Mortgage Originators

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

October 22, 2014 - IMFnews

Short Takes: Who Might Guaranteed Rate Buy? / RPM Eyes Two More Lenders / A Non-QM IPO Already? Really? / Fitch Upgrades Shellpoint on Servicing / New Appraisal Tool From Fannie Mae / More Trouble for Nonbanks and MSRs?

We even heard one report that a non-QM firm is contemplating an initial public offering. It sounds crazy, we know…Meanwhile, it appears the states want a say in MSR transfers...


October 22, 2014 - IMFnews

Flagstar Boosts Originations by 21 Percent, but CFPB Settlement Hammers 3Q Results

However, there was some good news. Flagstar reported residential originations of $7.19 billion, a 21 percent gain from 2Q.


October 22, 2014 - IMFnews

First Republic, Chase Team Up on Unique New Jumbo MBS

The new jumbo security from JPMorgan Chase is scheduled to be issued on Oct. 30.


October 21, 2014 - IMFnews

Ocwen’s Stock Plunges After NYS Levies More Allegations Against the Firm

At press time, the firm’s share price was getting crushed, down 25 percent on the day to a new 52-week low of $19.89.


October 21, 2014 - IMFnews

Short Takes: MBA Shows the Love for FHFA’s Mel Watt / Looser Mortgage Credit? Are You Crazy? / The CFPB ‘ePilot’ Moves Closer / The Fear of Running Out of Money / Are You Afraid of Ghosts?

After all, didn’t America suffer a housing “depression” because credit was too loose? Some GOP conservatives in Congress live by the edict: those who can own; those who can’t rent…


October 21, 2014 - IMFnews

Ginnie Mae Will Allow for Supplemental Insurance on the VA Guaranty

HUD's Castro noted that the VA program limits its loan guarantee to a maximum of 25 percent, leaving many lenders exposed and reluctant to offer VA-guaranteed loans.


October 21, 2014 - IMFnews

CFPB Promulgates Annual ‘Privacy Notices’ Final Rule

Under the CFPB’s new rule, financial institutions will be able to post privacy notices online instead of distributing an annual paper copy.


October 21, 2014 - IMFnews

QRM = QM; Final Rule on Risk Retention Includes Exemptions for Large Majority of Mortgages

Non-agency MBS sponsors will be allowed to retain the risk portion on vertical or horizontal tranches of the security or a combination of the two.


October 21, 2014 - IMFnews

FHFA’s Olive Branch on Buybacks and HLTVs Welcomed but It Won’t be a Game Changer

One mortgage executive added: “Watt is trying to do the right thing, but I’m not sure he will get there. It’s good to see the government admit that the pendulum went too far.”


October 20, 2014 - IMFnews

FHFA Chief Floats Initiatives Tied to Looser Credit: More Buyback Relief and Higher LTVs

In defining misrepresentations, FHFA will set a minimum number of loans that must be identified with one of the six trigger elements.


October 20, 2014 - IMFnews

Short Takes: Will FHFA’s Mel Watt Deliver the Goods? / Actually, Fannie is Buying 97 Percent LTV Loans, But… / IBM Gets Whacked / First Republic’s GOS / Quicken CEO Sworn in at MBA Show

What does IBM have to do with the mortgage business? Actually quite a bit, IBM is one of Fannie Mae’s largest technology vendors...


October 20, 2014 - IMFnews

A New Player in Mortgage M&A: Mid-sized Commercial Banks

Charbonneau, Klein and other advisors report that mortgage M&A activity is the strongest it has been in years.


October 20, 2014 - IMFnews

Ginnie Mae Ushers in New Capital Rules for Issuers; Firms Will be Scored Monthly

Buyers of “bulk” Ginnie mortgage servicing rights will have to meet the test by January 2015.


October 20, 2014 - IMFnews

CFPB Throws the Industry a Few Bones on theTRID Rule

This could mean lenders would require borrowers to lock interest rates only during business hours or even early in the day.


October 20, 2014 - IMFnews

An Origination Surprise: 3Q Production Better Than Expected, So Far

It’s not clear whether the rest of the industry will push the third-quarter origination results higher.


October 17, 2014 - Inside Mortgage Trends

Loan Review App Offers Buyback Protection

Credit Plus, a provider of credit verification and automated loan file review services, has announced a new software application that will help lenders of agency loans defend against potential losses, indemnifications and repurchase demands. The program, QC Review, enables lenders to run pre-closing quality assurance and post-closing quality-control tests to ensure that loans they originate meet Fannie Mae, Freddie Mac and FHA/VA requirements. QC Review’s comprehensive ...


