Mortgage Originators

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

January 28, 2015 - IMFnews

Short Takes: GSE Principal Reduction Rears Its Ugly Head Again / GOP Continues Close Scrutiny of the CFPB / Mr. Cordray, Stop Tearing Down Those Walls / IMA Selling Ginnie Servicing / S&P May Settle for $1.37 Billion

According to the IMA offering circular, the seller is a “Southwest, independent mortgage banking entity with strong financials and a highly experienced senior management team.”


January 28, 2015 - IMFnews

Friday Release of Seller/Servicer Eligibility Guidelines from FHFA Delayed?

It’s unclear what exactly will be addressed in these new standards, though capital requirements for nonbank servicers is said to be a key part of it.


January 28, 2015 - IMFnews

VA-Backed Originations Rocking and Rolling; USAA, Quicken Tops

Demand for VA products is being sparked by declining interest rates and the fact that these government-backed loans do not require any downpayments.


January 28, 2015 - IMFnews

CFPB Tells Banks, Nonbanks to Maintain Confidentiality of Supervisory Info

In other words, the bureau is asserting the primacy of its regulatory authority over the legality of certain private contracts.


January 28, 2015 - IMFnews

FHFA Chief Defends Agency’s Work on the Common Securitization Platform

“The industry seems to be cut out of some of the development of the securitization platform,” said Rep. Scott Garrett, R-NJ...


January 28, 2015 - IMFnews

Residential Production Down Slightly at EverBank, Revenue Falls

Total revenue at EverBank fell to $222.6 million in 4Q compared to $234 million in 3Q.


January 27, 2015 - IMFnews

Short Takes: Rep. Hensarling Cites ‘Fables’ Told by the Left / Some Background on the Affordable Housing Trust Funds / Did the Government Violate the Law Regarding the GSE Conservatorships?

"Contrary to the fable told by the left, the root cause of the financial crisis was not deregulation but dumb regulation," said House Financial Services Committee chairman Jeb Hensarling, R-TX.


January 27, 2015 - IMFnews

FHFA Will Make G-Fee Announcement by the End of March

The FHFA is still evaluating input regarding g-fees and but Watt has no idea if they will be reduced, increased or kept at their current levels.


January 27, 2015 - IMFnews

Arch Launches Unit to Write MI Coverage on Portfolio Loans, Jumbos, Non-QM

The division, Arch Mortgage Guaranty Corp., has been rated A3 by Moody’s Investor Service, the highest rating an MI can receive.


January 27, 2015 - IMFnews

Impac Reveals Purchase Price on CashCall’s Mortgage Unit: $10 Million Plus…

In trading Tuesday, Impac’s common was selling for $9.15, which means the 500,000 shares could be worth $4.5 million.


January 27, 2015 - IMFnews

With Mortgage IPOs on Hold Sub Debt Issuance May Bloom

“Sub debt is a good way to grow your business without it being dilutive to your company,” said Bill Dallas, CEO and founder of Skyline Lending.


January 27, 2015 - IMFnews

Mortgage Complaints Drop Yet Again. What’s That All About?

Elsewhere, the latest figures from the CFPB show a big reduction in consumer belly-aching about loan modifications...


January 26, 2015 - Inside the CFPB

GOP, Industry Look to Clip CFPB Wings in New Congress, 2015

The reconstituted House Financial Services Committee recently adopted an oversight plan for the 114th Congress – and scrutiny of the CFPB remains part of the agenda of the Republican-controlled committee. “The committee will oversee the regulatory, supervisory, enforcement, and other activities of the CFPB, the effect of those activities on regulated entities and consumers, and the CFPB’s collaboration with other financial regulators,” said the plan document. “The committee will also examine the governance structure and funding mechanism of the CFPB.” When it comes to specific sectors of the financial services industry, the committee said it plans to closely review recent rulemakings by the CFPB and other agencies on a variety of mortgage-related issues. “The committee will monitor the coordination and implementation ...


