Mortgage Originators

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

September 30, 2014 - IMFnews

Short Takes: MBA Involved With Nonbank ‘Working Group’ Too / An NPL ‘Brain Drain’ at Lone Star Funds / A $57 Million Problem for the FHLBs of Des Moines and Seattle / FHFA to IG: We Don’t Think So

One active NPL bidder has been Lone Star Funds, but sources tell IMFnews the hedge fund has been having a “brain drain” of sorts when it comes to talent.


September 30, 2014 - IMFnews

Higher-Priced Mortgage Lending on the Rise?

While higher-priced lending is on the rise, pricing on these originations isn’t nearly as high as it was in the subprime boom.


September 30, 2014 - IMFnews

WinWater Set to Issue Its Second Jumbo MBS; LTV Ratios Creeping Up

The merger-hungry RPM Mortgage of California is the top contributor to the jumbo MBS with a 14.3 percent share.


September 30, 2014 - IMFnews

CFPB Urges Mortgage Industry to Raise HMDA Issues Now

Among other things, the CFPB is warning that the technical nature of the HMDA rule could cause operational headaches.


September 29, 2014 - Inside the CFPB

Worth Noting/Legislative Update/Looking Ahead

Did Apple Place Itself Within CFPB’s Purview? Some legal experts think the recent rollout of mobile payment technology by Apple Inc. might have put the consumer technology heavyweight in the CFPB’s regulatory crosshairs. Georgetown Law Professor Adam Levitin said in a recent blog that Apple may have unwittingly become a regulated financial institution through the release of its Apple Pay service. “Basically, I think Apple is now a ‘service provider’ for purposes of the Consumer Financial Protection Act, which means Apple is subject to CFPB examination and UDAAP [unfair, deceptive or abusive acts or practices],” he said. Levitin then proceeded to walk readers through a number of legal definitions to bolster his argument. Vivian Kim, an associate at the Dykema ...


September 29, 2014 - Inside the CFPB

Credit History, DTI Issues Outpace Collateral for Purchase Denials

Credit history and debt-to-income outpaced collateral as the primary contributors to mortgage application denials in the purchase-loan segment in 2013, according to an analysis by Inside the CFPB of the latest Home Mortgage Disclosure Act data released last week by the CFPB and the Federal Financial Institutions Examination Council. It was a much closer horse race in the refinance space, but then again, collateral is always more of an issue for refis. Credit history was identified as the cause of denial for 26.3 percent of applications last year in FHA/VA purchase mortgages, followed by DTI at 23.3 percent, with collateral registering only at 12.4 percent. Things were a little more competitive in the conventional home purchase loan space. There, credit ...


September 29, 2014 - Inside the CFPB

Why Run the Risk of Non-QM Lending? Opportunity, Experts Say

Representatives of some of the leading lenders of non-qualified mortgages are optimistic about the prospects for the future of the space, seeing opportunity where many see only risk. Brian Simon, chief operating officer for New Penn Financial, answered the question: Why open a non-QM market? “I think, as everyone is aware, the current credit environment has shut out many potential homeowners,” he said during a webinar last week sponsored by Inside Mortgage Finance, an affiliated newsletter. “There’s a narrow credit box in the current mortgage market, which means that the people who were hardest hit in the housing crisis have little access to credit.” New Penn Financial has decided to market products that allow access to affordable credit. “That just ...


September 29, 2014 - Inside the CFPB

Written Guidance Needed on RESPA/TILA Rule, Industry Says

Most of the mortgage finance trade associations wrote to the CFPB recently with a handful of suggestions to improve implementation of the bureau’s TRID – the pending Truth in Lending Act/Real Estate Settlement Procedures Act integrated disclosure rule. At the top of the list: more written guidance, please. “We appreciate the bureau offering oral guidance through webinars and other channels,” said the groups in a joint letter. However, due to the complexity of the rule, “we strongly recommend that the bureau also provide reliable, written guidance on issues.” Such input is “essential for lenders, settlement service providers, insurers, investors and other secondary market entities, regulators and ultimately, consumers themselves.” The groups also encouraged the CFPB to deepen its engagement in industry ...