October 17, 2014 - Inside Mortgage Trends

E-Close Project to Start Shortly

The Consumer Financial Protection Bureau is poised to formally launch its e-closing pilot project shortly, with an eye towards simplifying the mortgage closing process for both borrowers and lenders and eliminating many of the “pain points” associated with it. “We are looking to kick off the pilot later this year and run it for about three months,” said Brian Webster, program manager for the bureau’s Office of Mortgage Markets, during a meeting of the CFPB’s Community Bank Advisory Council ...


October 17, 2014 - Inside Mortgage Trends

GSE Seller Repurchases Surged in 2Q14

Fannie Mae and Freddie Mac customer buybacks totaled $1.269 billion during the second quarter of 2014, according to an Inside Mortgage Trends analysis of Securities and Exchange Commission disclosures made by the two government-sponsored enterprises. Lender buybacks had declined to just $522.5 million in the first three months of 2014, but the repurchase volume jumped 142.8 percent in the second quarter. While Fannie and Freddie reported that they ... [Includes two data charts]


October 17, 2014 - Inside Mortgage Trends

Mortgage M&A Could Free Loan Officers

When two mortgage companies combine forces, the merged operation may have to deal with redundancies in operations, fulfillment, human resources and other areas that result in staff cuts. However, loan officers can see opportunity if the companies are combining to reach new markets. Not all LOs stay. In fact, once word leaks out that a company is a takeover target, many LOs start weighing their options, contacting competitors and sales managers who tried to ...


October 17, 2014 - IMFnews

What We’re Hearing: MBA Turns a ‘Profit’ Again / About that MBA Office Building / The State of the Mortgage Union / The Era of Non-QM Starts Right Now / No Clarity From Wingspan / Ellie Mae’s Sky High P/E Ratio / Yet Another Departure From Nationstar Mortgage

Bill Dallas, who runs Skyline Lending, told us he believes the “new” non-agency movement is beginning right now. “Today, we‘re doing 90 percent agency,” he said. “In 2017 the ratio will be 60 percent agency.”


October 17, 2014 - IMFnews

Judge Won't Give Former Fannie CFO Access to Documents in Hedge Fund Case

Government attorneys sought to block Howard’s access on the grounds that he owns Fannie shares and would be biased.


October 17, 2014 - IMFnews

Small Mortgage Lenders Renew Call for Lower FHA Premiums; A Healthier MMIF?

The fiscal 2014 audit report on the health of the FHA MMIF is expected to be released in mid-November.


October 17, 2014 - IMFnews

Wall Street Says ‘Not so Fast’ On Single GSE Security; Lenders Say Full Speed Ahead

Creation of a single GSE MBS would eliminate Freddie Mac's pricing disadvantage and improve liquidity in the to-be-announced market.


October 16, 2014 - Inside Mortgage Finance

Mortgage Market at a Glance

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


October 16, 2014 - Inside Mortgage Finance

Top 100 Mortgage Originators: 2Q14 Data


October 16, 2014 - Inside Mortgage Finance

Small Mortgage Lenders Renew Call for Lower FHA Premiums, in Anticipation of Healthier Insurance Fund

A group of small and mid-sized lenders this week renewed their request to the Department of Housing and Urban Development to cut FHA’s annual premiums to improve borrower access to credit, a change that likely depends on the annual audit of the Mutual Mortgage Insurance Fund. Sources expect the next annual audit report to show further improvement in the health of the MMI Fund, which had a negative economic value of $1.3 billion in September 2013, the end of the government’s 2013 fiscal year. Beyond getting back into the black, the MMIF still must reach a 2.0 percent statutory capital reserve requirement, which the last audit predicted would occur next year. The fiscal 2014 audit report is expected...


October 16, 2014 - Inside Mortgage Finance

State Regulators Propose Major Expansion Of Data Collection for Lending, Servicing

State regulators recently proposed expanding the data that state-licensed lenders must report on the Nationwide Mortgage Licensing System and Registry’s mortgage call report. The State Regulatory Registry said the data help state regulators supervise licensees, determine examination schedules, monitor compliance and calculate assessments. The SRR was established by the Conference of State Bank Supervisors and the American Association of Residential Mortgage Regulators. The SRR owns and operates the NMLS and has required state-licensed lenders to submit quarterly call report data since 2011. On Oct. 1, the SRR proposed...[Includes one data chart]


October 16, 2014 - Inside Mortgage Finance

A New Player Involved in Mortgage M&A Activity: Mid-Sized Commercial Banks

Mid-sized commercial banks are starting to turn up as potential buyers of mortgage banking franchises again, a trend that has not been seen in years, according to investment bankers that ply their trade in the space. “I’m working on two deals right now where the buyers are well capitalized commercial banks,” said Larry Charbonneau, a principal in Charbonneau & Associates, a boutique advisory firm based in Spring, TX. Charbonneau said he cannot identify the buyers due to non-disclosure agreements, but hopes to eventually. He noted that both banks have assets in the $2 billion to $3 billion range. “One of the banks isn’t...


