Mortgage Originators

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

April 1, 2015 - IMFnews

Short Takes: A Record Production Month for One Lender / Another LLPA Change From Fannie Mae / Trouble for Altisource Residential? / Auction.com Updates Forecast / Former Fannie Chief Mudd Appears in Court

Former Fannie Mae CEO Daniel Mudd testified Tuesday in a civil trial over losses the GSE suffered on nonprime MBS...


April 1, 2015 - IMFnews

Lenders Feel Good About Loan Production This Year, Well Sort Of

According to a March forecast, Fannie Mae estimates that $1.239 trillion of residential loans will be funded this year.


April 1, 2015 - IMFnews

The Problem with 2014 Mortgage Profits: A Weak Return on Originations

Residential originations for the group fell 45.7 percent from 2013, indicating that profit margins shrank slightly more than production volume.


March 31, 2015 - IMFnews

Mortgage Origination Profits Looking Rosy?

Meanwhile, according to interviews conducted by IMFnews with certain warehouse consultants, profits have been quite good during the first quarter...


March 31, 2015 - IMFnews

Certain Cities See Nice Recovery in Home Values, But Maybe Too Much

In some cities, future price gains may be hard to come by, especially if home flippers and investors bolt.


March 31, 2015 - IMFnews

Short Takes: Looser Credit, for Real? / When in Doubt, Sell Whole Loans / How Did 1Q15 Shape Up? / Nationstar Provides More Details on Stock Sale / First Key's New SFR Deal

Reliance recently was approved for credit by a Wall Street wholesale lender that does 10 percent down, no-mortgage insurance loans...


March 31, 2015 - IMFnews

ICBA Asks CFPB for ATR ‘Safe Harbor’ for Community Banks

ICBA also suggested extending QM exceptions to more community banks by raising the threshold number of loans small lenders can originate each year.


March 31, 2015 - IMFnews

High Credit Score Mortgages Continue to Dominate GSE Lending

Mid-range credit scores – from 700 to 739 – accounted for 21.3 percent of Fannie and Freddie business last year.


March 30, 2015 - IMFnews

Short Takes: Nonbanks Dominate Credit Suisse Jumbo Deal / LLC Wins Freddie NPL Auction / When Will Fannie Sell Some NPLs? / Clayton Buys AVM Vendor / A Reserve Fund for GSE Profits?

So, how come Freddie has conducted a handful of NPL sales thus far and Fannie Mae has not?


March 30, 2015 - IMFnews

TRID Update: Settlement Agents May be Out in the Cold

Some banks have already been doing loan closings themselves...


March 30, 2015 - IMFnews

FHFA Likely To Leave G-Fees Unchanged. As for LLPAs…

Few lenders are counting on a reduction in the current “ongoing” GSE fee, which increased from 13 basis points in 2009 to 40 bps in 2013.


March 30, 2015 - IMFnews

Newer GSE Loans Account for Biggest Share of Unresolved Buyback Claims

Mortgage companies repurchased or provided indemnification to Fannie and Freddie on some $4.046 billion of mortgages during 2014.


March 27, 2015 - Inside Mortgage Trends

High-Score Lending Continued to Dominate

Mortgages with credit scores exceeding 740 continued to dominate the conventional conforming market in 2014, according to a new Inside Mortgage Trends analysis of loans sold to Fannie Mae and Freddie Mac last year. High-score borrowers accounted for 62.0 percent of loans securitized through the two government-sponsored enterprises in 2014. They accounted for an even bigger 66.2 percent of purchase-mortgages loans ... [Includes one data chart]


March 27, 2015 - Inside Mortgage Trends

E-mortgage One Step Closer with NotaryCam

A company called NotaryCam is raising eyebrows – and hopes for the future of e-mortgages – with the deployment of what it claims is the world’s only notary service that securely and legally notarizes documents online within minutes via live web conference from anywhere in the world. Requiring just a standard webcam, NotaryCam, based in Alexandria, VA, can produce a digital version of notarized documents within minutes. And with browser-to-browser ...