September 29, 2014 - Inside the CFPB

Calls Mount in House for QM Fixes, But Little Time Remains for Action

Before members of Congress left the nation’s capital for their final push before the November elections, diverse efforts were underway for making changes to aspects of the qualified mortgage definition under the CFPB’s ability-to-repay rule, either through legislation or persuasion. Earlier this month, the U.S. House of Representatives passed H.R. 5461, a package of legislation which includes the text of H.R. 3211, the Mortgage Choice Act, which passed the House unanimously in June. The legislation would make it easier for mortgages to fit under the ATR rule’s cap on points and fees by providing equal treatment to title charges, regardless of whether or not a consumer chooses a title company affiliated with the lender. “This provision is narrowly focused to ...


September 29, 2014 - Inside the CFPB

Privilege Close to Being Extended To State-Licensed Mortgage Cos.

State-licensed mortgage companies – and the agencies that oversee them – are on the verge of receiving the same kind of protections against waivers of privilege for information provided to the CFPB that was previously extended to depository mortgage lenders supervised by federal agencies. Before adjourning for the November elections, the U.S. Senate passed H.R. 5062, the Examination and Supervisory Privilege Parity Act of 2014. The bill would require the CFPB to coordinate its supervisory activities with state agencies that license, supervise or examine those non-depositories that offer consumer financial products or services. It also would provide that when someone shares information with those same state regulators, or with prudential regulators and state banking regulators, that sharing does not waive attorney-client privileges. ...


September 29, 2014 - Inside the CFPB

CFPB Official Urges Mortgage Industry to Raise HMDA Issues

The mortgage industry has about a month left to officially weigh in on the CFPB’s pending Home Mortgage Disclosure Act proposed rule, and a top official at the bureau urged lenders to raise important issues now. “Because we’re opening HMDA up, we’re taking the opportunity to try to streamline the reporting process for you,” said Kathleen Ryan, deputy assistant director in the CFPB’s Office of Regulations, in comments before the Mortgage Bankers Association’s regulatory compliance conference on Monday. The bureau also is looking “for ways to ease some of the pain around geocoding and these other ‘translation’ issues that you have in your reporting systems by trying to align to the extent possible” with existing industry standards for data points ...


September 29, 2014 - IMFnews

Short Takes: CFPB Slams Flagstar Over Mods / No, a New Mortgage Trade Group is NOT Forming / BofA Transferring MSRs to Shellpoint / Merger of Two FHLBs an Aberration? / NJ Senator Intros Share-Appreciation Mortgage Bill

Sources close to the matter noted that Ocwen is involved, but it’s not a trade group.


September 29, 2014 - IMFnews

An MBS Program on Fire: Ginnie Mae

The Ginnie II program now accounts for up about 98 percent of new agency issuance.


September 29, 2014 - IMFnews

Mortgage Unit of Home Builder Ready to Enter Non-QM Market

Pulte Mortgage will install a “modest price” adjustment on its non-QM loans.


September 29, 2014 - IMFnews

Jumbo MBS with Originations Sourced by Five Oaks in the Works

Five Oaks plans to buy some of the subordinate tranches of the new jumbo MBS.


September 29, 2014 - IMFnews

Ginnie Mae Tops Among Agencies in Financing Minorities

Fannie, Freddie and Ginnie All saw most of their business come from borrowers earning less than $150,000 per year.


