Mortgage Originators

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

February 11, 2016 - IMFnews

Freddie Sees Nothing But Roses for Multifamily

Freddie officials estimate that industry wide, multifamily originations could top $250 billion this year...


February 11, 2016 - IMFnews

Two GOP Congressman Voice Concerns Over Declining GSE Capital

The two GOP congressmen want the Treasury Department and FHFA to suggest steps they can take in the near term “to rectify the situation.”


February 11, 2016 - IMFnews

In 4Q15, Jumbo Market Held Up Better Than GSE and FHA Lending

Bernie Sanders' worst nightmare: not much of a slowdown in the rich taking out jumbo loans...


February 10, 2016 - IMFnews

Short Takes: Everything’s Coming Up Blackstone / Odds Increase for an FHA Premium Cut? / Volatile Rates a GSE Problem? / U.S. Bank No Longer Facing Servicing Restrictions / Correction on Redwood Numbers

Falling rates are great for the mortgage industry, right? Yes and no...


February 10, 2016 - IMFnews

Proposed FY 2017 U.S. Budget Estimates a $9.1 Billion Profit for FHA

Now, for the obvious question: With greater profits coming, will HUD allow FHA to cut premiums?


February 10, 2016 - IMFnews

Redwood Trust Pulls the Plug on Its Commercial MBS Conduit, More Layoffs

Redwood noted that although it is quitting commercial mortgage production, it will continue to “opportunistically invest in mezzanine and subordinate CMBS tranches that meet our risk/return profile.”


February 10, 2016 - IMFnews

OCC to Issue Guidance Aimed at Loosening LTV Ratio Standards for Purchase Mortgages

In general, the OCC doesn't like the idea of banks funding loans with LTV ratios above 90 percent unless the mortgage has appropriate credit support...


February 10, 2016 - IMFnews

With Blackstone’s Blessing, Incenter Agrees to Buy Servicing Broker Interactive Mortgage Advisors

In the fourth quarter, IMA sold $30 billion of mortgage servicing rights for its clients...


February 10, 2016 - IMFnews

The Final Tally on Mortgage Income at Banks: 4Q Not-so-Good; Full Year Better

Most of the decline came among the largest banks, with many regionals turning in stronger results in the fourth quarter…


February 9, 2016 - IMFnews

Short Takes: Margin Calls May Pose a Risk to Nonbanks? / Who Thought Rates Would Go This Low? / FHA Subject to ‘Black Swans’ / HUD, Philadelphia and the X-Files / FHA Condo Financing Relief on the Way?

In its new annual budget, the White House declares that the FHA mutual mortgage insurance fund is vulnerable to “Black Swans...”


February 9, 2016 - IMFnews

Jefferies Rolls Out MBS Backed by a Revolving Warehouse Line

The loans backing the bond will be originated by nonbanks Ditech Financial and loanDepot.


February 9, 2016 - IMFnews

The New White House Budget: $151.5 Billion of GSE Dividends to Come – Right to Uncle Sam

The White House still wants to kill Fannie and Freddie, but in the meantime it benefits from the their healthy revenue streams...


February 9, 2016 - IMFnews

Shakeup at Ditech Financial: Patti Cook Out as President, David Schneider Is In

Shakeup at Ditech Financial: Patti Cook Out as President, David Schneider Is In


February 9, 2016 - IMFnews

The Emotional Relief Provided by the CFPB’s ‘Clarifying’ Letter Has Since Faded

For now, the CFPB isn't talking about the matter...


February 9, 2016 - IMFnews

GSE MBS Production Slipped in January. A TRID ‘Ice Patch’?

MBS issuance rebounded in December, with Fannie/Freddie production rising 17.7 percent. In other words, had TRID not caused a December bump in GSE business, January could have looked better than it did.


