Mortgage Originators

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

May 26, 2016 - Inside Mortgage Finance

Mortgage Market at a Glance

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


May 26, 2016 - Inside Mortgage Finance

Caliber Inks One M&A Deal and Eyes Several Others; Blackstone Continues to Look at Opportunities as Well

Fresh off of agreeing to buy California-based First Priority Financial, Caliber Home Loans is eyeing the purchase of other mortgage firms as well in an attempt to crack the top 10, according to industry advisors who have been tracking the firm. “Caliber is talking to a lot of people,” said Rick Roque, managing director of MiMutual Mortgage, Port Huron, MI. Roque declined to elaborate. One investment banker said...


May 26, 2016 - Inside Mortgage Finance

Origination Channel Mix Little Changed in Early 2016 Despite Disruption Caused by TRID Problems

Mortgage brokers grabbed a slightly bigger share of the originations market in the first quarter of 2016, according to a new Inside Mortgage Finance ranking and analysis. Mortgage brokers generated an estimated $38 billion of new home loans during the first quarter, a modest 2.7 percent increase from the previous period. Meanwhile, correspondent production declined by 0.8 percent to an estimated $122 billion and retail originations weakened by 2.2 percent. There appeared...[Includes four data tables]


May 26, 2016 - IMFnews

Senior HUD Official Golding Confirms That Downpayment Assistance Loans are Legal

The Golding memo signals that HUD and the IG have reached a meeting of minds on the issue.


May 26, 2016 - IMFnews

Short Takes: How About a 37.5 BP GSE Servicing Fee? / Jumbo Lenders Await President Obama, Maybe / Nonbank Dumps MSRs? / PHH Inks New Severance Deal for Top Execs / Retirement at BB&T

How would you like to be the servicer of a mortgage made to Barak Obama?


May 26, 2016 - IMFnews

Redwood Close to Issuing its First Jumbo MBS of the Year, Likely to Include TRID Loans

Redwood indicated the income from the new jumbo MBS will be lower than income received through whole-loan sales...


May 26, 2016 - IMFnews

Loan Brokers Increased Market Share to 10 Percent in 1Q16. Can Those Gains Hold?

The top retail producer in 1Q was Wells Fargo, the top table-funder United Wholesale Mortgage…


May 26, 2016 - IMFnews

Wells Fargo Launches ‘Proprietary’ High LTV GSE Loan. But Can it Amass Volume?

The HLTV loans will be sold to Fannie Mae mostly, but Freddie Mac will play a role as well...


May 26, 2016 - IMFnews

TRID Compliance Exams Commence. Does This Mean the ‘Grace Period’ Is Over?

Is it time to worry about the CFPB and TRID compliance exams? Indeed, it is...


May 25, 2016 - IMFnews

Short Takes: Donald, the Housing Bubble and Tim / Yahoo and Quicken? / Duff Report Puts Ocwen in the Clear / SCOTUS Unlikely to Take Marketplace Case / Vendor Update: Chronos

The housing bubble did in fact burst and I don’t recall Trump making any money off of it unless he did so through private investments that none of us know about...


May 25, 2016 - IMFnews

Redwood Learns to Compete and Cooperate With Banks

“The banks’ sweet spot is with super prime,” said Marty Hughes, Redwood’s CEO…


May 25, 2016 - IMFnews

Appraisers Balk at FHA Rule Adding Home Inspections; Checking the Pool?

Roofing and attic inspections, verifying whether a pool is operational and safe to use, checking sump pumps for any deficiency and checking crawl spaces elicited groans from appraisers...


May 25, 2016 - IMFnews

Call Center Platforms are Coveted – But Are They Worth It?

But industry advisors fear the value of call centers can be quite volatile, depending on movements in interest rates.


May 24, 2016 - IMFnews

Short Takes: The Industry Strikes Back / Breach of Contract, Not Fraud / A Wingspan Candidate? / BKFS: A 10-Year Low in Foreclosure Starts / PHH Home Hires Former Bank Executive

Bad news for specialty servicers: Black Knight Financial Services said 58,700 foreclosures were started during April, the lowest reading in 10 years...


May 24, 2016 - IMFnews

A Week After Unveiling $300 Million Debt Offering, PennyMac Delays the Deal

According to figures compiled by Inside Mortgage Finance, PMFS is the nation’s sixth largest residential originator, and 11th largest servicer.