March 27, 2015 - Inside Mortgage Trends

Third Federal Offers $1,000 Credit to Homebuyers

Third Federal Savings & Loan in Cleveland is wooing first-time homebuyers with an offer of a $1,000 credit to spend as they wish if they close a purchase mortgage with the lender. There is no catch, said David Reavis, marketing manager for Third Federal. “There are no points and fees on the back end to cover the credit,” he said. “Third Federal is paying for it. We think the combination of a competitive rate and the $1,000 in the form of a check is an attractive offer that will ...


March 27, 2015 - IMFnews

What We’re Hearing: PHH, Worth Double? / BofA, Slow and Really Cautious / No Cut in G-Fees? Here’s Why / Protecting Your Officers and Directors / A Market on Fire: VA Lending

Glenview is bullish on Ocwen but it also owns a large stake in the nonbank...


March 27, 2015 - IMFnews

VA Originations Continue to Impress, Up Almost 18 Percent in Fourth Quarter

Total VA volume for the entire year was $112.0 billion in purchase and refinance loans.


March 27, 2015 - IMFnews

Going, Going, Gone: HARP Volumes a Shadow of What They Used to Be

Although HARP originations plunged by 76 percent last year, the FHFA may keep the program alive.


March 27, 2015 - IMFnews

Increasingly, Real Estate Agents are Warming Up to Call-Center Lenders

Tom Popik, research director of Campbell Surveys, notes that the Quicken Loans’ call-center model can be an accepted alternative to local mortgage branches.


March 27, 2015 - IMFnews

Another Cross to Bear for Jumbo MBS: Investors Like GSE Risk-Share Deals Better

During 4Q14 Javelin Mortgage Investment sold all of its holdings of prime, fixed-rate, senior bonds from new-issue jumbo MBS – $119.6 million of non-agency product in total.


March 26, 2015 - Inside Mortgage Finance

Mortgage Market at a Glance

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


March 26, 2015 - IMFnews

Biniam Gebre Out as Acting FHA Commissioner; Ed Golding Is In

Gebre was Galante’s temporary replacement. Until a recent cut in premiums, FHA volume has been steadily dropping.


March 26, 2015 - Inside Mortgage Finance

Fed Researchers Find that Lenders’ Staffing Levels Are Tied to Demand for Purchase Mortgages, Not Refis

Lenders make adjustments to staffing levels based on demand for purchase mortgages while demand for refinances spur little increase in mortgage employment levels, according to new research from staff at the Federal Reserve. Steve Sharpe, an economist at the Fed, and Shane Sherlund, an assistant director at the Fed, said mortgage processing capacity constraints caused by refi booms reduce originations to borrowers with low to modest credit scores ...


March 26, 2015 - Inside Mortgage Finance

FHFA Likely Will Keep Base Fannie/Freddie Guaranty Fees Unchanged, but Look for a Cut in Certain LLPAs

In early April, the Federal Housing Finance Agency is expected to issue its long-awaited proclamation on guaranty fees with the likely outcome of no change whatsoever in the base fees charged by the two government-sponsored enterprises, according to officials tracking the issue. Few lenders are counting on a reduction in the current “ongoing” GSE fee, which increased from 13 basis points in 2009 to 40 bps in 2013, according to the FHFA. But there could be relief on ...


March 26, 2015 - Inside Mortgage Finance

Lender Pleas for ‘Soft’ Enforcement of TRID Falling On Deaf Ears, Industry Complains About Complaints

The mortgage industry isn’t achieving any more success than lawmakers on Capitol Hill in convincing the Consumer Financial Protection Bureau to take it easy on lenders when it’s time to start enforcing its integrated disclosure rule. Speaking at the American Bankers Association’s government relations event in Washington, DC, earlier this week, Virginia O’Neill, head of regulatory compliance for the trade group, recounted for attendees the experience of one community bank ...