January 26, 2015 - Inside the CFPB

Almost Half of Homebuyers Don’t Shop for Their Mortgages: CFPB

Nearly half of the people who buy a home do not shop for the mortgage they end up with, according to a new report from the CFPB. “When we say that almost half of consumers who take out a mortgage to buy a home fail to shop before applying for a mortgage, this means they seriously considered only a single lender or broker before making their decision,” CFPB Director Richard Cordray said. By contrast, most homebuyers put a lot of effort into weighing their differing housing needs. They generally consider the most basic questions about which house to buy, such as where they want to live, the proximity to good schools, and how many bedrooms or bathrooms they think they ...


January 26, 2015 - Inside the CFPB

Complaints About Mortgage Applications, Originations Plummet

Even though mortgage-related complaints to the CFPB fell 14.5 percent year over year and 16.1 percent percent quarter to quarter, gripes about the mortgage loan application and origination process dropped even further, a new analysis by Inside the CFPB shows. Consumer criticisms about their loan apps and the overall origination process fell 22.8 percent from 2013 to 2014. The fourth quarter drop-off was even better, down 28.0 percent from the third quarter. While those performances are positive on the surface, they may be indicative of larger trouble elsewhere: in the case of the U.S. mortgage market, the fall in complaints about loan apps and originations is most likely largely due to the continued slow-down ... [with exclusive chart]...


January 26, 2015 - Inside the CFPB

Bureau Position Upheld as SCOTUS Sides With Borrower on Rescission

When it comes to legal cases at the Supreme Court of the United States, score one for the CFPB. Earlier this month, in Jesinoski v. Countrywide, the SCOTUS essentially upheld the bureau’s position on borrower rescission of a mortgage under the Truth in Lending Act. Specifically, the high court unanimously ruled that TILA only requires written notice to a mortgage lender within three years in lieu of requiring a borrower to formally file a lawsuit within that time span. Under TILA, a borrower may rescind a mortgage within the first three days of consummation of the transaction or the delivery of the mandated disclosures required. However, if a lender fails to make the disclosures demanded under TILA, this right is ...


January 26, 2015 - Inside the CFPB

CFPB Enforcement Tool Hangs in Balance as SCOTUS Hears Case

The legal doctrine of disparate impact is a powerful arrow in the enforcement quiver the CFPB can bring to bear across a number of sectors in the broad financial services industry – and it may get a big boost if the Supreme Court of the United States says it is legal. Last week, the SCOTUS heard oral arguments in Texas Department of Housing and Community Affairs, Et Al., v. The Inclusive Communities Project Inc. (No. 13-1371). The crux of this case is whether disparate impact claims are cognizable under the Fair Housing Act of 1968, where a plaintiff alleges discrimination based on the disparate impact that a defendant’s “facially neutral” practice has on members of a demographic group of society, the ...


January 26, 2015 - Inside the CFPB

Bureau Tries to Calm PR Storm Over Online Interest-Rate Checker Tool

The CFPB stirred up a hornet’s nest of industry anger and opposition earlier this month when it released an unfinished version of an interest-rate checker, part of a suite of new online tools dubbed “Owning a Home” to help homebuyers better shop around for a mortgage. “One critical feature contained in Owning a Home is the Rate Checker, a tool currently in beta release that helps consumers understand what interest rates may be available to them,” said bureau Director Richard Cordray. “It incorporates information from lenders’ internal rate sheets, information they use to calculate what interest rate is available for a particular consumer. In other words, we are giving consumers direct access to the same type of information that the ...


January 26, 2015 - Inside the CFPB

Wells, JPMorgan Settle With CFPB Over Mortgage Kickback Claims

Wells Fargo and JPMorgan Chase settled with the CFPB and the Maryland Attorney General last week, resolving allegations of participating in an illegal marketing kickback scheme with Genuine Title, a title company that has since gone out of business. The government agencies alleged that Genuine Title gave the banks’ loan officers cash, marketing materials and consumer information in exchange for business referrals. The CFPB and the Maryland AG also took action against former Wells Fargo employee Todd Cohen and his wife, Elaine Oliphant Cohen, both of Baltimore, for their alleged involvement. The two government agencies are seeking $24 million in civil penalties from Wells Fargo and $600,000 in civil penalties from JPMorgan Chase. They also want $10.8 million from Wells ...