May 24, 2016 - IMFnews

House Approves Bill Allowing Temporary License for Loan Originators that Transfer from Banks to Nonbanks

The SAFE Transitional Licensing Act of 2015 had strong support from the Mortgage Bankers Association, The Community Home Lenders Association and other trade groups.


May 24, 2016 - IMFnews

FHA Production Slips in 1Q16; Just One Bank Among the Top 20 in FHA Retail

FHA loans as a share of all loan originations rose 7 percent year-over-year…


May 24, 2016 - IMFnews

Lenders Anxious About Ongoing HUD IG Audit of Downpayment Assistance…

National Council of State Housing Agencies Executive Director Barbara Thompson said the group is awaiting what she calls a “positive resolution of the issue.”


May 23, 2016 - IMFnews

Short Takes: So Much for the Quiet on TRID Complaints / Mortgage Lenders Lean Toward Trump? / The Last Squeezing of the HARP Grapes / Former Wells Exec Joins Fannie Mae Board

So, who will mortgage professionals vote for come the fall election? Trump or Clinton?


May 23, 2016 - IMFnews

CFPB Experts: Chances of Being Examined Rest in Complaint Portal, Data

Nonbanks primarily need to worry about being examined for lending, but the CFPB has its ears open to servicing complaints as well…


May 23, 2016 - IMFnews

Ginnie SVP Drayne: Influx of Nonbanks Has Raised A Lot of Issues for the Agency

“We also have to pay more attention to third-party financing and third-party document custodians that new issuers are relying on,” Drayne added.


May 23, 2016 - IMFnews

Final Jumbo Tally for 1Q16: $77 Billion; JPM Dethrones Wells as Market Leader

Last summer, Chase started offering jumbos with credit scores as low as 680 and downpayments as small as 15 percent. Previously, the bank required credit scores of at least 720 and 20 percent down…


May 20, 2016 - Inside FHA/VA Lending

Around the Industry

HUD Sends Final Condominium Rule to OMB for Clearance. The Department of Housing and Urban Development has sent a final rule to the Office of Management and Budget that would make it easier for borrowers to obtain FHA financing for certified condominium units. Once issued, the final rule will replace temporary guidance which HUD issued in November last year to ease FHA’s condo approval process. The move is aimed at increasing affordable housing options for first-time and low-income homebuyers. The final rule is expected to reflect measures in the interim guidance, including modification of the requirements for condo project recertification, revised calculation of FHA’s required ownership-occupancy percentage, and expansion of eligible condo-project insurance coverages. IG Scrutinizes HUD Oversight of SFHAs’ Downpayment Assistance Programs. Residential lenders that rely on ...


May 20, 2016 - Inside FHA/VA Lending

Trade Groups Urge Congress to Reevaluate Appraisal Oversight

Trade groups representing lenders, homebuilders and appraisers have asked Congress to hold a hearing this year on the future of appraisal regulation. In a joint letter, five industry groups urged the Senate Committee on Banking, Housing and Urban Affairs to reevaluate oversight of the appraisal industry and the current federal regulatory structure for real estate appraisal. The committee last held an appraisal oversight hearing in 2004. Federal appraisal regulations have been untouched since the enactment of the Federal Financial Institutions Reform, Recovery and Enforcement Act of 1989, the trade groups noted. In addition, the groups asked that both federal and state responsibilities be reassessed to see if they continue to serve consumers and market participants well, as well as promote competition in the marketplace. In addition to federal regulation, states regulate appraisers as well. The groups want to know from Congress whether federal oversight of appraisers is still necessary.


May 20, 2016 - Inside FHA/VA Lending

Appraisers Balk at FHA Rule Adding Home Inspection to Appraisals

There is widespread frustration among FHA appraisers regarding the scope of service they are now required to provide under the Department of Housing and Urban Development’s newly revised single-family policy handbook. While the new handbook brought more clarity to FHA’s lending and underwriting policies, certain changes to property-valuation rules appear to have added home inspection to appraisal work – and appraisers and real estate professionals are not pleased. Many of the so-called changes in the handbook already existed, but one change that stood out is the word “must,” said Martin Wagar, a certified broker/appraiser and president of Wagar & Associates. Appraisers are now required to know the basic appliances that come with the home, how to operate them, and to identify and report any deficiency that may affect their “contributory value” to the property, said Wagar at a ...