October 16, 2014 - IMFnews

Short Takes: Short Sellers Target Walter / But Walter Gets a Disclosure Exemption / Will QRM be Aligned with QM? We’ll Know Next Week / NTC Finds Flaws in Servicing Records / DocMagic Makes an Acquisition

More trouble for Walter Investment Management? Meanwhile, according to NTC, as many as 490,000 homeowners could be affected by faulty servicer database records.


October 16, 2014 - IMFnews

Is Pershing Square Still Buying More Stock in Fannie and Freddie?

According to one analyst, "Ackman is reloading the boat with the extra cash he has on hand. Hopefully, others will join him.”


October 16, 2014 - IMFnews

Moody’s Zandi: FHFA Shouldn’t Increase G-Fees, But FHA Can Lower Premiums

Zandi and deRitis believe that the FHA is on track to be able to lower its mortgage insurance premiums by 50 basis points to an average of 120 basis points for total upfront and annual premiums.


October 16, 2014 - IMFnews

Lender: CFPB Appraisal Rule Costing His Shop an Extra $50K a Month

Timothy Zimmerman, president and CEO of Standard Bank, said he’s bothered by too small a percentage of lenders making loans outside the QM parameters.


October 16, 2014 - IMFnews

State Regulators Propose Major Expansion of Data Collection for Lending, Servicing

Under the proposal, lenders would be required to report the originations of QMs and non-QMs.


October 15, 2014 - IMFnews

Short Takes: Varde Who? / Rich Investors Making Money Off Subprime / The 10-Year Goes South / Radian Set to Report Earnings / Does the CFPB Dislike Mortgage Brokers?

Deephaven founder Matt Nichols isn’t ready to provide details on the subprime lender's game strategy quite yet...


October 15, 2014 - IMFnews

‘Alternative’ Hedge Fund Varde Buying Nonprime Lender, Pledges $300 Million in Capital

Varde has been looking for an investment in the non-QM space for the past year and finally found Deephaven. “They’ve approached others as well,” one source told IMFnews.


October 15, 2014 - IMFnews

Jumbo MBS Issuance Spikes in 3Q, Credit Suisse the Top Issuer

Redwood Trust ranked second in terms of issuance for the third quarter, pricing $636.0 million in jumbo MBS.


October 15, 2014 - IMFnews

Five Oaks Sees Promise in Aggregating Jumbos, Buying Subordinate Portions of MBS

REITs have seen mixed results in the past year when aggregating jumbos for MBS and buying a subordinate portion of the securities.


October 15, 2014 - IMFnews

FSR, NAFCU Weigh In on the Single GSE Security

Officially launched a year ago, the Bethesda, MD-based Common Securitization Solutions has no chief executive officer or chairman but continues to hire staff.


October 15, 2014 - IMFnews

Bank of America 3Q Mortgage Results: Originations Rise but Layoffs Ensue

Bank of America blamed the layoffs on “continued reductions” in its legacy mortgage business “as well as actions taken in sales and fulfillment as refinance demand slowed.”


October 14, 2014 - IMFnews

Short Takes: Walter Joins the ‘New Low’ Club / When Will the ‘Dark Days’ End for the Public Nonbanks? / ETA on Wingspan Announcement? / MBA Wants Faster Action on a Single Security / In MI We Trust

Specialty servicer Wingspan is expected to issue a press release this week, providing some clarity about a change of control at the company and the future of its founder...


October 14, 2014 - IMFnews

Just One Nonbank Had a Jumbo Market Share North of 1 Percent

Banks were the top nine jumbo lenders, led by Wells Fargo with $41.49 billion in originations, accounting for a healthy 15.8 percent of all jumbo lending.


October 14, 2014 - IMFnews

Is Wells Fargo Losing its Origination Mojo?; 3Q Fundings Almost Flat

Compared to the same quarter a year ago, residential originations fell 40 percent at Wells. At JPM the downdraft was even worse...


October 14, 2014 - IMFnews

Consumer Complaints Filed with the CFPB Fell by Double Digits in 3Q

When it comes to individual lenders, most of the top 50 targets of consumer gripes generally either stay in the same ranking or move up or down one or two levels.


October 14, 2014 - IMFnews

NAR Goes to Bat for ‘Mini-Corr’ Lending Channel

Under a “mini-corr” arrangement, a warehouse lender provides a line of credit to a loan broker, transforming that broker into an actual funder instead of just a loan facilitator.


October 13, 2014 - Inside the CFPB

Worth Noting/People on the Move/Looking Ahead

Bureau Updates Its Reverse Mortgages Guide With Words of Caution. The CFPB has updated its reverse mortgage guide to reflect some recent, potentially important changes to such loan products. The bureau is urging caution, noting such mortgages can be risky and expensive. “It’s a complicated type of loan that works best for homeowners who carefully consider all of their options,” the agency said. One of the highlighted changes limits the amount of money a homeowner can draw from the loan in the first year. “Borrowers often get into trouble by taking a lump-sum payment early on,” said the CFPB. “It may feel great to get a big payment up front, but borrowers can outlive this money – which spells financial trouble for borrowers who live longer lives.” ...