March 26, 2015 - IMFnews

Short Takes: Nationstar Hiring? / Ocwen for Sale? / Is it Safe for Nonbanks to Start Originating Seconds? / A Capital Break for MSRs? / Impac Posts Loss

Is it possible that Ocwen will sell the entire company and not just all of its agency servicing rights?


March 26, 2015 - Inside Mortgage Finance

Call-Center Lending Getting Begrudging Acceptance by Some Real Estate Agents

Real estate agents prefer to work with lenders that have a local presence, but call-center operations have improved their reputations among agents, according to new research by Campbell Surveys, based on a national survey sponsored by Inside Mortgage Finance Publications. “Survey results show that Quicken Loans’ call-center model can be an accepted alternative to the local branch/local loan officer model, at least for some homebuyers and real estate agents ...


March 26, 2015 - Inside Mortgage Finance

Home-Equity Market Continued to Warm Up In Late 2014 Despite Handful of Warning Flares

Home-equity lending gained modest momentum during the fourth quarter of 2014, although the outstanding supply of second-lien mortgage debt continued its seven-year decline. Mortgage lenders originated an estimated $21 billion of home-equity loans, including home-equity lines of credit and closed-end second mortgages, during the fourth quarter. That was up 5.0 percent from the third quarter and brought full-year production ... [Includes one data chart]


March 26, 2015 - IMFnews

House Panel Votes to Tweak Points-and-Fees Formula

The bill would exclude from the calculation insurance and taxes held in escrow and fees paid to affiliated companies...


March 26, 2015 - IMFnews

Impac’s Early Results with Non-QM Lending Weak, but Hope Springs Eternal

Impac said it will originate more than $2.0 billion of all mortgages in 1Q15, almost double what it produced the previous quarter.


March 26, 2015 - IMFnews

Home-Equity Lending Has Its Best Year Since 2009

The headline might sound promising, but keep in mind that during the housing boom of 2003 to 2007, the industry averaged nearly $340 billion a year in home-equity originations.


March 26, 2015 - IMFnews

CFPB Holds Firm on Implementation Date for Integrated Disclosure Rule

CFPB General Counsel Meredith Fuchs showed little sympathy for lenders worried about TRID's start date, referencing the rule's long implementation period.


March 25, 2015 - IMFnews

Short Takes: Will SCOTUS Allow Underwater Seconds to be Dismissed? / And Now a Word from RoundPoint / GSE Conservatorships: Long, Strange Trip, Man / A GSE Bill Passing? Not Likely / More on Nationstar

Although RoundPoint isn’t taking any questions regarding a possible sale of the company, it recently published a statement regarding its co-issuance and subservicing businesses.


March 25, 2015 - IMFnews

It’s Time to Scale Back Dodd-Frank, Industry Says

Mortgage professionals overwhelmingly believe the Dodd-Frank Act should be revised, removing barriers to innovation and to reduce the cost of manufacturing a mortgage.


March 25, 2015 - IMFnews

Agency MBS Does Its Part: Small but Steady Growth

Fannie Mae is still the most prolific author of single-family MBS, accounting for 46.6 percent of agency MBS outstanding at Dec. 31.


March 24, 2015 - IMFnews

Short Takes: Oh, That’s Why John Devaney Likes Ocwen / Freddie Mac Cranks Up NPL Sales / Freedom Mortgage Continues Hiring Spree / Tavistock and the Bear / Former CFPB Attorney Lands at Wilmer Cutler

But when the letter first came to light one little fact was not readily known: that Devaney was also an Ocwen shareholder.


March 24, 2015 - IMFnews

Mortgage Industry So-So on CFPB Servicing Changes Tied to RESPA-TILA

The CFPB amendments cover nine primary topics, including force-placed insurance and loss mitigation...


March 24, 2015 - IMFnews

Everyone Loves the Potential of Non-Agency Lending, But…

Eric Rosenzweig, principal at Stone Point Capital, sees many business plans from people who want to get into the non-qualified-mortgage space.


