Mortgage Originators

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

March 4, 2015 - IMFnews

Short Takes: JPM’s New Jumbo MBS Deal / Regulatory Hassles for ASPS / Altisource Asset Management’s $9 Million Man / CFPB Chief Continues to Defend the Rate-Tracker Tool

Although George Ellison’s salary was not disclosed in the press release announcing his employment with the company, a subsequent filing provided details: $450,000 per year, another $450,000 in incentive bonuses...


March 4, 2015 - IMFnews

When it Comes to Subprime Modifications, Little Evidence of Racial Discrimination

The researchers said their data included seven of the 10 largest servicers based on market share.


March 4, 2015 - IMFnews

CFPB to Fully Enforce ‘TRID’ When August 1 Rolls Around

The nation’s top consumer regulator told lawmakers the bureau has already provided an extended implementation period of 21 months...


March 3, 2015 - IMFnews

Short Takes: HLSS Wants an Extension Too / What’s Behind Ocwen’s Goodwill Charge? / Stewart Title Headed to the Auction Block? / FHFA’s NPL Guidelines Expected? / Ben Lawsky Has Not Gone Home Yet

Meanwhile, Ocwen watchers are scratching their heads over a fourth quarter goodwill charge that eventually could reach $420 million...


March 3, 2015 - IMFnews

Disconnect Between Mortgage Industry and Obama Administration on Priority of GSE Reform

With little non-agency MBS issuance, Collingwood noted that it’s difficult to accurately price credit risk.


March 3, 2015 - IMFnews

Bank Profits From Mortgages Down Almost 24 Percent

Bank of America was among the few major depositories that reported a loss in mortgage-banking income, losing $253 million in the fourth quarter.


March 2, 2015 - IMFnews

Ocwen Updates: Big Goodwill Charge, Plans to Sell $45 Billion of Fannie MSRs

Coupled with a recently announced Freddie Mac MSR sale to Nationstar ($9.8 billion), Ocwen estimated the sale of GSE receivables will generate $550 million in gross proceeds.


March 2, 2015 - IMFnews

Short Takes: FHFA Wants Greater Accountability on GSE NPL Sales / A Fannie NPL Auction? / Ocwen Earnings Not Coming Soon? / Radian Lassoes 200 New Customers / Michael Kim Moves to Apollo

On Monday, the Federal Housing Finance Agency published new guidelines to govern nonperforming loan sales by Fannie Mae and Freddie Mac...


March 2, 2015 - IMFnews

Fortress-Controlled Nationstar Files a $1 Billion Shelf for Debt, Stock and More

Nationstar is 74 percent owned by hedge fund giant Fortress Investment Group.


March 2, 2015 - IMFnews

Don’t Even Think of Basing LO Compensation on Loan Terms

Kristie Kully of K&L Gates discussed how the rule treats issues related to splitting commissions, a subject her firm gets a lot of questions about...


March 2, 2015 - IMFnews

Ocwen’s Servicing Sales: A ‘Controlled Liquidation’?

A spokesman for Ocwen declined to comment on the “controlled liquidation” characterization and could offer no time table on when the lender/servicer might release its fourth quarter results.


March 2, 2015 - IMFnews

Dragged Down by the Nonbanks, Mortgage Banking Income Slipped in 4Q

For all of 2014, this group of banks and nonbanks earned $14.01 billion off of mortgages, a 39.6 percent drop from the year before.


February 27, 2015 - IMFnews

Ocwen Tallies Up the Financial Damage on Servicing Terminations: $800,000; Speculation over 4Q Results Mounts

One investor, commenting on the lack of information regarding 4Q results, told IMFnews: “I think the attorneys are going to make them disclose a lot of stuff that they have been brushing under the rug..."


February 27, 2015 - Inside Mortgage Trends

Top Loan Producers Commanding Bonuses

Not only are residential loan officers in high demand these days – especially ones with fat Rolodexes – but some of these top performers are being offered “signing bonuses” of $5,000 to $40,000, and even more to jump ship. Moreover, according to interviews conducted by Inside Mortgage Trends, the most aggressive bidders for high-performing LOs are nonbanks, which have been steadily stealing market share away from the megabanks the past few years. “Most depositories are not committed...