January 26, 2015 - IMFnews

Short Takes: Titan Says: Give Us Your Rejects / Ocwen Rising / UWM Rolls Out LOS Platform / DocMagic Keeps Software Developers Happy / Leon Loves Altisource?

Thanks to its settlement with California regulators, Ocwen's share price is on the rise. But for how long?


January 26, 2015 - IMFnews

FHA Warns of Processing Delays Due to Upsurge in Case Number Assignments

FHA told lenders that if a new case number is replacing an old one, the old case cancellation must have been completed before the system will allow for a new one.


January 26, 2015 - IMFnews

Ocwen Quietly Shopping $10B of MSRs, Money Could Be Used for Settlements

Sterne Agee estimates that such settlements could cost the nation’s fourth largest servicer $496 million.


January 26, 2015 - IMFnews

Ginnie Mae Ready to Launch Issuer Scorecard

Final testing and training for IOPP began this winter, with deployment expected “in early 2015,” Ginnie Mae said.


January 23, 2015 - IMFnews

Ocwen Settles With California DBO, Will Pay $2.5 Million; Stock Soars After Hours

As part of the settlement, the DBO will drop its effort to suspend Ocwen’s license in the state.


January 23, 2015 - Inside FHA Lending

Streamlined FHA Refinances Increase in 3Q14

Streamlined FHA refinance volume increased slightly in the third quarter of 2014 as incentives put in place in 2013 continued to attract FHA borrowers, according to an Inside FHA Lending analysis of agency information. Streamlined refi production rose 2.4 percent in the third quarter of last year, closing a nine-month period with $14.2 billion in new loans. A comparison of nine-month FHA-to-FHA refinance activity, however, shows volume falling a hefty 79.6 percent year over year. As of Sept. 30, 2014, streamlined refinances accounted for 14.3 percent of total FHA originations. The FHA announced a revised streamlined refi program in December 2013 to help FHA borrowers with underwater mortgages to refinance without added cost or penalty. The loan does not require an appraisal or verification of job, income or credit. A perfect, three-month payment history is required and ... [ 1 chart ]


January 23, 2015 - Inside FHA Lending

FHA Tweaks Rules for Doing Business with Agency

The FHA has proposed key changes to rules for 203(k) consultants, direct endorsement (DE) underwriters and nonprofit groups that do business with the agency. The changes are part of a draft section, “Doing Business with FHA – Other Participants,” which will be incorporated into the overall Single Family Policy handbook. The draft contains information regarding eligibility, approval and recertification requirements for 203(k) program consultants, direct endorsement (DE) underwriters and nonprofit groups. The FHA posted the draft versions of “Doing Business with FHA – Other Participants in FHA Transactions” and “Quality Control, Oversight and Compliance – Other Participants in FHA Transactions” on its SF Housing Policy Drafting Table for public review and comment. The draft consolidate various existing Department of Housing and Urban Development handbooks, mortgagee letters, housing notices and ...


January 23, 2015 - Inside FHA Lending

Low Rates, High Demand Power VA’s 3Q14 Surge

Production of loans with a VA guaranty was moderately strong in the third quarter of 2014, thanks to lower rates and increased demand for the no-downpayment loans, according to Inside FHA Lending’s analysis of the latest agency data. A 14.1 percent quarter-to-quarter surge helped the industry end last year’s first nine months with a total of $76.3 billion in VA loans, mostly purchase home mortgages taken out by a younger generation of war veterans. VA streamline refinancing also accounted for a substantial chunk of originations, 19.2 percent. Volume jumped from $19.5 billion in the first quarter of 2014 to $26.5 billion the following quarter. Lenders closed out the third quarter with $30.2 billion. Stanley Middleman, chief executive officer of Freedom Mortgage, said VA lending is on the upswing, driven by low interest rates. He thinks the VA home loan guaranty program has been ... [ 1 chart ]


