Mortgage Originators

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

August 30, 2016 - IMFnews

Subservicer Rushmore Launches Consumer-Direct Channel; Former Nationstar Exec Leads the Effort

While Rushmore’s headquarters is in Southern California, the production operation is based in Dallas, where Steve Mix worked for Nationstar.


August 30, 2016 - IMFnews

The Six-Month Tally: FHA Production Up 8.4 Percent, VA by Almost 13 Percent

It was the highest three-month total for government-insured lending on record, although private mortgage insurance did more business in the second quarter than either FHA or VA…


August 29, 2016 - IMFnews

Short Takes: Just Because You’re Kicked Off the NYSE, That Doesn’t Mean… / Buying an MB for Diversification Purposes / A 10 Percent Broker Market Share and Holding / Clayton and Angel Oak / Nationstar is Hiring!

The nation's fourth largest servicer, Nationstar Mortgage, will hold a job fair on Sept. 12 at the Maude Cobb Convention Center in Longview, TX.


August 29, 2016 - IMFnews

A $2.5 Billion a Year Lender Files IPO Documents. It’s a Bank Though…

In 2014, FB Financial began retaining more of its servicing rights and now has a $4.0 billion portfolio.


August 29, 2016 - IMFnews

MBA Issues Warning on Lenders Getting Involved in Downpayment Assistance Programs

The FHA and the Inspector General of HUD currently are at odds over permissible sources of single-family downpayment assistance offered through housing finance agencies.


August 29, 2016 - IMFnews

REIT MBS Holdings Up Modestly in 2Q16, but…

Annaly Capital Management remained the top REIT MBS investor despite an 0.8 percent drop in its portfolio.


August 29, 2016 - IMFnews

Jumbo Originations Increase Sharply in 2Q as Megabanks Turn on the Gas

Marianne Lake, Chase’s CFO, said jumbos are the bank’s “first priority” among mortgage originations.


August 26, 2016 - Inside FHA/VA Lending

Groups Ask FHA, VA to Set Aside PACE Guide, Allow Comment Period

Major industry trade groups are asking FHA and VA to suspend proposed guidelines for energy-improvement loans and give stakeholders an opportunity to comment. In a joint letter, 11 trade groups warned that the proposed agency guidelines regarding Property Assessed Clean Energy (PACE) loans raises serious concerns that must be resolved before implementation of any PACE guidance. Prior to the issuance of the new guidelines, both FHA and VA prohibited the financing or refinancing if there was a lien other than the FHA-insured or VA-guaranteed mortgages. PACE programs are available in 19 states but most are in California. They provide financing for home improvements and clean-energy upgrades that would result in more efficient use of water and electricity, and ultimately savings for homeowners. The PACE obligation is repaid through a property-tax assessment, which takes a ...


August 26, 2016 - Inside FHA/VA Lending

Lenders Need to Seek Legal Advice Before Using FHA’s DPA Programs

The Mortgage Bankers Association strongly urged the Department of Housing and Urban Development and the FHA to issue authoritative guidelines for lenders participating in state and local housing finance programs that rely on premium pricing to fund downpayment assistance. In a recent letter to members, the MBA recommended that FHA lenders “tread carefully” and seek legal advice until HUD provides more definitive guidance on downpayment assistance and premium pricing. Lenders should consider carefully whether and when to participate in DPA programs from housing finance agencies that rely on premium-pricing mechanisms, the letter said. The MBA said it would continue to press HUD for clarification on this contentious issue. The FHA and HUD’s inspector general are currently at odds over permissible sources of single-family downpayment assistance offered through housing finance agencies. Although the ...


August 26, 2016 - Inside FHA/VA Lending

Purchase Lending Fires Up FHA in First Half, Refis Push VA Volume

FHA saw a modest rise in originations midway through 2016 compared to the same period last year, but VA did a lot better with a double-digit increase in loan production, according to an analysis of Ginnie Mae data. Lenders delivered $123.0 billion of FHA-insured loans to Ginnie pools during the first half of 2016, up 8.4 percent from the previous year. FHA’s midyear production was driven by a surge in purchase-mortgage lending in the second quarter, which also pushed volume higher for VA as well as conventional-conforming mortgages. Government-backed lending rose 32.3 percent from the first quarter to approximately $131.0 billion in second-quarter originations, according to Inside Mortgage Finance, an affiliate publication of Inside FHA/VA Lending. It was the highest three-month total for government-insured lending on record, although private mortgage insurance did more business in the ... [2 charts]


August 26, 2016 - IMFnews

What We’re Hearing: Caliber and PHH, an Update / Not a Good Thing: Having Too Much of Your Net Worth Tied up in MSRs / Banks and Brokers: No Longer in Love / Will a Retail Subprime Lender Emerge and Go National? / IU Chief Loses GSE Case

Angel Oak, by the way, is licensed to lend in 30 states. It hopes to be in 40 within the next year, said company official John Hsu…


August 26, 2016 - IMFnews

Ocwen Agrees to Pay WA Almost $1 Million to Settle Charges that it Used Unlicensed Offshore Affiliates to Perform Servicing Functions

Ocwen services roughly 60,000 loans in Washington state.