February 27, 2015 - Inside Mortgage Trends

Mortgage Banking Income Declined in 4Q14, Nonbanks Made Things Worse

A handful of nonbank mortgage companies reporting substantial losses during the fourth quarter weighed down industry-wide mortgage banking income, according to a new Inside Mortgage Trends analysis of earnings reports. A diverse group of 31 mortgage lenders that includes the biggest players in the market earned a combined $3.227 billion on their mortgage banking operations during the fourth quarter. That was down 8.2 percent from the group’s $3.516 billion during the third quarter. The fourth quarter was...[Includes one data chart]


February 27, 2015 - Inside The GSEs

HARP Volume Continued To Taper Off in 2014

The flow of refinance mortgages to Fannie Mae and Freddie Mac increased during the fourth quarter, but the two GSEs continued to see declining volume in the Home Affordable Refinance Program. According to figures from the Federal Housing Finance Agency, Fannie and Freddie securitized 432,376 refinance mortgages in the fourth quarter, up 11.1 percent from the previous period. Fannie had the bigger gain, 16.2 percent. But total HARP activity fell 15.3 percent from the third quarter, and for the year it was down 75.9 percent from 2013 levels. The biggest slowdown in HARP were mortgages with loan-to-value ratios exceeding 105 percent. Both GSEs are doing more non-HARP streamlined refi business than in the program set up in 2009 for underwater ... [with two exclusive charts] ...


February 27, 2015 - IMFnews

What We’re Hearing: The Return of the Megabanks (in Mortgages)? / Nationstar Smelling Like a Rose (In Comparison)? / Why Quicken and Freedom May Never Go Public / CMG Mortgage Expects Strong Production Growth

After seeing what’s transpired at Nationstar, Owen and Walter the pass year, would Dan Gilbert (who owns Quicken Loans) and Stan Middleman (Freedom’s owner) ever ponder going public?...


February 27, 2015 - IMFnews

Mortgage Bankers Counting on Slightly Lower Fannie/Freddie G-Fees

Fannie Mae and Freddie Mac themselves are playing a key role in the decision-making process on guaranty fees...


February 27, 2015 - IMFnews

Yes, Wells Fargo Has Lost Market Share, but It’s Still the ‘Big Kahuna’ of Mortgages

Nonbanks have become more competitive the past few years, but if you think that Wells Fargo doesn’t like mortgages, think again.


February 27, 2015 - IMFnews

Can the GOP Succeed in Getting Appropriations Power Over the CFPB?

The window to pass reform measures, even narrowly targeted provisions that have bipartisan support, might be closing.


February 27, 2015 - Inside MBS & ABS

Mortgage Industry Counting on Slightly Lower Guaranty Fees for Fannie and Freddie MBS

Although the Federal Housing Finance Agency has yet to tip its hand on where it might be headed regarding guaranty fees, most of the industry is betting on no change at all – or possibly a slight reduction, according to interviews conducted by Inside MBS & ABS over the past two weeks. Moreover, Fannie Mae and Freddie Mac themselves are playing a key role in the decision-making process, at least that’s what Freddie CEO Donald Layton said recently. “Guaranty fees are...


February 27, 2015 - IMFnews

Commercial Banks, Thrifts Add to MBS Portfolios in Late 2014

At Dec. 31, depositories held $964.2 billion of pass-through securities issued by Fannie Mae, Freddie Mac and Ginnie Mae, a gain of 1.3 percent from the third quarter.


February 26, 2015 - Inside Mortgage Finance

Mortgage Market at a Glance

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


February 26, 2015 - Inside Mortgage Finance

Imposing Administrative Fee on Lenders is Necessary To Improve FHA Loan Quality, Strengthen Process

Department of Housing and Urban Development Secretary Julian Castro defended a key provision in the administration’s FY 2016 budget proposal that would allow the FHA to assess lenders an administrative fee to fund improvements in the loan origination and servicing processes. At a HUD budget hearing this week before the House Appropriations Committee’s Subcommittee on Transportation, HUD and Related Agencies, Castro said the proposed fee would be used for risk management and technological improvements and in establishing quality-assurance policies to help lenders originate more FHA loans without fear of regulatory action or litigation. Castro responded...


February 26, 2015 - Inside Mortgage Finance

Appraisals and Property Issues Accounting For Larger Share of Mortgage-Closing Delays

Property characteristics and appraisals have accounted for an increasing share of the issues that delay closing of purchase mortgages, according to the latest Campbell/Inside Mortgage Finance HousingPulse Tracking Survey. Real estate agents participating in the survey cited property issues as causing 22.5 percent of closing delays in January, based on a three-month moving average. That’s up from a 16.5 percent share as recently as October. The increase appears...


