Mortgage Originators

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

September 29, 2016 - IMFnews

Will the Wells Fargo Account Scandal Hit the Megabank’s Mortgage Business? Correspondent Sellers Fear ‘Reputational’ Risk

Meanwhile, other lenders said they are hearing reports of correspondent originators slowing down the sale of closed loans to Wells.


September 29, 2016 - Inside Mortgage Finance

Mortgage Market at a Glance

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


September 29, 2016 - Inside Mortgage Finance

Top Mortgage Originators - 6M2016 (100 Originators)


September 29, 2016 - Inside Mortgage Finance

Lender Bucks Traditional Loan Originator Compensation Plan Offerings by Paying LO an Ongoing Portion of Servicing Fee

Atlantic Bay Mortgage Group recently started offering its loan originators a unique option in terms of compensation: a share of the servicing fee. More than 90 percent of loan originator compensation plans are based on an LO’s volume, according to surveys conducted by Stratmor Group. Atlantic Bay’s Progressive Earnings Plan allows LOs to earn an annuity stream of income from mortgages when the lender retains the servicing. Rebecca Chaney, a senior executive vice president of legal affairs at Atlantic Bay, likened...


September 29, 2016 - IMFnews

Short Takes: The Wells Fargo Barbeque, House-Style / If Hensarling is that Unhappy He Should Refi, No? / Former FDIC Chief Bair Backs Stumpf / Impac’s Marketing Costs / What, Calling a Delinquent Borrower 12 Times a Day is Too Much?

Maybe calling a delinquent borrower 12 times a day is too much...


September 29, 2016 - IMFnews

ALTA TRID Survey: 40 Percent of Consumers Confused by the New CD of Title Insurance

ALTA CEO Michelle Korsmo: “We’ve heard countless stories from ALTA members about consumer confusion at the closing table…”


September 29, 2016 - IMFnews

Impac Considers Opening a Second Origination Center in Effort to Boost Retail

Impac is forecasting $12 billion in originations this year, up 29.0 percent from 2015…


September 29, 2016 - IMFnews

Lender Rolls Out New LO Benefit: A Share of the Servicing Fee

The compensation plan is available to LOs of Atlantic Bay who originate more than $14.0 million in retail loans in a calendar year.


September 29, 2016 - IMFnews

A Significant Increase in ‘Agency’ Jumbos for 2Q; GSE Loan Limit to Increase?

The baseline agency conforming loan limit likely will rise slightly next year…


September 28, 2016 - IMFnews

Short Takes: So Long to GSE Plaintiff Perry Capital / Lost Cause? / GSE Common is Cheap / RBS Settles CU MBS Case / Front-end or Back-end?

Closing the fund means that Perry Capital will have to liquidate its holdings – including its positions in Fannie and Freddie...


September 28, 2016 - IMFnews

Analyst: PHH Corp. Is Just too Cheap; But Will a Buyer Emerge?

A decade ago, PHH Mortgage had several suitors, including Countrywide Financial, which once coveted its private-label business…


September 28, 2016 - IMFnews

HUD Rolls Out New Rules for Condo Projects; ‘Spot Approvals’ Reinstated

In addition, HUD proposes to vary its owner-occupancy requirement…


September 28, 2016 - IMFnews

Redwood CEO: JPMorgan ‘Ahead of Everybody Else’ with Non-Agency MBS Packed with GSE-Eligible Loans

The Redwood CEO said the MBS offer a number of benefits to Chase, including effectively cutting the guaranty fee…


September 28, 2016 - IMFnews

Academics Weigh In: DFA Mortgage Rules Benefitted the Wealthy

However, Georgetown University professor Adam Levitin is challenging the findings of his DC-area colleagues.


September 27, 2016 - IMFnews

Short Takes: Trump Has Some Choice Words for Janet Yellen / The CFPB Now Carries the Wells Fargo ‘Shield’ / FBR Likes MI Sector / Alt Credit Score Models? / A New CEO for New Castle

Apparently, not everyone is a fan of low rates. Take Donald Trump, for instance...


September 27, 2016 - IMFnews

Freddie Mac Rolls Out Front-End Risk-Sharing Pilot; But No Benefit for Lenders

One trade group source had this to say about the arrangement: “There’s no g-fee break? Then it doesn’t sound like front-end coverage that helps lenders.”


September 27, 2016 - IMFnews

‘Big’ M&A Announcements Slated for MBA Convention in Boston?