February 8, 2016 - Inside the CFPB

In Brief: Facing the Music

Wells Fargo Settles with FHA for a Record $1.2 Billion. Wells Fargo, the largest player in the Ginnie Mae market, last week agreed to pay the Department of Justice and Department of Housing and Urban Development $1.2 billion to settle FHA underwriting claims. In a filing with the Securities and Exchange Commission, Wells noted that the agreement “resolves certain civil claims that the federal government had pending” against the lender tied to FHA lending from 2001 to 2010. But it also covers “other potential civil claims relating” to the megabank’s government production in other time periods as well. The megabank, which also is the nation’s largest overall home lender and servicer, saw the settlement coming and booked an additional “legal ...


February 8, 2016 - Inside the CFPB

In Brief: CFPB Calendar

TRID Webinar to Focus on Construction Lending Issues. The Federal Reserve next month plans to host officials from the CFPB to present a webinar on questions related to the bureau’s integrated disclosure rule in the context of construction lending. The event is to be held Tuesday, March 1, 2016, from 2 p.m. to 3 p.m. Eastern time. Those interested in viewing the live event may register online at https://www.webcaster4 .com/Webcast/Page/577/13246. Additional information and resources related to the TRID rule may be accessed at the CFPB’s website. CFPB the Target of House Republicans Again This Week. The House Financial Services Committee’s Subcommittee on Financial Institutions and Consumer Credit plans to examine the CFPB’s “assault on access to credit and trampling of ...


February 8, 2016 - Inside the CFPB

In Brief: Vendor Update

DocMagic Software Product Certified for TRID. DocMagic, a provider of document preparation, compliance, eSign and eDelivery solutions, recently received certification for its SmartCLOSE software product by the Mortgage Industry Standards Maintenance Organization, a nonprofit subsidiary of the Mortgage Bankers Association. Specifically, SmartCLOSE has been awarded what is known as a Standard Level Certification for the TILA/RESPA Integrated Disclosure (TRID) rule. According to the MBA, the objective behind SmartCLOSE is to bring lenders, settlement service providers, and other relevant entities together inside a secure environment to share, edit, validate, audit, track and collaborate on documents, data and fees. SmartCLOSE received Standard Level certification for MISMO Version 3.3 within the TRID business domain. “With the Uniform Mortgage Data Program (UMDP) quality initiatives ...


February 8, 2016 - Inside the CFPB

In Brief: More About TRID

Will TRID Errors Crimp Earnings? Market observers have been hearing reports that TRID errors and closing delays definitely will be affecting first quarter 2016 earnings, at least for certain nonbanks. The big test for nonbank mortgage stocks is expected to come later this month when PHH Corp., the parent of PHH Mortgage, the nation’s ninth largest servicer, reports 4Q15 results. PHH, which is battling the CFPB over RESPA issues, also has been smacked around by servicing write-downs. It likely got some relief on that score in 4Q15. Stay tuned... CFPB Tries to Clear the TRID Air on Construction Loans. Not only has the CFPB’s TRID rule delayed closings in the conventional market, but it’s being reported that the regulation has ...


February 8, 2016 - Inside the CFPB

Potential RESPA Class-Action Launched Against PHH, Realogy

A complaint has recently been filed in U.S. District Court for the Central District of California in an attempt to initiate a class-action case against PHH Corp. and Realogy Holdings Corp. and some of their subsidiaries and affiliates for allegedly deceptive and collusive practices in violation of the Real Estate Settlement Procedures Act. The case references and appears to be inspired, at least in part, by the enforcement action the CFPB brought against PHH in 2014 in which the bureau alleged the lender violated RESPA by illegally referring borrowers to mortgage insurance companies in exchange for kickbacks. In that case, PHH Corp. v. CFPB, the U.S. Court of Appeals for the District of Columbia is set to hear oral arguments on ...