May 20, 2016 - Inside FHA/VA Lending

FHA Proposes to Codify HECM Reforms, Consumer Protections

The FHA has proposed to codify key improvements to the Home Equity Conversion Mortgage program and add new protections to senior homeowners to ensure they can remain in their homes and enjoy the benefits of an FHA-insured reverse mortgage. The proposed new HECM consumer protections include full disclosure of all HECM loan products and features. Lifetime interest rate increases on HECM adjustable-rate mortgages would be capped at 5 percent, while annual interest-rate increases on HECM ARMs would be limited to 1 percent. Lenders would be required to pay the HECM’s mortgage insurance premiums until the loan is paid in full, foreclosed on, or a deed-in-lieu of foreclosure is executed. In addition, the rule proposes to amend the definition of “expected average mortgage interest rate” to allow lenders, with the agreement of the borrower, to lock-in the rate prior to ...


May 20, 2016 - Inside FHA/VA Lending

FHA Originations Decline in 1Q16, Production Improves Year-over-Year

FHA activity was lackluster in the first three months of 2016 as loan originations fell 7.8 percent from the prior quarter, according to Inside FHA/VA Lending’s analysis of agency data. The weak first-quarter production of $53.5 billion appeared to continue a trend from 2015, which saw the fourth quarter close with $58.1 billion, down significantly from $73.7 billion in the third quarter. In contrast, FHA originations fared better year-over year. Loan production was up 35.6 percent in the first quarter compared to the same period last year. Purchase lending totaled $36.5 billion in the first three months with overall production trending downward during the period. Borrowers in the 640-679 and 680-719 credit score ranges made up the bulk of new endorsements for January and February, the latest FHA data show. It is unlikely that trend will change even if March endorsements were added. Between all ... [ 2 charts ]


May 20, 2016 - Inside Nonconforming Markets

Portfolio Strategies Blend Funding, Product Targets

Portfolio lending remains a more viable option than securitization for lenders in the non-agency mortgage market in part because of the depth and variety of funding sources that allow them to offer a wide range of products. Depository institutions rely heavily on low-cost retail deposits to fund their retained mortgage portfolios, according to panelists speaking at the Mortgage Bankers Association secondary market conference in New York this week. A typical customer of ...


May 20, 2016 - Inside Nonconforming Markets

Jumbo Share of Originations Edged Up In 1Q16, Chase Puts Focus on Loans

Jumbo mortgages accounted for 20.3 percent of total first-lien originations in the first quarter of 2016, according to estimates by Inside Nonconforming Markets. While jumbo production declined slightly in the first quarter compared with the previous period, overall originations posted a steeper drop. An estimated $77.0 billion in jumbos were originated in the first quarter of 2016, down 1.3 percent from the previous quarter and up by 6.9 percent compared with ... [Includes one data chart]


May 20, 2016 - IMFnews

What We’re Hearing: Let the TRID-Compliance Games Begin! / The Central Nervous System = CMS / And Don’t Forget a Parking Space for the CFPB! / JPM Now the Jumbo King / A New MSR Deal From IMA / Where Would the GSEs Be Without Their Legal Recoveries?

Helpful CFPB mortgage audit tip: Set aside a parking space for the visiting CFPB examiner(s) that says, “Welcome, CFPB…”


May 20, 2016 - IMFnews

Surprise: First-Time Homebuyers Finally Gain Market Share Despite Limited Inventory

First-time buyers tend to target homes with lower prices, which have been in particularly short supply recently.


May 20, 2016 - IMFnews

FHFA OIG Lays Claim to $3.5 Billion in Recoveries

The OIG’s investigations also include matters tied to loan origination and short sale fraud and even REO…


May 20, 2016 - IMFnews

Conservative Groups (Surprisingly) Join the Fannie/Freddie Recap Bandwagon

The groups stress that the conservatorships were intended to be a short-term measure to keep the GSEs solvent…


May 20, 2016 - IMFnews

The Love Affair Continues: Banks and MBS, Though the Big Boys Pull Back

At $1.661 trillion, it’s a new record in terms of banks and MBS holdings…


May 19, 2016 - Inside Mortgage Finance

Mortgage Market at a Glance

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


May 19, 2016 - Inside Mortgage Finance

Lenders Anxious About Ongoing HUD IG Audit of State Downpayment Assistance, But Keep Using the Programs

Residential lenders that rely on “downpayment assistance” programs (DPAs) operated by state housing finance agencies are growing nervous about a lengthy and ongoing audit being conducted by the Inspector General of the Department of Housing and Urban Development. Late this week, a spokesman for the HUD IG’s office confirmed to Inside Mortgage Finance that audit has yet to be completed. “It’s getting into the final stages,” he said. “We originally thought it would be done in early 2016.” He stressed...