Most of the firms looking to buy other shops are nonbanks…


September 27, 2016 - IMFnews

VA Lending Up Almost 30 Percent; Nonbanks Dominate

Among the top 20 VA lenders, just six depositories made the cut: USAA, Navy Federal, Wells Fargo, Flagstar Bank, The Federal Savings Bank and North American Savings Bank…


September 26, 2016 - IMFnews

Short Takes: Trump & Hillary Mortgage Corp. / CHLA Weighs In on Front-End Risk-Sharing: No / Will ALTA Break the CFPB’s Website? / Now, Print Your Name and Personal Story Right Here

When it comes to front-end GSE risk sharing deals, just say no?


September 26, 2016 - IMFnews

Fannie Mae Rolls Out DU 10.0 Featuring ‘Trended Credit Data’

Fannie said DU 10.0 also will help borrowers who have multiple financed properties, eliminating certain eligibility overlays…


September 26, 2016 - IMFnews

Streamline Refis Causing Problems for VA, Ginnie Mae Investors

VA wants to make sure that borrowers are not making a hasty decision to refinance, said VA Acting Director Jeffrey London.


September 26, 2016 - IMFnews

UWM Provides Grant Funding for Brokers to Open Their Own Shops; Money Doesn’t Have to be Repaid

Requirement for the program include: three years of mortgage experience, a statement on production goals, anticipated operational structure and a description of the company.


September 26, 2016 - IMFnews

Interest-Only Originations Spiked 45 Percent in 2Q; PHH Mortgage a Standout

Morgan Stanley was offering a 5/1 IO ARM with an interest rate of 3.850 percent for loan amounts below $1 million…


September 23, 2016 - Inside FHA/VA Lending

PACE Guidance Not Reassuring, Too Many Uncertainties, Pitfalls

New FHA guidance for dealing with mortgages with a Property Assessed Clean Energy (PACE) obligation went into effect last week but uncertainty lingers and its full impact remains to be seen, according to an industry attorney. The Department of Housing and Urban Development has issued guidance specifically allowing properties encumbered by a PACE lien to be eligible for FHA mortgage financing for both purchase and refinance loans. The department of Veterans Affairs has issued similar guidance. According to Erika Sonstroem, an attorney with the law firm Bradley Arant Boult Cummings, the PACE industry is touting the guidance in its pitches to lenders as posing no risk to mortgage investors. PACE is a program that lends money to homeowners for home-energy savings projects. It is treated much like a tax lien on a property and is included in the ...


September 23, 2016 - Inside FHA/VA Lending

VA Issues Clarifying Guidance for Manufactured, Mobile Properties

VA Home Loan Guaranty has issued clarification regarding title requirements for manufactured or mobile homes conveyed to the Department of Veterans Affairs. Effective immediately, VA is requiring proof of noteholders’ compliance with the agency’s requirements for guaranteed mobile-home financing. Foreclosure title packages that do not include the required documents will be rejected, the agency warned. Under federal law, a manufactured home must be permanently affixed and classified as real property in the state where it is located. VA will not guarantee financing if the property does not meet the criteria. To ensure that a guaranty claim is fully payable and that the holder has the option to convey the manufactured home to VA, servicers must ensure that home loans with a VA guarantee meet federal requirements. Under the clarified VA guidelines, servicers may submit the ...


September 23, 2016 - Inside FHA/VA Lending

VA Shares Pointers to Help Avoid Delays in Processing COE Requests

The Department of Veterans Affairs has made recommendations to VA lenders and borrowers calling in with questions and problems at VA regional centers to avoid long wait times and have their concerns resolved as quickly as possible. In a recent memo to lenders, the VA Loan Guaranty Service is reporting that many of its regional loan centers (RLC) are being swamped with calls due to record increases in VA originations in recent months. While this suggests that more veterans are using their housing loan benefit than ever before, the large volume of calls to VA has caused long hold times for callers and delayed processing of borrower certificates of eligibility (COE). To cut down on the waiting time, the VA urged lenders and borrowers to consider several things before making the call. First, do not call to check on the status of a COE request if there is no urgent need, like an ...