February 8, 2016 - Inside the CFPB

Recent RFI Shows Bureau May Accommodate Industry on HMDA

Last month’s issuance by the CFPB of a request for information (RFI) regarding its Home Mortgage Disclosure Act resubmission guidelines likely reflects the bureau’s recognition of the additional workload the pending new rule represents, as well as a willingness to hear what the industry has to say about it. In October 2015, the bureau finalized its rule updating the reporting requirements under its HMDA rule, which will significantly expand the amount of information lenders will submit to the agency. “Given these changes, the current resubmission guidelines may need to be updated, and the bureau is seeking feedback on what modifications may be appropriate,” the agency said in early January. But in a recent online blog post, Brooks Bossong, a member ...


February 8, 2016 - Inside the CFPB

The Bloom is Off the Rose On the CFPB’s ‘Clarifying Letter’

Remember the Dec. 29, 2015, “clarifying letter” that CFPB Director Richard Cordray sent to the Mortgage Bankers Association? Initially, the letter relieved industry anxiety regarding TRID errors, at least to some degree. But over the past few weeks, certain lenders have once again grown nervous and are reporting resistance by secondary market investors that are turning down their mortgages because of TRID errors. For loan buyers, the issue is assignee liability. The MBA is believed to be a key player trying to persuade the bureau to publish the letter in the Federal Register. An industry lobbyist noted that one week after the clarifying letter came to light, MBA “applied immediate pressure to get the letter into Register form. The CFPB ...


February 8, 2016 - Inside the CFPB

Life Under TRID: Is TRID Suddenly Driving Mortgage Merger and Acquisition Activity?

Normally during this time of year, the mergers and acquisitions game is somewhat quiet in the mortgage industry, but concerns over compliance with the CFPB’s integrated disclosure rule known as TRID are sparking some lenders to consider selling and getting out. That’s the opinion of Chuck Klein, managing partner of Mortgage Banking Solutions, who said, “I’m as busy as I’ve ever been this time of year.” Speaking on the Internet radio program “Lykken on Lending” recently, the M&A advisor noted that mortgage company owners are “disturbed about the cost and risk of noncompliance.” He added that the TRID rule promulgated by the CFPB “has gotten everyone’s attention,” in particular, owners of nonbanks who have all their personal net worth tied ...


February 8, 2016 - IMFnews

Short Takes: More Jumbo TRID Woes? / Prosperity Looks to Train Young LOs on ‘TRID’ / No LO Prima Donnas, Please / Quicken’s Grade on MI Audits / A Correction

TRID has become such a serious problem that some lenders are starting the education process early with new loan officers.


February 8, 2016 - IMFnews

Fitch Issues MBS Warning on Home Prices in the San Francisco Area; 14 Percent Overvalued?

Other parts of the nation with the caution light on include Florida and Texas…


February 8, 2016 - IMFnews

Quicken Asks Mortgage Insurance Firms to Cut a Deal on MI

Quicken said it "will evaluate all bids once received and make the decision to partner with one or two providers. Our plan is to reevaluate this process regularly."


February 8, 2016 - IMFnews

A $470 Million Settlement for HSBC; Bank Continues to Pay for the Sins of Household Finance

During the subprime boom, HSBC owned Household Finance, a once-top ranked subprime lender and servicer that was later cited for lending and servicing violations.


February 8, 2016 - IMFnews

Fairholme Continues Push to Have FHFA Cough Up More PSPA Documents

In November, Judge Sweeney denied Fannie Mae’s motion to quash or invalidate a subpoena issued by the plaintiff’s counsel…


February 8, 2016 - IMFnews

Finally, Signs of Credit Loosening in the GSE Market

In the fourth quarter, 20.3 percent of refi loans sold to the GSEs were in the low-score category, the highest level for the year.


February 5, 2016 - Inside Mortgage Trends

Mortgage Shopping Firm Loses Patent Lawsuit

A U.S. Court of Appeals for the Federal Circuit recently upheld rulings that went against Mortgage Grader, a loan shopping website that has filed a number of patent-related lawsuits. The court upheld a ruling by a lower court that found that Mortgage Grader’s claims related to the “abstract idea” of anonymous loan shopping and that the patents obtained by the firm didn’t include an “inventive concept.” Mortgage Grader filed a lawsuit in January 2013 against Costco Wholesale and ...