October 13, 2014 - Inside the CFPB

CFPB Updates Mortgage Rules Readiness Guide, Including TRID

In another bid to help mortgage bankers better assess their compliance capabilities, the CFPB has updated its mortgage rules readiness guide to include the Truth in Lending Act and Real Estate Settlement Procedures Act integrated mortgage disclosures, otherwise known as “TRID.” Version 3.0 of the guide, dated September 2014, summarizes the mortgage rules finalized by the CFPB as of Aug. 1, 2014, but it is not a substitute for the rules. “Only the rules and their official interpretations can provide complete and definitive information regarding their requirements,” the bureau reminds. Each rule description includes a hyperlink with additional information, including Small Entity Compliance Guides, which may make the rule easier to digest. The guide consists of four parts: a summary of the rules ...


October 13, 2014 - Inside the CFPB

Dodd-Frank Rules Uniquely Affecting Manufactured Housing

The CFPB issued a report earlier this month finding, more often than not, that owners of manufactured homes pay higher interest rates for their loans than borrowers whose homes were built onsite. “In 2012, about 68 percent of all manufactured-housing purchase loans were considered ‘higher-priced mortgage loans,’ compared with only 3 percent of site-built home loans,” the CFPB said. Two out of three manufactured-home owners eligible for mortgages finance with more expensive personal property (“chattel”) loans instead. That’s good and bad. On the one hand, chattel loans have lower origination costs and quick closing timelines, as the bureau noted. But on the other hand, they also have “significantly fewer consumer protections than mortgage loans,” the bureau said. For example, only ...


October 13, 2014 - Inside the CFPB

Realtors’ Group Goes to Bat for ‘Mini-Corr’ Lending Channels

The National Association of Realtors recently urged the CFPB not to unnecessarily restrict consumer access to credit by effectively eliminating the so-called “mini correspondent” lending channel. In a letter to the CFPB, the NAR said it supports efforts to prevent evasion of the bureau’s ability-to-repay/qualified mortgage rules. However, it also supports access and choice in credit provider channels, including affiliated business arrangements and joint ventures properly established under the Real Estate Settlement Procedures Act. “These arrangements are most often entered into to provide greater service to consumers,” said the NAR. “Capital constraints of small but growing businesses often govern the type of arrangement that is entered into. Mini correspondents are one such arrangement.” The trade group ...


October 13, 2014 - Inside the CFPB

Consumer Complaints Again Fall By Double Digits in Third Quarter

After a rough first quarter in which consumer complaints filed with the CFPB rose by 29.1 percent (mostly because of credit reports), the second and the third quarters have seen double-digit declines, 14.8 percent in 2Q14 and 14.6 percent in 3Q14, according to a new analysis by Inside the CFPB. Of the nine categories of gripes tracked, seven showed declines, all by double digits, with the money transfer sector leading the drop-off, down 28.4 percent from the second quarter. Debt collection criticisms slid 20.5 percent, followed by mortgages (17.6 percent), bank accounts (15.4 percent), student loans (14.5 percent), credit cards (12.1 percent) and credit reports (10.0 percent). The two rough spots were grievances about consumer loans, which were up 28.4 percent [with two exclusive data charts] ...


October 13, 2014 - Inside the CFPB

Disparate Impact Returns to SCOTUS; Will CFPB Weigh In?

Earlier this month, the Supreme Court of the United States agreed to accept Texas Department of Housing and Community Affairs v. The Inclusive Communities Project, Inc., the latest legal dispute over disparate impact to reach it corridors. However, a ruling by the SCOTUS could extend beyond the mortgage space. The TDHCA distributes the tax credits associated with the Low-Income Housing Tax Credit Program throughout Texas. The ICP is a 501(c)(3) non-profit that works to place low-income, mostly African-American Section 8 tenants in Dallas’s more affluent and largely white suburban neighborhoods. The ICP brought suit against TDHCA back in 2008, accusing the housing agency of disproportionately authorizing LIHTCs for affordable housing developments in largely minority ...


Poll

What is it going to take to convince lenders to loosen the credit box (i.e., remove underwriting overlays)?

The recent rep and warranty changes announced by the Federal Housing Finance Agency should go a long way in protecting lenders from future buybacks and help expand mortgage credit.
There won’t be any significant elimination of underwriting overlays until the government stops seeking huge mortgage-related penalties and settlements from lenders.
There shouldn’t be any expansion of the mortgage credit box since looser underwriting is what caused the recent mortgage crisis.

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