February 26, 2015 - Inside Mortgage Finance

Mortgage Brokers See Slight Gain in Market Share During 4Q14; Retail Lost Some Ground in 2014

The wholesale-broker channel was the only mortgage production arena to see increased volume in the fourth quarter of 2014, according to a new Inside Mortgage Finance analysis and ranking. Brokers originated an estimated $34 billion in new home loans during the final three months of 2014, a gain of 6.3 percent from the previous quarter. The wholesale-broker channel gradually recovered from a disastrous first quarter, when brokers saw their market share slide to just 9.0 percent. By the end of the year, it was up to 10.0 percent. The broker channel generated...[Includes four data charts]


February 26, 2015 - IMFnews

Short Takes: Gone But Not Forgotten: MetLife’s Mortgage Unit / BB&T Facing Heat from DOJ and HUD OIG / Walter Optimistic, but Investors Aren’t / The ‘Father’ of the CFPB: President Jimmy Carter

Although Walter Investment Management lost a ton of dough in 2014, it sees brighter days ahead...


February 26, 2015 - IMFnews

Appraisal and Property Issues Accounting for Larger Share of Closing Delays

Closing delays related to appraisals, title search, insurance and property inspections have all increased in terms of market share in recent months, led by appraisal issues.


February 26, 2015 - IMFnews

Walter Reports a $44 Million Loss, Revenue Declines, and a Regulatory Settlement with the CFPB

Walter's cash-flow declined noticeably: For the full year, revenues came in at $1.5 billion, a decline of $315.3 million or 17 percent...


February 26, 2015 - IMFnews

FirstKey Set to Issue Jumbo MBS, Rating Services Cite Limited History of Issuer

CMG Mortgage is the top contributor to the jumbo MBS with a 14.3 percent share, followed by EverBank Financial (8.3 percent) and Bridgeview Bancorp (5.7 percent).


February 26, 2015 - IMFnews

Mortgage Brokers Stage Mini-Comeback in Market Share

However, the broker channel generated $117 billion of new originations, the lowest reading since 1995.


February 26, 2015 - IMFnews

Nationstar’s Profit Drops 82 Percent, Originations Fall; However, $35B of MSR Deals Revealed

The fourth quarter was Nationstar’s worst production quarter of the year.


February 25, 2015 - IMFnews

Short Takes: $558 Billion in Delinquent Mortgages / Subprime Looking Up / How Much Will Ocwen Cut in India? / PHH’s Retail Perceptions / Dealing with the CFPB

One of the biggest knocks on PHH Mortgage is that it has little in the way of traditional retail, relying instead on private label partners like Merrill Lynch.


February 25, 2015 - IMFnews

Credit Reporting Complaints Rise; Experian the Complaint ‘King’

Experian led the pack in terms of complaints with a cumulative total of 15,847.


February 25, 2015 - IMFnews

HUD Pushing for Authority to Force Servicers to Use Subs for High-Touch Product

Last year, House appropriators turned down a request that would have allowed the FHA to charge a fee of 2 to 4 basis points to lenders prospectively...


February 25, 2015 - IMFnews

10 Mile Capital Ready to Invest in Mortgage Banking Firms

A veteran of Bank of America, GE Capital and other financial service firms, Williams said he hopes to unveil 10 Mile’s first investment in April.


February 25, 2015 - IMFnews

Over Two Years, JPM Has Slashed Mortgage Staff by 41 Percent

Kevin Waters said Chase has reduced its mortgage staffing levels due to declines in originations and improvements in mortgage performance.


February 24, 2015 - IMFnews

Short Takes: Next Up, Walter Investment / Why No ‘Big’ Mortgage M&A? / Lay Offs At… / Sterne Agee Slated for Sale / The CFPB, an ‘X-Factor’?

We understand from one very good source that a top 30-ranked lender has been quietly trimming staff of late….


February 24, 2015 - IMFnews

Ocwen Mum on When it Will Release Fourth Quarter Earnings

Meanwhile, investors are beginning to focus on some of the contractual language in the sale agreement between New Residential Investment Corp., and Home Loan Servicing Solutions...


February 24, 2015 - IMFnews

Yellen Committed to Letting MBS Run Off the Fed’s Balance Sheet

Fed chief Janet Yellen also signaled a continuation of the status quo for interest rates...


February 24, 2015 - IMFnews

In Earnings Call Redwood Cites ‘Excess Capacity’ in Correspondent Channel

In recent years, Redwood has focused on jumbo mortgages but the REIT is now placing a greater emphasis on conforming loans.