February 5, 2016 - Inside Mortgage Trends

Regs, Tech, Demographics Pushing eMortgages

The mortgage lending industry is seeing a convergence of regulation, technology and demographics that is fueling a drive toward eMortgages, eDelivery and greater use of mobile devices and other technologies to simplify, digitize and speed up the mortgage process, according to Jeffrey Nuckols, senior vice president of Xerox Financial Services. On the regulatory front, most of the latest impetus, of course, has come from the Consumer Financial Protection Bureau’s integrated disclosure ...


February 5, 2016 - Inside Mortgage Trends

Deep Subprime Lending on the Rise in 2015

There was a hefty increase in mortgage originations for subprime borrowers with credit scores under 620, most of them FHA loans, according to Equifax. From January through October of 2015, some $50.7 billion of mortgages were originated for borrowers with credit scores below 620, the credit bureau said. That was up 28 percent from the same period in 2014. Equifax attributes this to smarter lending habits. Amy Crew Cutts, Equifax’s chief economist, said while there are many ...


February 5, 2016 - Inside Mortgage Trends

Blackstone Eyes Entry Into Nonprime Space

The Blackstone Group, according to industry sources, has amassed a war chest of roughly $250 million to buy non-agency, nonprime mortgages, another sign that “big money” investors have returned to the sector. At this point, it’s hard to say how much origination volume in the sector will grow. It’s well known that over the past 18 months, bond insurance giant PIMCO has been buying loans that don’t meet the qualified mortgage test from Citadel Servicing and others. The reason is ...


February 5, 2016 - Inside Mortgage Trends

Some Signs of Credit Loosening in GSE Market

Sometimes it seems there is more talk of lenders loosening their credit standards than actual data supporting such a shift, but a new Inside Mortgage Trends analysis of Fannie Mae and Freddie Mac mortgage-backed securities data unearthed some positive signs. In the fourth quarter of 2015, 14.4 percent of purchase mortgages securitized by the two government-sponsored enterprises had credit scores ranging from 620 to 699. Back at the beginning of 2014 ... [Includes two data charts]


February 5, 2016 - IMFnews

What We’re Hearing: CFPB Tries to Clear the Air on Construction Loans / A Friendly Holiday Letter From Richard? / CMC Supports the FR Move / A Tech Firm Enters the Mortgage Space / $1 Billion a Month in MSR Purchases

Paul Hindman, a consultant at Grid Financial Services, had this to stay about the deal: “The more important question is what other mortgage-related companies are on Computershare’s shopping list….”


February 5, 2016 - Inside MBS & ABS

Originators/Sellers Win Big in U.S. Appeals Court, Judges Agree Claims Accrue When a Loan Is Sold

A federal appeals court in Denver unanimously affirmed a lower court ruling that a claim of damage related to an originator/seller’s misrepresentation accrues when the loan is sold. Ruling in six cases involving plaintiffs Lehman Brothers Holdings and Aurora Commercial Corp. versus Universal American Mortgage Co. and Standard Pacific Mortgage, the Tenth Circuit Court of Appeals rejected plaintiffs’ contentions that their claims were really “indemnification” claims that did not accrue until they bought the loans from Fannie Mae and Freddie Mac. The overarching issue in this complicated case is...


February 5, 2016 - Inside MBS & ABS

Jefferies and Two Nonbank Lenders Team Up on Planned MBS Backed by Warehouse Facility for Agency Loans

Jefferies Funding is underwriting a securitization of a revolving warehouse facility for agency mortgages originated by two nonbanks. The $225.0 million Station Place Securitization Trust 2016-1 received provisional Aaa ratings this week from Moody’s Investors Service. The rating service said the transaction is based on a “back-to-back” repo structure, with the three classes of notes scheduled to be paid off one year after issuance. The proceeds from the sale of the notes will be used by the issuer to purchase eligible mortgages and participation certificates from the repo seller. The revolving warehouse facility will be sponsored...