September 23, 2016 - Inside FHA/VA Lending

VA Originations Stayed Strong in 2Q16 as Volume Rose 30 Percent

VA lenders recorded a strong first half for 2016, thanks to a substantial boost in production in the second quarter, agency data show. VA guarantees on purchase and refinance mortgages totaled $83.5 billion for the first six months, as lenders made a strong second-quarter push that brought production up by 29.9 percent. Streamlined refinancing, also known as Interest Rate Reduction Refinance Loans (IRRRLs), comprised a hefty portion of total VA originations – 21.7 percent. VA has been particularly strong in the refinance segment over the last six months, racking up $44.3 billion in total refi volume, far exceeding FHA’s $36.4 billion and private mortgage insurers’ $21.6 billion. (see IFHA/VA Lending, 8/9/16.) Overall, FHA remained the top mortgage insurer in the government-backed lending market with $123.0 billion, compared to VA’s $84.8 billion. Loans with primate MI totaled $102.7 billion ... [ 1 chart ]


September 23, 2016 - Inside FHA/VA Lending

Streamline Refi Segment Causing Problems for VA, Ginnie Investors

The Department of Veterans Affairs is working on a change to its existing streamline refinancing policy to address a problem that is giving VA and Ginnie Mae the fits. Under the VA’s qualified-mortgage rule, a VA borrower must wait six months and show six months’ worth of mortgage payments before they can refinance into an IRRRL (Interest Rate Reduction Refinance Loan) and take advantage of the lower rate. However, it seems not all VA lenders are adhering to the rule and that a good number are refinancing veterans into IRRRLs even before the mandatory seasoning period ends for fear interest rates might rise and the borrower might not benefit from the lower rate. “I’ve redone the numbers in 20 different directions on how much a borrower would save if they had to wait two more months and the rate went up a quarter of a point because they lost those two months ...


September 23, 2016 - Inside Nonconforming Markets

Non-QM Lenders See Plenty of Room for Growth

Originations of non-qualified mortgages could reach $100.0 billion a year, according to officials at three prominent nonprime lenders. Since QM standards from the Consumer Financial Protection Bureau took effect at the start of 2014, non-QMs such as jumbo mortgages with interest-only terms have predominantly gone to affluent borrowers. However, officials at Angel Oak Mortgage Solutions, Deephaven Mortgage and Citadel Servicing see promise in originations for ...


September 23, 2016 - Inside Nonconforming Markets

IO Originations Increase in 2Q, Led by PHH

Originations of interest-only mortgages increased significantly in the second quarter of 2016, particularly at PHH Mortgage, according to a new ranking by Inside Nonconforming Markets. A group of 12 lenders had $12.65 billion in IO originations in the second quarter, up 44.7 percent compared with the previous quarter. A large amount of the increase in volume was driven by PHH, which more than doubled its IO originations in that span. PHH had $6.25 billion ... [Includes one data chart]


September 23, 2016 - IMFnews

What We’re Hearing: GSE Loan Limits to Move Higher? / No One Feels Sorry for Wells Fargo / The King of the Cross-Sell is now the King of Pain / Maybe the CFPB Needs a Kick in the… / MBA’s Dave Stevens Doesn’t Expect Peace to Break Out / Skyline Still Hiring

Mortgage lenders, start your engines: the Fannie Mae/Freddie Mac loan limit is set to rise...


September 23, 2016 - IMFnews

The New Breed of Nonprime Lenders See Plenty of Room for Growth

Tom Hutchens, SVP of sales and marketing at Angel Oak, said originations of nonprime non-QMs have predominantly been purchase mortgages. However, refinance activity is starting to increase…


September 23, 2016 - IMFnews

Some Issuers Still Failing Ginnie Mae’s Net Worth and Liquidity Requirements, but…

Ginnie expects issuers to actively participate by issuing, servicing or subservicing agency MBS…


September 23, 2016 - IMFnews

More Purchase Loans Not Closing on Time. The Culprit: A Shortage of Appraisers

More bad news on appraisals: the on-time closing share has declined for four consecutive months…


September 22, 2016 - Inside Mortgage Finance

Mortgage Market at a Glance

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


September 22, 2016 - Inside Mortgage Finance

NAR Survey Shows Downpayment Misconception May Be Contributing to Qualified Buyers Delaying Homeownership

Would-be homebuyers are hesitant to take the plunge thanks to downpayment misconceptions, according to the National Association of Realtors. In NAR’s third-quarter survey of more than 2,500 consumers, many reported that they were not aware of the low downpayment mortgage options in the market today. This was true across all income and education brackets. The downpayment confusion was...


September 22, 2016 - Inside Mortgage Finance

Some RMBS Originators are Replacing QC Reviews With Feedback from Whole Loan Investors: Moody’s

Some residential mortgage-backed securities loan originators are moving away from performing internal post-acquisition quality control loan reviews in lieu of obtaining feedback from their whole loan investors, according to a new report from Moody’s Investors Service. “Some aggregators are relying more on their investors for quality control feedback,” said Moody’s. The ratings service identified in particular Redwood Residential Acquisition Corp. and JPMorgan Mortgage Acquisition Corp., which it said “are relying more on feedback from whole loan investors to monitor the quality of due diligence firm loan reviews, as opposed to conducting their own internal reviews, since a large portion of their acquisitions are sold in whole-loan trades.” Moody’s noted...