September 26, 2014 - Inside FHA Lending

FHA Originations Trend Up in July, Data Show

FHA total originations rose 9.9 percent month-over-month in July as purchase mortgage activity continued to rise, according to Inside FHA Lending’s analysis of agency data. Lenders produced a combined $13.01 billion in new FHA-insured mortgages, up from $11.85 billion in June. Purchase mortgages accounted for 81.9 percent of total FHA production during July, the latest month for which FHA originations data were available. The July increase reflects an upward monthly trend in FHA lending that began in March, when FHA originations totaled $8.74 billion. Production then climbed steadily to $10.36 billion in April, $10.61 billion in May and $11.85 billion in June. Originations jumped 16.0 percent from the first to the second quarter. A recent analysis by affiliated publication Inside Mortgage Finance found that most of Ginnie Mae’s purchase activities (FHA, VA and rural housing loans) in the ...


September 26, 2014 - Inside FHA Lending

FHA’s QA Draft Addresses Enforcement Concerns

Obama administration officials and federal regulators met recently with mortgage industry representatives to discuss lender overlays and other obstacles preventing borrowers with slightly tainted credit and first-time homebuyers from obtaining a mortgage. Neither administration officials nor industry participants, however, spoke on or off the record about the things that were discussed during the Sept. 17 meeting at the White House. It was also unclear whether both sides have agreed on any solutions to the issues that lenders say are preventing them from lending. Sources, however, said one major issue is lenders’ uncertainty about their legal responsibilities and liabilities, which already have cost the industry billions of dollars in massive legacy settlements. Lenders have complained that even the slightest loan paperwork error could force them out of the ...


September 26, 2014 - Inside Nonconforming Markets

Higher-Priced Lending Increased in 2013

Originations of higher-priced mortgages increased significantly in 2013 compared with the previous year, according to an Inside Nonconforming Markets analysis of Home Mortgage Disclosure Act data released this week. The market share for higher-priced mortgages also more than doubled in 2013 compared with the previous year, but the loans continue to account for a small portion of total originations. Some $35.18 billion in higher-priced mortgages were sold in 2013, up from ... [Includes one data chart]


September 26, 2014 - Inside Nonconforming Markets

Strong Demand for Non-QMs, Supply an Issue

There’s plenty of consumer demand for loans that don’t meet the standards for qualified mortgages, according to industry participants. But more than a year after the Consumer Financial Protection Bureau established standards for non-QMs, lenders and investors are still trying to determine the liability posed by the mortgages. Jay Lown, president of Cherry Hill Mortgage Investment, a real estate investment trust managed by Stan Middleman, chairman and CEO of Freedom Mortgage, said Freedom is ...


September 26, 2014 - IMFnews

What We’re Hearing: How Long Can Regulators Keep ‘Baby-Proofing’ the American Mortgage Market? / Non-QM Lending is a $50 Billion Market. That’s All? / Citadel Has Little or No Competition / Ocwen-Wells MSR Deal Imminent… Not

In other words, mortgage banking is now supposed to be a “sure thing” where no one – and we do mean no one – takes on risk or fails. Ever.


September 26, 2014 - Inside MBS & ABS

Morningstar Credit Ratings Publishes Methodology For Rating and Monitoring U.S. ABS Transactions

Life for ABS investors got a little easier this week as Morningstar Credit Ratings put out its methodology for U.S. ABS ratings, outlining the principles the firm uses when evaluating, rating and monitoring financial, operating and corporate asset transactions. Morningstar’s analytical framework utilizes seven areas of analysis common to ABS transactions: legal structure, asset quality, transaction structure, credit support, cash flow analysis, originator and servicer quality, and counterparty risk. The analysis begins...


September 26, 2014 - Inside MBS & ABS

Non-QM MBS Won’t Happen This Year, But Nonbanks Developing the Non-QM Market Have ‘Take-Out’ Investors

At least a dozen or so national lenders – almost all them nonbanks – have rolled out lending programs for loans that don’t meet the qualified mortgage standard, and none of them expect to issue a mortgage-backed security this year. Moreover, most aren’t so certain they will be able to issue a security next year either, but that doesn’t mean they aren’t thinking about it. New Penn Financial has created...


September 26, 2014 - IMFnews

Treasury Sees a ‘Benchmark’ Non-Agency MBS as Potential Spur for Market

The Treasury Department will have a key role in developing a $1 billion "test" non-agency security.