February 5, 2016 - IMFnews

Monday Morning Quarterbacking: If Only the Industry Had Used Sensible Underwriting Standards, Think of the Loan Volume…

Laurie Goodman, director of the HFPC, said lenders have “plenty of room to safely ease credit.”


February 5, 2016 - IMFnews

Surprise: Mortgage Hiring Inches Up in December

Among those hiring is Jordan Capital Finance, Chicago, which seeks to add new loan reps and a senior vice president of sales and business development...


February 5, 2016 - IMFnews

How Many Seller-Servicers Will Actually Use the GSEs’ New ‘Loser-Pay’ Dispute Resolution Process?

Colonial National Mortgage was a beta site for the IDR and Allen Maulsby, executive vice president of the bank, said the IDR process is very “legalistic…”


February 5, 2016 - IMFnews

Issuance of Agency MBS Down Slightly in January; But Ginnie Production Rises

Ginnie Mae even posted a 5.6 percent increase in refinance loan securitizations...


February 4, 2016 - Inside Mortgage Finance

Mortgage Market at a Glance

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


February 4, 2016 - IMFnews

Short Takes: The Unforgiving Market for Mortgage Stocks / A Dividend of Almost 14 Percent / All Eyes on PHH Corp. / Midwest Lender Will Pay Borrower if Loan Doesn’t Close On Time / Past FHA ‘Sins,’ Before They Were Actually Sins

“When is enough, enough? Paying for past sins, sometimes before they were sins. I’m not speaking specifically about Wells Fargo, but in general.” – Marc Savitt, NAIHP president.


February 4, 2016 - IMFnews

A Half-Dozen ‘Serious’ Buyers of Mortgage Companies?

As one M&A advisor noted: "Value is in the eye of the beholder."


February 4, 2016 - IMFnews

Two Harbors Earns $72.1 Million in 4Q, Will Focus More on MSRs…

Two Harbors issued $2.00 billion of jumbo MBS 2015, adding that pricing improved for its deals throughout the year.


February 4, 2016 - IMFnews

PennyMac Financial Ready to Launch Wholesale Unit

Stan Kurland on PennyMac's move into wholesale/broker lending: “We are currently developing the necessary systems and infrastructure..."


February 4, 2016 - IMFnews

More of the Same: House GOP Launches Salvos at GSEs, FHA, CFPB

As might be expected, the GOP is once again pushing to kill Fannie Mae and Freddie Mac...


February 3, 2016 - IMFnews

Short Takes: The Bloom is Off the Rose on the CFPB’s ‘Clarifying Letter’ / Enter Alston & Bird / TRID Errors and 1Q Earnings / Hope for a Non-Agency Revival? / A New Detail on the RCS Deal

We also are hearing reports that TRID errors and closing delays definitely will be affecting first quarter 2016 earnings, at least for certain nonbanks…


February 3, 2016 - IMFnews

Nation’s Largest Lender Wells Fargo Settles with FHA for a Record $1.2 Billion

One observer called the $1.2 billion “chump change” for Wells.


February 3, 2016 - IMFnews

KBRA Director: ‘Top Four’ Banks Will Exit Residential Lending or ‘Down Size’

Will the last megabank left in the mortgage industry please turn out the lights...


Poll

A lot has been written lately regarding loan closing delays tied to the new TRID rule. What’s been the average delay at your lending shop, if at all? (Report in business days, not calendar.)

TRID has caused no delays whatsoever because we were prepared.

30%

1 to 4 days.

27%

5 to 10 days.

13%

11 to 15 days. It’s been a nightmare.

11%

We’re too embarrassed to tell you.

20%

Housing Pulse