August 26, 2016 - Inside MBS & ABS

Mortgage Securitization Rate Drifts Slightly Lower In 2Q16 and Remains Well Below Post-Crash High

A total of $333.1 billion of residential MBS backed by freshly originated home loans were issued during the second quarter of 2016, a 30.3 percent increase over the first three months of the year. But that trailed the 34.2 percent surge in primary-market originations during the same period. The result was a further decline in the mortgage securitization rate, from 67.3 percent in the first quarter to 65.3 percent in the second, according to a new Inside MBS & ABS analysis. It marked the lowest securitization rate since 2004, when the non-agency MBS market was just beginning to take off. The biggest decline was...[Includes one data table]


August 26, 2016 - IMFnews

Mortgage Securitization Rate Drifts Slightly Lower in 2Q16, Remains Well Below Post-Crash High

Fannie Mae and Freddie Mac are seeing some competition for eligible mortgages from portfolio lenders…


August 26, 2016 - Inside MBS & ABS

Debt Sales by Nonbank Mortgage Firms are on the Rise. And Why Not? The Cost of Money is Cheap – for Some

One of the fastest-growing top-10 originators, loanDepot, this month came to market with a $150 million debt financing deal that portends good things for other firms looking to raise capital in a tough stock market. “The cost of money has really come down for nonbanks,” said consultant Paul Hindman. The privately held loanDepot disclosed...


August 26, 2016 - IMFnews

GSEs Introduce a New Loan Dispute Appeal Process…

Fannie Mae and Freddie Mac introduced the IDR program back in February as the final piece to the representation-and-warranties framework.


August 26, 2016 - IMFnews

Should Residential Loan Officers Worry About Their Jobs and Automation?

Depending on where they work, mortgage loan officers can earn anywhere from 20 to 100 basis points per loan.


August 25, 2016 - IMFnews

Short Takes: Stonegate Mortgage a Buyer of Other Firms? / The Other Stonegate Buys a Florida Bank / The Kings of the Channels / A New Permanent CEO for Clayton / Former FHFA Director DeMarco Sets the Record Straight

From what we understand, Stonegate Bank is not very active in residential lending, but Insignia is…


August 25, 2016 - Inside Mortgage Finance

Mortgage Market at a Glance

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


August 25, 2016 - IMFnews

FHFA Readies Successor Program to HARP. Name to Follow

FHFA estimates there are roughly 300,000 homeowners potentially eligible to refinance through HARP.


August 25, 2016 - Inside Mortgage Finance

Retail Channel Sees a Slight Uptick in Market Share In Second Quarter, Correspondents Lose Some Ground

All three major mortgage-production channels posted significant gains in volume from the first quarter of 2016 to the second, but retail posted the biggest increase. According to a new Inside Mortgage Finance ranking and analysis, an estimated $300 billion in first-lien mortgages were originated through retail platforms during the second quarter, including traditional brick-and-mortar offices and consumer-direct efforts. That was up 36.4 percent from the first three months of the year, and a scant 1.4 percent higher on a year-to-date basis. The retail share edged up to 58.8 percent, the highest it’s been in two years. Wells Fargo remained...[Includes four data tables]


August 25, 2016 - IMFnews

Did Someone Die in the House You’re About to Make a Mortgage On?

California, Alaska, and South Dakota are the only states required to disclose death on property information in written disclosures…


August 25, 2016 - IMFnews

TRID Impact on Purchase-Mortgage Process Receives Widely Differing Assessments from Real Estate Agents

One real estate agent did not mince words: "TRID is a nuisance and should be done away with immediately if not sooner. Shut the Consumer Financial Protection Bureau.”


August 25, 2016 - IMFnews

Retail Market Share Hits a Two-Year High

The wholesale-broker market held its ground, maintaining a 10.0 percent share of new originations, Inside Mortgage Finance found.


August 24, 2016 - IMFnews

Short Takes: Not Everyone Loves the New Fannie, Freddie Application / Okay, Who Bought the Subprime Deals? / PennyMac Gets Repo Line from JPM / MountainView Selling MSRs / Apps Fall

One source said that in the Angel Oak transaction, bidding started with eight investors…


August 24, 2016 - IMFnews

Trade Groups with Nonbank Members Ask the CFPB: How About Us?