May 19, 2016 - Inside Mortgage Finance

First-Time Homebuyers Gaining Market Share Even With Strong Competition for Limited Inventory

Despite low inventory and financing conditions that can favor other types of homebuyers, first-timers are increasing their market share, according to the latest Campbell/Inside Mortgage Finance HousingPulse Tracking Survey. First-time homebuyers accounted for 38.9 percent of home purchases in April, based on a three-month moving average. That was up from a 38.1 percent share the previous month and a 37.2 percent share in April 2015. “Demand from first-time homebuyers is...


May 19, 2016 - Inside Mortgage Finance

Call Center Origination Platforms are Coveted – But Are They Worth It? The Biggest Risk: Rising Rates

Mortgage call-center platforms are in high demand these days, according to industry advisors, but there’s one key caveat for potential buyers: rising interest rates. “Who’s looking at buying call centers?” asked Paul Hindman, business development chief for Grid Financial Services. “Just about everyone.” It would appear...


May 19, 2016 - IMFnews

Short Takes: Guild the Latest Lender to Get Smacked Under the False Claims Act / Major Changes Coming to the Reverse Market? / Impac Executives May be in for a Stock Treat / UI Names CoreLogic Veteran Co-Director

Another week, and another lender sued by DOJ...


May 19, 2016 - IMFnews

13th Largest Originator Caliber in an Acquisition Mode? Agrees to Buy First Priority

Will Caliber buy other companies as well?


May 19, 2016 - IMFnews

GSEs Clarify Their Views on Servicing Compensation

Is it time to take another look at GSE servicing fees? A topic is reborn...


May 19, 2016 - IMFnews

Purchase-Mortgages Fell Almost 13 Percent in 1Q16…

Production of loans with FHA, VA and rural housing guaranties held up a little better than the other sectors, with estimated originations slipping 1.0 percent from the fourth quarter.


May 18, 2016 - IMFnews

Short Takes: The TRID Mess, It’s Not Quite Over… / NAIHP Chief Doesn’t Hold Back on his Views of the CFPB / United Wholesale Rolls out New Jumbo Product / So Long S.A. / New Hires for Envoy Mortgage

UWM is offering “rate incentives” for jumbo borrowers with FICO scores north of 740, and a promise to close the loan in 25 days or less…


May 18, 2016 - IMFnews

loanDepot, Greentree Mortgage Turn to Warehouse Securitizations

But Moody’s acknowledged that mortgage warehouse securitizations can be operationally complex.


May 18, 2016 - IMFnews

Industry Doubts Trump’s Proclamation on Dismantling of Dodd-Frank Act

DFA also created the Consumer Financial Protection Bureau, an agency that seems almost universally loathed by the mortgage industry.


May 18, 2016 - IMFnews

The Outlook for Jumbo-Backed MBS: Kind of Bright, Actually

“If nothing is done in the near term, the natural progression could be a spillover of mortgage originations that favor the private-label market,” S&P said.


May 18, 2016 - IMFnews

Is ‘Zero Capital’ for the GSEs Really a Non-Issue?

When Freddie recently unveiled a first-quarter loss due to hedges affected by falling interest rates, MBA chief Dave Stevens issued a statement once again calling for Congress to enact housing-finance reform, but said nothing about the issue of zero capital.


May 18, 2016 - IMFnews

The Final Tally: MSR ‘Marks’ Hammered 1Q16 Results of Nonbank Mortgage Firms

How disruptive were MSR ‘marks’? The nine nonbank lenders tracked by Inside Mortgage Trends reported a combined $510.0 million loss in the first quarter…


May 17, 2016 - IMFnews

A Positive Sign: GSE Business Rises in April – But Slightly

The average credit score for purchase loans securitized last month was 749.7, the first time that measure has been below 750 in over two years.


May 17, 2016 - IMFnews

Did the CFPB Botch Another Attempt to Clarify TRID?

The attorneys noted: “The CFPB declined to state what the forms do represent, if anything.”


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