March 23, 2015 - Inside the CFPB

Briefs

CFPB Updates TRID Documentation. Last week, the CFPB put out some updates to the implementation materials for its integrated disclosure rule under the Truth in Lending Act and the Real Estate Settlement Procedures Act. The updated material lines up with the rule that was published Feb. 19, 2015, that modifies the 2013 TILA/RESPA integrated disclosure rule (TRID). This rule extends the timing requirement for revised disclosures when consumers lock a rate or extend a rate lock after the Loan Estimate is provided and permits certain language related to construction loans for transactions involving new construction on the LE. Additionally, the bureau is making non-substantive corrections, including citation and cross-reference updates and wording changes for clarification purposes, to various provisions of ...


March 23, 2015 - Inside the CFPB

CFPB Identifies Exam Issues With Originations, Fair Lending, Etc.

The CFPB’s latest Supervisory Highlights report identified a number of issues observed during examinations related to mortgage origination, fair lending, consumer reporting, debt collection, and deposits. “In one or more examinations, examiners found that branch managers were loan originators and owners of related marketing services entities,” the report said. Examiners “found instances of improperly allocated expenses on branch income statements which resulted in marketing services entities receiving income based on the profitability of retail loans originated by branch managers. Consequently, branch managers, as owners of the marketing services entities, received compensation based on the terms of transactions originated by the branch managers themselves.” In these cases, bureau examiners directed that compensation to loan originators based on a term of a ...


March 23, 2015 - Inside the CFPB

Industry Asks CFPB for ‘Soft’ Enforcement Period for TRID

More than a dozen industry organizations asked the CFPB last week to implement a “restrained enforcement and liability” or “grace period” through the end of 2015 for those seeking to comply in good faith with its integrated disclosure rule after its August 1, 2015, effective date. “There are ... situations – such as what will occur if a closing cannot go forward on schedule because of occurrences outside the control of the parties – that are not addressed by the regulation which still require additional guidance,” the collection of 16 trade groups said in a joint letter to CFPB Director Richard Cordray. “We would like to use this grace period to identify pain points with stakeholders and then meet with bureau staff ...


March 23, 2015 - IMFnews

Depositories Hike Mortgage Holdings; More Keeping GSE Eligible Loans

Urban Institute's Karan Kaul noted that some banks have opted to keep mortgages that are eligible for sale to the GSEs.


March 20, 2015 - Inside FHA/VA Lending

Around the Industry

Loan Modification Trial Payment Plans for Forward Mortgages. The Department of Housing and Urban Development has announced requirements for trial plan duration, required signatures, and reporting for trial payment-plan agreements, and the conditions under which FHA deems a TPP to have failed.Lenders must implement the requirements in Mortgagee Letter 2015-07 for all TPPs offered to borrowers on or after June 1, 2015. FHA Publishes Additional Sections of HUD Single-Family Policy Handbook. The FHA has published additional sections for the SF Handbook, including the following: Doing Business with FHA – Lenders and Mortgagees Doing Business with FHA – Other participants in FHA Transactions – Appraisers; Quality Control, Oversight and Compliance – Lenders and Mortgagees; Quality Control Oversight, and Compliance – Other Participants in FHA Transactions – Appraisers ...


March 20, 2015 - Inside FHA/VA Lending

Study Finds FHA Loans Cost More Than Private Mortgage Insurance

Private mortgage insurance is generally a better deal than FHA for mortgages with 90 percent or higher loan-to-value ratios, according to a new report from WalletHub, a web-based organization that monitors a variety of financial services. The report also found little variation in pricing in the private MI market based on monthly premiums charged by Genworth Mortgage Insurance Co., Mortgage Guaranty Insurance Corp., Radian Guaranty and Essent Guaranty. Of the four MIs in the study, Essent charged the highest premiums for loans with a 620-679 credit score. For all other FICO scores, the MIs charged uniform premium rates. For 97 percent LTV mortgages with a 620-679 credit score, FHA charged a cheaper monthly premium rate compared to private MIs. For 95 percent LTV and 90 percent LTV loans, the FHA charged monthly payments of $218.29 and $206.80, respectively, compared to ...