September 26, 2014 - IMFnews

The Federal Reserve Continues to be the Hog at the MBS Trough

At the top of the heap was the Federal Reserve, which boosted its agency MBS portfolio by 3.8 percent during the second quarter.


September 25, 2014 - IMFnews

Short Takes: The Cost to Underwrite Non-QM Loans / Uh, How Large is the Non-QM Market? / Ocwen’s Stock Going Nowhere / Mortgage Firms Love to Sell Ginnie MSRs / Anworth Looks to Expand

Just how large is the non-QM market? That’s hard to say...


September 25, 2014 - Inside Mortgage Finance

Mortgage Market at a Glance

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


September 25, 2014 - Inside Mortgage Finance

HMDA Originations Fell 12 Percent in 2013, As Application Denial Rate Edged Higher

Mortgage lenders reported $1.762 trillion in new purchase-money and refinance originations during 2013 under the Home Mortgage Disclosure Act, according to a new Inside Mortgage Finance analysis of the data released by federal agencies this week. HMDA purchase and refinance originations were down 12.4 percent from 2012, with the biggest decline in refi activity, off 26.2 percent. Purchase-mortgage lending was up in both the government-insured market (up 1.3 percent) and conventional originations (up 32.5 percent). Even with the sharp downturn in business, refinance originations accounted...[Includes one data chart]


September 25, 2014 - Inside Mortgage Finance

Ocwen-Wells Fargo MSR Transfer Expected to Be Completed Eventually – But Deal Is Getting Smaller

Ocwen Financial – once the largest buyer of “legacy” mortgage servicing rights in the secondary market – is mostly sitting on the sidelines these days when it comes to buying new product. According to servicing advisors and industry officials familiar with the company, the nonbank has been selectively bidding on smaller pools, staying away from larger deals. Meanwhile, Ocwen still hopes...


September 25, 2014 - Inside Mortgage Finance

Look for a Boom in Mortgage Servicing Sales as Lenders Try to ‘Make Their Numbers’ by Yearend

With loan originations beginning to taper off this fall and expected to continue that way through yearend, lenders of different stripes likely will step up their sales of mortgage servicing rights in an attempt to make earnings projections. “There’s a ton of activity out there now,” said Tom Piercy, managing member of Interactive Mortgage Advisors, Denver, an MSR advisory and brokerage firm. “We’re the busiest we’ve ever been all year.” Mark Garland, president of MountainView Servicing Group, concurs...


September 25, 2014 - IMFnews

Skyline Lending Ready to Roll Out Non-QM Loan

Skyline declined to name the company’s non-QM investor. “We have an investor who has created a shelf,” is all the CEO would say on the topic.


September 25, 2014 - IMFnews

The Non-QM Market: Less Competition, Higher Upside, But…

In the non-QM space, Lake Sunapee Bank serves a large number of self-employed borrowers, medical professionals, high net-worth retirees, and first-time homebuyers.


September 25, 2014 - IMFnews

Home Mortgage Debt at Its Lowest Level Since 1Q 2006

The increase in mortgage debt outstanding in the third quarter of 2013 increasingly looks like an aberration rather than a turning point.


September 24, 2014 - IMFnews

Short Takes: Ginnie to New Issuers: Use it Or Lose It / Suddenly, Wholesalers Everywhere / Fannie Doesn’t Like B&Bs / Motor City No. 3 for HARP Outreach / Ex-JPM Executive Gets Key Job at FHFA

Hell hath no fury like an agency whose new issuers are not actually issuing (MBS)...


September 24, 2014 - IMFnews

Fresh Off of Regency Deal, RPM Has ‘Letters-of-Intent’ With Two Other Lenders

RPM Mortgage would love to expand its presence in East Coast markets. It also recently rolled out a non-QM product.


