takes: Mortgage Apps Up/Moody's Upgrades a Wells MBS/Quicken Finds Appraisal Disconnect/the FOMC Concludes its Meeting

Mortgage applications rose 3.1 percent, on a seasonally adjusted basis, for the week ending March 10, 2017, versus the week before, the Mortgage Bankers Association announced Wednesday morning. The MBA's Refinance Index rose 4 percent, and its Purchase Index was up 2 percent…


March 15, 2017 - IMFnews

Industry Groups Call for Changes to National Flood Insurance Program

The Mortgage Bankers Association this week urged Congress to support two bills that would make major changes to the National Flood Insurance Program, including clarification that would make private flood insurance acceptable to mortgage lenders....


March 15, 2017 - IMFnews

Correspondent Channel Lost Some Share of Gov’t Market in 2016

The banking industry continued to backpedal away from the business of servicing home mortgages for other investors during 2016, according to an exclusive new Inside Mortgage Trends analysis of call-report data....


Poll

With the spring homebuying season in full swing, what percentage of your March 2017 application volume has been for “purchase” loans?

75% or higher
50% to 74%
30% to 49%
Under 30%

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