September 22, 2016 - Inside Mortgage Finance

Closings of Purchase Mortgages Increasingly Delayed As Strong Volume Mixes with Shortage of Appraisers

An increasing share of purchase mortgages have missed their scheduled closing dates in recent months, according to the latest Campbell/Inside Mortgage Finance HousingPulse Tracking Survey. Many of the delays are tied to a shortage of appraisers as home sale activity increased during the spring and summer. Just before the start of the spring home-buying season, the on-time share of closings was at high levels for mortgage-financed purchases. Some 76.6 percent of purchases in April with a low downpayment mortgage securitized by Fannie Mae and Freddie Mac closed on time, based on a three-month moving average. The on-time closing share has declined...


September 22, 2016 - Inside Mortgage Finance

Impac Sells Additional Shares to the Public, a Good Sign for The Market. Unfortunately, Investors Reacted Negatively

Impac Mortgage Holdings late last week came to market with a “follow-on” offering of 3 million shares of common stock, the first public equity sale by a pure-play mortgage company in almost three years. Unfortunately, investors were not happy. When the shares hit the New York Stock Exchange last Friday, not only did Impac’s stock price tumble almost 9.0 percent, but it has continued to drift downward, resting at just over $13.00 a share as Inside Mortgage Finance went to press this week. The share price of the nation’s 28th largest originator hit...


September 22, 2016 - IMFnews

Short Takes: Don v. Hillary. Bring the Popcorn / The Future of Fannie and Freddie? / How to Promote Homeownership / JPM Finishes the Mortgage Test Early

Meanwhile, if you want to know where Clinton and Trump stand on the issue of homeownership in America, you can review their respective party platforms...


September 22, 2016 - IMFnews

SEC Charges Against Hedge Fund Chief Include Allegations Tied to Altisource Investment

Altisource’s stock price declined by 6.4 percent to $30.77 per share shortly after the charges were announced, but the stock has rebounded somewhat…


September 22, 2016 - IMFnews

The Final Tally: Production Profits Rose in 2Q16, but Servicing Results Hammered

A group of 13 publicly traded lenders reported a combined $1.72 billion in production and secondary marketing income for the second quarter.


September 22, 2016 - IMFnews

Yellen: Fed Will Monitor Wells Fargo, Others for Consumer Harm

The Wells account and credit card scandal did not involve mortgages, but the bank is the nation’s largest overall home funder and retail originator.


September 22, 2016 - IMFnews

CFPB Chief Cordray Gives Kudos to Credit Unions on their Mortgage Performance

The improved numbers suggest that the industry’s fears those rules would crush or even depress the market somewhat were overblown.


September 21, 2016 - IMFnews

Short Takes: Hillary to Turn GSEs Into Public ‘Utilities’? / Don, Low Rates are Good / How Far Will the OCC Go? / A Lack of Ethics was the Problem / Bestborn Hires Three

So, what’s wrong with banks and financial service companies offering sales quotas? Nothing at all, if...


September 21, 2016 - IMFnews

Judge Orders Govt. to Produce More GSE-Related Docs, Shows Signs of Frustration

Margaret Sweeny, the judge presiding over the case, is growing increasingly frustrated with the government’s attempt to keep documents out of the public domain


September 21, 2016 - IMFnews

Nationstar Mortgage JV with KB Home to End; $1 Billion of Production in Limbo?

The privately held Stearns Lending is already “offering mortgage banking services” to the homebuilder’s customers…


September 21, 2016 - IMFnews

Freddie Mac Predicts a 3Q16 Production Boom of $595 Billion

Freddie expects originations to hit $2.0 trillion this year, a 14.3 percent sequential improvement…


September 21, 2016 - IMFnews

Mortgage Production is Booming but Reports Abound of Appraisers Cherry-Picking Assignments and Charging ‘Rush Fees’

One mortgage CEO who runs a California-based shop told IMF his firm recently was in a pinch and paid a $1,500 “rush fee” to an appraiser to get a deal done on time.


September 20, 2016 - IMFnews

Short Takes: The Wells Fargo Senate Barbeque / The Scandal’s Effect on Wells’ Mortgage Business? / Hats Off to the Los Angeles Times / Sen. Warren Slams Stumpf / Jumbo Update

Will a potential residential mortgage customer bolt Wells Fargo because they can’t trust the bank’s employees, including its retail loan officers?


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