January 23, 2015 - Inside FHA Lending

FHA Likely to Reclaim Share with Premium Cut

The half-percent annual premium reduction the FHA announced recently will likely enable the agency to reclaim the high loan-to-value segment of the mortgage market from Fannie Mae and Freddie Mac, according to analysts. Speaking with some originators that have been looking at the best way to securitize high LTV loans, Deustche Bank securities analysts said the lower FHA annual premium would put pressure on the government-sponsored enterprises to lower the cost of their guarantees. “The grapevine has anticipated for months that [g-fees] have little chance of going up and more chance of going down,” the analysts said. “But the specific risk triggered by the FHA move is that the cost of credit will now drop for high-LTV conventional borrowers.” Even before the FHA policy shift, private mortgage insurers have been pressuring the Federal Housing Finance Agency to ...


January 23, 2015 - Inside FHA Lending

Lenders Expect Modest Refinance Wave

FHA lenders are gearing up to meet an anticipated increase in demand for purchase and refinance loans with mortgage rates falling to near-historic lows coupled by a 50 basis point cut in FHA’s annual insurance premium. Lenders hope the combination of lower mortgage rates and the revised FHA pricing structure will create sufficient incentive for more borrowers to purchase a home or refinance an existing mortgage. For example, Freedom Mortgage, 32nd in Inside FHA Lending’s 2014 ranking of FHA lenders, is looking to hire as many as 500 new employees to handle the anticipated surge following the FHA action. Stanley Middleman, chief executive officer of Freedom Mortgage, expects a robust FHA refinance market during the first half of 2015, tapering off in the second half. “Lower rates, coupled with premium reduction, put a lot of FHA borrowers in a position to get their ...


January 23, 2015 - Inside Nonconforming Markets

News Briefs

Kroll Bond Rating Agency updated the default and loss model the firm uses for non-agency mortgage-backed securities last week. Among other changes, the rating service reduced its loss expectations for purchase mortgages, reduced assumed timelines for foreclosures and formalized the penalty for mortgages with debt-to-income ratios above 45.0 percent. Titan Capital Solutions announced this week that it will purchase mortgages ... [Includes five briefs]


January 23, 2015 - IMFnews

What We’re Hearing: Ocwen’s New Headache: BlueMountain / But Will it Work? / The Nationstar MSR Mystery / Yes, Loan Applications are Booming / Whatever Happened to Jon Daurio’s Capital Raise?

Just because a notice of default is signaled, that doesn’t mean the trustee has to yank the servicing away from Ocwen.


January 23, 2015 - Inside MBS & ABS

Despite the Loss of Three Top Executives, Cerberus-Controlled FirstKey Aims to Grow

FirstKey Mortgage, which has big plans in the non-agency space that include lending outside the qualified mortgage box and securitization, late this week saw the departure of three of its top executives, including CEO Bruce Witherell. According to industry officials familiar with the situation, FirstKey’s parent company, Cerberus, was beginning to take more of an active role in how the lender/issuer was being operated, a situation that didn’t sit well with some senior executives at the nonbank, including Witherell. Witherell and FirstKey executives Randy Sidhu and David Essex have accepted...


January 23, 2015 - IMFnews

Wells Fargo, JPM Will Settle Kickback Allegations with CFPB

The CFPB and the Maryland AG also took action against former Wells Fargo employee Todd Cohen and his wife, Elaine Oliphant Cohen, for their alleged involvement.


January 23, 2015 - IMFnews

Thanks to Technology, Loan Officers Rarely See the Borrower

One LO who works for a top-10 lender (a bank) said she actually sees her customers half the time...


January 23, 2015 - IMFnews

ABS Market is Back: 2014 Strongest Post-Crisis Year Yet for Issuance

ABS issuance was up 12.0 percent from the prior year, with solid gains in three of the market’s key sectors: auto finance, credit cards and business loans.


January 23, 2015 - IMFnews

CFPB Defends ‘Rate-Checker’ Product as Fallout Continues

MBA's Dave Stevens did not mince words, calling the CFPB product "the most misleading and inaccurate tool that will do anything but help prospective homebuyers.”