September 24, 2014 - IMFnews

Chase to Issue Jumbo MBS with ‘Weak’ Rep and Warrant Framework

DBRS isn't mincing any words: “Compared with other post-crisis representations and warranties frameworks, this transaction employs a relatively weak standard..."


September 24, 2014 - IMFnews

Mortgage Brokers Originate Slightly Riskier Loans, At Least on Agency Products

Broker originations also had a significantly larger average loan amount, $230,082, than the other channels.


September 23, 2014 - IMFnews

Short Takes: Mortgage Industry Shrinks but Not by Much / Can It Be? Final Risk Retention Rules? / Treasury’s Experiment in Non-Agency MBS / October Non-QM Launch for Ethos / JPM Removed From Virginia Lawsuit

It appears that Ethos Lending will enter the non-QM market come October...


September 23, 2014 - IMFnews

Good News for Mortgage Lenders: Fewer Cash Buyers in the Market

Elevated home prices and a smaller supply of distressed properties have prompted many investors to switch from buying to selling.


September 23, 2014 - IMFnews

Ginnie Mae Promises Net Worth Rules for All by MBA Annual

Soon it will be easier to use Ginnie Mae mortgage servicing rights as collateral, or so the agency hopes.


September 23, 2014 - IMFnews

After Comstock Acquisition, Guild Wants to Buy More Lenders; An Eventual IPO?

As the mortgage M&A market chugs along in the coming year, Guild hopes to be a buyer.


September 23, 2014 - IMFnews

Why the Mortgage ‘Credit Box’ is So Small

Originators are constantly looking over their shoulders because loans are being re-underwritten two or three times, once by the aggregator, once by the GSEs...


September 23, 2014 - IMFnews

FHFA Suggests Leaving Adjustments of G-Fees and Loan Limits to Congress

FHFA's Bob Ryan said the GSE regulator has concerns that decreasing loan limits or increasing g-fees would limit access to credit.


September 22, 2014 - IMFnews

Short Takes: Ginnie Mae MSR Transfers Plunge / And the Authors Are… / Time to Short Altisource? / Rep. Maloney Goes to Bat for GSE Multifamily / New Chairman for FHLB’s Office of Finance

Why short Altisource? This source reasons that as real estate values continue to improve and foreclosures slow, Altisource will have less to do going forward...


September 22, 2014 - IMFnews

New Ginnie White Paper: Banks Good for Risk, Nonbanks Not So Good

Tozer believes that with depositories in control of the Ginnie market, the regulation of lender/servicers has essentially been outsourced to banking regulators who have “vast experience” in safety and soundness.


September 22, 2014 - IMFnews

At ABS East, Optimism and Anxiety; New Rules and Regs a Big Concern

Bob Behal, a principal and co-head of ABS and commercial MBS investments at Vanguard Group, said liquidity in the market is fair.


September 22, 2014 - IMFnews

Mortgage Stocks Continue to Feel the Heat

In short, investors – if they bought mortgage stocks at their peaks – are looking at substantial losses...


September 22, 2014 - IMFnews

Secondary Market Sales of Mortgages Rebounded in 2Q but Down Considerably From Last Year

On a year-to-date basis, mortgage sales were down 63.6 percent from the first half of 2013.


September 22, 2014 - IMFnews

Center-Right Groups Want Transparency From Treasury on GSE Profit Sweep

In the last quarter, for instance, Fannie and Freddie posted combined net earnings of $5.1 billion – most of which was swept into a Treasury account.


September 19, 2014 - Inside Mortgage Trends

Brokers Originate Slightly Riskier Loans

Loans originated by mortgage brokers tended to have slightly lower credit scores and slightly higher debt-to-income ratios than production by retail lenders and correspondents. An Inside Mortgage Trends analysis of mortgage-backed securities issued by Fannie Mae, Freddie Mac and Ginnie Mae during the second quarter found that broker originations had an average credit score of 721.9 – compared to 728.5 for retail production and 723.4 for correspondent originations. The average DTI for ... [Includes one data chart]


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