February 24, 2015 - IMFnews

WinWater Goes a Little Outside the Box on New Jumbo MBS: LTVs North of 80 Percent

KBRA said its loss model is highly sensitive to the increased probability of default associated with mortgages that have high combined LTV ratios.


February 24, 2015 - IMFnews

Warehouse Commitments on the Rise Again; How Long Can it Last?

The only thing bothering most warehouse managers is how long the good times can last.


February 23, 2015 - Inside the CFPB

Vendors Nailing Down Smallest Details to Keep Clients Compliant

With many small and mid-tier mortgage companies and banks increasingly worried about straying from compliance with the CFPB’s expanding rules and requirements, vendor representatives are working overtime to alleviate their clients’ anxieties and keep them on task and on budget. “We’re really seeing a lot of fear in the CFPB’s steadily intensifying regulations and requirements,” said Mary Beth Doyle, founder and co-owner of Loyalty Express, a mortgage marketing technology vendor in Woburn, MA. As recently as a year or a year-and-a-half ago, companies were saying they would wait to hear about a new rule themselves from the CFPB. “And today, people are more panic driven. There’s this sense of paralysis because everyone’s afraid of stepping out of bounds and not ...


February 23, 2015 - Inside the CFPB

Does the CFPB Rate Checker Help Shoppers? Fuhgeddaboudit.

Jack Guttentag, professor of finance emeritus at the Wharton School of the University of Pennsylvania, advises borrowers to ignore the CFPB’s controversial online rate checker tool. “It is completely useless,” he asserted in a recent online blog post. “The tool a borrower needs is a ‘shopping rate,’ a rate that a competing lender should match or better. The CFPB shows a distribution of rates, and leaves it to the shopper to decide which rate in the distribution is the shopping rate, while providing no guidance on how to do it.” For example, given the loan features he entered on Feb. 10, the CFPB tool told Guttentag that, “In Pennsylvania, most lenders in our data are offering rates at or below ...


February 23, 2015 - Inside the CFPB

Bureau Grants Longer Loan Estimate Disclosure Window

In an unannounced development late last week, the CFPB granted an industry request to tweak its pending integrated disclosure rule by issuing a final rule allowing a three-business-day window for lenders to revise a loan estimate form. This is longer than the one-day window that was proposed back in October and the same-day requirement included in the original mortgage disclosure rule under the Truth in Lending Act and the Real Estate Settlement Procedures Act. The bureau received comments from industry trade associations, creditors, technology vendors, and other industry representatives addressing the proposed change. All comments supported the proposal to relax the timing requirement, but most advocated extending it to three business days. Most commenters argued that a next-business-day requirement presents ...


February 23, 2015 - Inside the CFPB

CFPB Sending a Message on Deceptive, Misleading Ads

The CFPB brought the hammer down on a handful of nonbank mortgage companies in the last two weeks over advertising practices the bureau asserts are deceptive and misleading because, in three of the cases, the lenders allegedly implied U.S. government approval of their products or otherwise suggested the companies were agencies of the federal government when in point of fact they were not. The actions are a confirmation to the industry that lenders don’t have to be big players with deep pockets or even depository institutions to earn the bureau’s wrath. They are also a big wake-up call in terms of compliance. “For decades, many lenders which have used direct mail to market to consumers have emphasized the government-insured nature ...


February 23, 2015 - IMFnews

Short Takes: A Nice Bump for Ocwen’s Share Price / Will Ocwen Unload Non-Agency MSRs Too? / CashCall’s Non-QM Loan / Fidelity Grows Revenues 21 Percent

In case you’re wondering, Ocwen services roughly $208 billion of non-agency product.


February 23, 2015 - IMFnews

VA to Issue Final ‘Qualified Mortgage’ Rule in May

Total points and fees may not exceed 3 percent of the total loan amount for loans of $100,000 or more.


February 23, 2015 - IMFnews

Jumbo Market Share Best Since 2002; Wells Dominant Once Again

Wells Fargo remained the most dominant lender in the sector with $42.28 billion of jumbo originations in 2014, down 2.5 percent from the year before.


Poll

With the recent dip in interest rates, how do you feel about loan volumes this year?

We see loan production ending 2015 flat compared to 2014.
We’re optimistic that our originations will rise by 10 to 20 percent year over year.
We’re really optimistic: We expect production to increase by 20 percent or better from last year.
We’re not so bullish. Originations for us may actually fall.

vote to see results
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