January 22, 2015 - IMFnews

Short Takes: JPM Sold Servicing to Nationstar? / IMA Will Still Sell Distressed Product / Ocwen Quietly Peddling Servicing? / Head of Retail at Guaranteed Rate Walks / $7MM to Get Deals Rated? / FHA Update

Thomas Gamache, national director of retail sales for Guaranteed Rate, has left the company and accepted a position with Citizens Financial Group...


January 22, 2015 - Inside Mortgage Finance

Mortgage Market at a Glance

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


January 22, 2015 - Inside Mortgage Finance

Top 100 Mortgage Lenders: 9M2014


January 22, 2015 - Inside Mortgage Finance

CFPB Makes Two Modest Changes to the TRID As Industry Hustles Toward August Compliance Deadline

The Consumer Financial Protection Bureau this week made final two tweaks to its integrated disclosure rule that were proposed back in October, both of which will give mortgage lenders a little more flexibility. Under the first change, lenders will have to provide a revised loan estimate within three business days after a consumer locks in a floating interest rate. Under the original rule, lenders would have had to provide the revised LE on the date the rate was locked. “After hearing feedback from stakeholders, the bureau determined...


January 22, 2015 - Inside Mortgage Finance

With Mortgage IPOs on Hold, Subordinated Debt Issues and Other Instruments May Bloom

Investment banking firms that arrange subordinated debt offerings for mortgage originators are expecting a strong year in 2015, thanks in part to the dismal outlook for initial public offerings. “Sub debt is a good way to grow your business without it being dilutive to your company,” said Bill Dallas, CEO and founder of Skyline Lending, a lender that recently completed a $20 million deal with Ellington Financial, a publicly traded mortgage real estate investment trust. “It allows...


January 22, 2015 - IMFnews

Supreme Court Justice Scalia May ‘Go Rogue’ in Disparate-Impact Case

Compass Point Research told clients that the case not only directly affects mortgage originators, but has implications for other lending sectors as well.


January 22, 2015 - IMFnews

Quicken Snatches Former CFPB Official Pete Carroll Away from Wells Fargo

Sources familiar with the situation said Carroll began spreading the word about his departure last week.


January 22, 2015 - IMFnews

Redwood Set to Issue Another Jumbo MBS with Non-QMs

First Republic Bank is the top contributor to Redwood's new jumbo deal with a 31.7 percent market share.


January 22, 2015 - IMFnews

First-Time Buyers Accounted for 43 Percent of Agency Purchases in 2014; Wells Dominant

Just over $224 billion of mortgages to first-time homebuyers were included in agency MBS issued in 2014, according to figures compiled by IMF.


January 21, 2015 - IMFnews

Short Takes: Leon Cooperman Feels the Altisource Pain / CFPB Mum on Fixing Lender-Paid Comp / Former S&P Chief Under Fire

Regarding Altisource, the phrase “catch a falling knife” comes to mind. Cooperman is the Chairman and CEO of Omega Advisors…


January 21, 2015 - IMFnews

Nonbanks See GSE Market Share Climb to 44.8 Percent; Freedom Stands Out

Still, the four super-sized U.S. banks – those with more than $1 trillion in assets – continue to rank in the top five GSE sellers.


January 21, 2015 - IMFnews

S&P Settles Charges Regarding Ratings for Commercial MBS, Non-Agency MBS

In settling, S&P did not admit or deny any of the allegations levied against the firm.


January 21, 2015 - IMFnews

Nonprime Lender Citadel Triples Production in 2014, May Do It Again

Roughly 5 percent of Citadel's production is retail with correspondent accounting for 7 percent. The balance entails table funding.


January 21, 2015 - IMFnews

Time for Young Blood in the Executive Suites of Mortgage Firms?

“I see a lull in aspiring new talent,” recruiter Rick Glass told Inside Mortgage Trends.


Poll

The FHA is cutting its annual premium by 50 basis points. How much of a difference will this cut make in your FHA business?

Not much at all—maybe 10 percent at best.
Modestly. We expect a 10 percent to 25 percent gain in applications.
This is a real game changer, 25 percent or better.
Hard to say. This cut may just steal business away from the new Fannie/Freddie 97 LTV effort.

vote to see results
Housing Pulse