March 20, 2015 - Inside FHA/VA Lending

Advocates Say New HECM Rule is A Disaster for Surviving Spouses

Consumer advocates and attorneys are urging the Department of Housing and Urban Development to delay the implementation of a new policy that purports to provide relief to surviving spouses of reverse-mortgage borrowers and to find solutions that are more effective. The group said the policy HUD announced in Mortgagee Letter 2015-03 on Jan. 29 is so restrictive that virtually all surviving non-borrowing spouses will get no relief. A letter to the agency, drafted by the National Consumer Law Center and signed by the Consumers Union, California Reinvestment Coalition, National Housing Law Project, Housing and Economic Rights Advocates and Institute on Aging denounced the new policy. They said most surviving spouses of deceased borrowers of Home Equity Conversion Mortgage loans will not be able to meet the policy’s stringent guidelines and will ...


March 20, 2015 - Inside FHA/VA Lending

RHS Seeks Comments on Proposed QM Rule, Simplified Refinancing

The U.S. Department of Agriculture-Rural Housing Service has proposed to revise regulations for the single-family housing guaranteed loan program pertaining to qualified-mortgage (QM) requirements, refinancing, principal reduction and lender indemnification. The deadline for comments is May 4, 2015.The RHS is proposing to amend its regulations to indicate that a loan with an RHS guarantee is a qualified mortgage if it meets certain requirements set by the Consumer Financial Protection Bureau. The CFPB published a QM rule, which became effective on Jan. 10, 2014. Among other things, the rule requires creditors to make a reasonable, good faith determination of a borrower’s ability to repay the mortgage loan. In addition, the rule establishes a safe harbor from liability for transactions that meet the QM requirements or, in certain cases, a rebuttable presumption of ...


March 20, 2015 - Inside FHA/VA Lending

VA Originations Increase in 4Q14, 2014 a Record Year for Purchases

Production of mortgages with a VA guaranty grew a hefty 17.9 percent in the fourth quarter, providing an emphatic ending to a record year of VA purchase-loan originations, according to Inside FHA/VA Lending’s analysis of agency data. Total VA volume for the entire year was $112.0 billion in purchase and refinance loans. VA streamlined refinancings accounted for 22.4 percent of overall VA originations for 2014. Production for the full year, however, was down 13.8 percent compared to the same period in 2013. Lenders attributed the increased VA market share to the younger generation of soldiers and sailors engaged in foreign wars as well as veterans returning from the war front. Last year, 18 percent of VA loans were made to active-duty service members and 82 percent were loans to veterans, said Mike Frueh, director of the VA Home Loan guaranty program. “There is a lot more ... [1 chart]


March 20, 2015 - Inside Nonconforming Markets

Market Need Seen for an Alternative Mortgage

Thirty-year fixed-rate mortgages have served borrowers relatively well, but there are issues that could be addressed by an alternative product, according to new research from staff at the Federal Reserve Bank of New York. “Ideally, an alternate mortgage instrument would alleviate the downpayment constraint associated with the transition to homeownership, eliminate any scope for discrimination in mortgage qualification or pricing and allow ...


March 20, 2015 - Inside Nonconforming Markets

Mixed Trends for ARM Originations in 2014

Originations of adjustable-rate mortgages were nearly level in 2014 compared with the previous year, according to a new ranking by Inside Nonconforming Markets. The ARM share of total originations increased because mortgage production overall was down in that time, though some big banks that dominate ARM originations also slowed their production. An estimated $198.0 billion in ARMs were originated in 2014, up 1.0 percent ... [Includes one data chart]


March 20, 2015 - Inside Nonconforming Markets

Non-Agency Lending – Beyond Jumbos For Affluent Borrowers – A Difficult Goal

The non-agency mortgage business looks attractive to many companies, but it is a difficult market to get into, according to experts speaking at a mortgage servicing conference sponsored by Information Management Network this week in New York. Non-agency originations outside of portfolio jumbos have been limited due to certain allowances for the government-sponsored enterprises and the lack of demand for mortgage-backed securities, among other issues ...


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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