Not only are CHLA and CMLA unhappy with the lack of representation, they want the CFPB to form a “Community Mortgage Banking Advisory Council...”


August 24, 2016 - IMFnews

A Small Revival for Subprime? Two New MBS Deals Hit the Market. Nomura Had a Role in Both

In total, there are 573 loans backing the Deephaven MBS…


August 24, 2016 - IMFnews

Redwood Shoots Down Report on Suspension of its Jumbo MBS Program

In recent years, Redwood has favored whole loan sales to jumbo MBS due to pricing considerations, but the company has continued to issue jumbo MBS.


August 24, 2016 - IMFnews

CFPB Considering Registration System for Nonbanks, Mortgage Firms Included

A CFPB nonbank registration system might be used to collect financial and operational data and information on a lender’s organizational structure…


August 23, 2016 - IMFnews

Short Takes: A 25 Percent Chance Uncle Sam Will Lose the GSE Lawsuits / Risk-Sharing Depletes Shareholder Value / Former Fannie CEO Mudd Settles with SEC / Mudd’s Second Act Didn’t Last Long / A New Hire for Closing Corp.

KBW believes all the GSE risk-sharing deals will “put further pressure” on the long-term value of the stocks of Fannie and Freddie…


August 23, 2016 - IMFnews

The Final Tally: Nonbanks Battered by MSR Accounting in 2Q16

Nine nonbanks reported a combined net loss of $339.5 million on mortgage-banking activity for 2Q16, but that was actually an improvement...


August 23, 2016 - IMFnews

New GSE Application Allows for Cell Phone Numbers, Email Address, More. Industry Applauds

Regarding the omission of cell phone numbers and email addresses, one Florida-based mortgage executive said, “It drove us crazy – of all things not to have in this day and age.”


August 23, 2016 - IMFnews

Mortgage M&A Activity Continues Apace; Eight Deals in Two Months

Meanwhile, it’s anticipated that private equity firms could play an even larger role...


August 23, 2016 - IMFnews

Non-QM Lending Stuck in a Funk?

Investors are more willing to buy non-QM loans as long as they are Alt A in nature, industry sources told Inside the CFPB…


August 22, 2016 - Inside the CFPB

Other News in Brief

The Federal Deposit Insurance Corp. last week released on its website updated technical assistance videos on the CFPB’s Ability-to-Repay/qualified mortgage rule. “The updated videos provide financial institution management, compliance officers and staff with resources for a better understanding of the current requirements of the ATR and QM rule,” it said. ... CFPB Director Richard Cordray last week responded to two members of the Senate Banking, Housing and Urban Affairs Committee who had recently pressed him to consider exempting small community banks and credit unions from as much of its rulemaking as possible...


August 22, 2016 - Inside the CFPB

Does TRID Definition of Application Trigger HMDA Reporting? Maybe

One mortgage lender recently inquired of Michael Goldhirsh, director of legal and regulatory compliance for the Lenders Compliance Group, as to whether the definition of “application” in the CFPB’s TILA/RESPA Integrated Disclosure rule (TRID) triggers or otherwise affects reporting under the Home Mortgage Disclosure Act. In a recent blog posting, he replied: “The short answer is that receipt of some or all of the six pieces of TRID application information does not necessarily trigger an application for purposes of HMDA reporting.” Goldhirsh went on to explain that Regulation C defines an application for HMDA reporting purposes as an oral or written request for a home purchase loan, a home improvement loan, or a refinancing that is made in accordance with ...


August 22, 2016 - Inside the CFPB

Most Small Lenders Felt Rushed by CFPB’s SBREFA Process, GAO Finds

Most of the small-entity participants in the review processes run by the CFPB before it came out with four major mortgage rules felt they were hurried by the process and unsatisfied with the final results, the Government Accountability Office said in a recent report. The GAO took a look at the experience of the 69 Small Business Regulatory Enforcement Fairness Act (SBREFA) panel participants involved in evaluating the likely effects of the CFPB’s TILA/RESPA Integrated Disclosure rule (TRID), the mortgage servicing regulation, its loan originator compensation rule, and the Home Mortgage Disclosure Act regulation. Of the 57 small-entity representatives GAO interviewed, “two-thirds stated not enough time was allotted to discuss at least one of the topics on the panel agenda ...


August 22, 2016 - Inside the CFPB

Non-QM Lending Stuck in Funk, Investor Demand Improves a Bit

A National Association of Realtors survey of mortgage originators during the second quarter of the year found that lending outside the parameters of the qualified mortgage standard remains in the doldrums, even though there appeared to be a slight improvement in demand from investors for such loans. Survey participants were asked to provide the percentage share of their production for safe-harbor QM loans, rebuttal-presumption QM loans, and non-QM loans. Respondents indicated that a whopping 93.2 percent of production was in the safe-harbor QM space during 2Q16, up from 89.9 percent in 1Q16. That gain came at the expense of the other two categories. Production of rebuttable-presumption QMs fell from 9.9 percent in the first quarter of the year to 6.7 percent ...


August 22, 2016 - Inside the CFPB

Life Under TRID: Delays Ease, Costs Rise, Smaller Loans Less Desirable

The CFPB’s TILA/RESPA Integrated Disclosure Rule continues to have mixed results, at least from the perspective of the nation’s mortgage originator community. According to the recently released results of a survey by the National Association of Realtors of mortgage originators during the second quarter of 2016, delays attributed to TRID eased between the first and second quarters of the year, as did lenders’ reluctance to offer pre-approval letters, while cancellations ticked up. Originators were asked, since April 1, what share of their company’s mortgage transactions had been delayed or cancelled due to a TRID-related issue versus non-TRID issues. Mortgages delayed due to TRID ticked barely down, from 1.8 percent in 1Q16 to 1.7 percent in 2Q16. In the fourth quarter ...


August 22, 2016 - IMFnews

Short Takes: Will Ocwen Come Roaring Back? / A 29 Percent Decline in MSR Contracts / Finally, A Stock Deal / HUD Left Money on the Table / A New Director for Altisource

Is Ocwen's share price extremely undervalued?


August 22, 2016 - IMFnews

Mortgage Underwriters Make How Much?

Stratmor based its findings on results from 36 companies. Most of the focus was on retail lending.


August 22, 2016 - IMFnews

Call Reports Show Modest Increase in Mortgage-Banking Income for 2Q16

The call-report data pose an interesting, and contrary, view of the banking industry’s mortgage-banking activity during the second quarter…


August 22, 2016 - IMFnews

Tennessee Bank FB Financial Files for IPO, Looks to Increase Mortgage Business

FB also services roughly $4.02 billion in residential loans…


August 22, 2016 - IMFnews

MBA’s ‘Profit’ Falls Ever So Slightly; Revenues Increase Along With Salaries

The top revenue generator for MBA was membership dues at $18.24 million. Its annual convention took in $7.5 million while all other conferences generated revenue of $17.70 million.


August 22, 2016 - IMFnews

Fannie Reclaims (Some of the) Share it Lost in First-Time Homebuyer Market

By itself, the FHA insured 37.1 percent of first-timer business in the first half of 2016…


August 19, 2016 - Inside Mortgage Trends

Homeownership Rising Among Older Millennials

While the homeownership rate for people 25 to 34 years old remains well below the levels seen for that age group before the financial crisis, analysts at Fannie Mae note that the homeownership rate for millennials is starting to increase. Fannie defined millennials as those born between 1981 and 2000. Patrick Simmons, director of strategic planning in Fannie’s economic and strategic research group, turned to the Census Bureau’s American Community Survey to ...


August 19, 2016 - Inside Mortgage Trends

Should Loan Officers Worry About Automation?

With residential origination costs constantly rising, should rank-and-file loan officers worry that their jobs will eventually be automated away thanks to advances in technology? The thinking goes like this: Lenders are spending hundreds of million dollars a year in software upgrades to automate as many LO functions as they can. The ultimate goal is to reduce the number of loan officers and whittle down costs. Depending on where they work, mortgage loan officers can earn ...


August 19, 2016 - Inside Mortgage Trends

Plenty of Concerns Slowing Adoption of eMortgages

The mortgage lending industry continues to lag behind the level at which proponents of electronic mortgages – otherwise known as eMortgages – think lenders should be in adopting the technology. A recent survey by Fannie Mae and Freddie Mac reveals that there are still plenty of obstacles across a range of issues and pain points. “We found that eMortgage adoption continues to gain traction with lenders; however, the adoption has been slow due to ...


August 19, 2016 - IMFnews

What We’re Hearing: LO Jobs in Danger From Hal? / How Many Mortgage Loan Officers Are There? / The Human Touch / American Home’s Michael Strauss is Back with Nonprime Lender / 'Alt A' Lending May Return

Of course, it’s debatable how many LO jobs might disappear through automation...


August 19, 2016 - IMFnews

PennyMac’s Stan Kurland Returns to His Past: Table Funding Through Loan Brokers

PennyMac also is pursuing new initiatives to grow seller relationships with credit unions and smaller banks…


Poll

The yield on the benchmark 10-year Treasury fell to all-time low of 1.34% recently. How much better will originations be at your shop in the second half compared to 1H, if at all?

Better by 1% to 10%.

30%

Better by 11% to 25%.

39%

Off the charts better. Applications are great now.

22%

Worse than 1H, but not by much.

4%

A lot worse. But not sure on the damage.

4%

Housing Pulse