Mortgage Servicers

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

October 21, 2016 - Inside FHA/VA Lending

VA Spells Out Requirements for Obtaining Key Eligibility Doc

One of the key documents VA lenders require veteran borrowers to submit is the certificate of eligibility (COE). A VA loan application will not move forward without a COE, a requirement for any active-duty servicemember or veteran seeking to take advantage of the VA’s home-loan guaranty program. The COE verifies to the lender a loan applicant’s eligibility for a VA loan. The evidence a lender might require depends on the nature of the applicant’s eligibility. Veterans and current or former National Guardsmen or reservists who have been called to active duty must submit DD Form 214. The form would show the character of service and the reason for separation from the service. Active-duty servicemembers must submit a current statement of service signed by a superior, the unit commander or the adjutant, higher headquarters or the personnel office. The statement must contain the ...

October 21, 2016 - Inside FHA/VA Lending

SCRA ‘Bug’ Spit Out False Reports On Soldiers’ Active-Duty Status

A glitch in the federal government’s Servicemembers Civil Relief Act website that had been churning out false verifications of soldiers’ active-duty status has been fixed, the Defense Manpower Data Center of the Department of Defense has announced. The bug responsible for the false negative results was removed after rendering the website inoperable for several days. The DMDC is urging active servicemembers to re-run their SCRA certificate requests if they have reason to doubt any negative results returned by the website. The DMDC shut down the website temporarily on Oct. 4 making it impossible for mortgage lenders to verify their or their vendor-partners’ compliance with the SCRA. The statute provides certain protections from civil actions against servicemembers who are called to active duty. It restricts or limits actions against active-duty military personnel in areas such as mortgages, rental and lease agreements, credit-card interest rates, tax liability, lawsuits and other debt obligations. The SCRA certificate provides information only for the purpose of verifying an individual’s active-duty status for a given time period to ...

October 21, 2016 - Inside FHA/VA Lending

HUD-IG Bares Additional Penalties, Settlements, Actions Against Firms

The Department of Housing and Urban Development inspector general, over the last several weeks, has reported a series of final civil actions that resulted in an enforcement action or monetary settlement between an FHA lender and the federal government. On Oct. 6, the IG announced the results of an audit of TXL Mortgage Corp., a direct endorsement lender, in Houston. The audit found TXL in violation of HUD requirements and that it had no acceptable quality-control plan in place. Specifically, 16 of the 20 sample loans the IG reviewed did not comply with HUD standards. Of the 16 loans, eight had significant underwriting defects and failed to qualify for FHA mortgage insurance. Two loans qualified but were over-insured, according to the report. As a result, TXL exposed HUD to more than $713,000 in unnecessary insurance risk and caused the department to incur more than ...

October 21, 2016 - Inside FHA/VA Lending

New VA Lender Looks to Make an Impression in a Familiar Market

Norwich Commercial Group has launched a new division, Military Direct Mortgage, to focus exclusively on VA direct-to-consumer lending. Based in Avon, CT, just down the road from its parent company, Military Direct opened for business in August this year and the timing could not have been better. In September, issuance of securities backed by VA loans totaled $22.3 billion, up from $18.1 billion in August, according to Ginnie Mae data. VA loan originations saw a 17.4 percent increase in the third quarter from the previous quarter, and were up 22.3 percent over the nine-month period compared to last year. VA purchase-mortgage volume for September totaled $9.9 billion, up after a slight drop in August. Purchase-mortgage activity also improved by 26.1 percent in the third quarter, and by 16.5 percent year-over-year. VA refinance volume featured a huge 34.0 percent increase in ...

October 21, 2016 - Inside FHA/VA Lending

HUD Urges IG to Reconsider Cost of Delayed Conveyance, Foreclosure

The Department of Housing and Urban Development called on its inspector general to reassess estimated financial losses to the FHA insurance fund, which an IG audit attributed to lengthy delays of servicer foreclosures and property conveyances. A recent audit report by the HUD inspector general alleges that HUD paid approximately $2.23 billion in claims for an estimated 239,000 properties that missed foreclosure and conveyance deadlines. According to the IG report, HUD paid an estimated $141.9 million for servicers’ claims for “unreasonable and unnecessary” debenture interest on the distressed loans, as well as $2.09 billion in servicer claims for holding the properties past their foreclosure and conveyance deadlines. While it was necessary for servicers to pay for property-preservation costs, HUD should not have paid for holding costs, the ...

October 21, 2016 - Inside FHA/VA Lending

Nonbanks Took Over GNMA Servicing Market in 3Q16

Nonbanks crossed a threshold in the third quarter of 2016, posting a hefty 6.3 percent increase in their combined Ginnie Mae servicing portfolio, according to a new Inside FHA/VA Lending analysis. Nonbanks serviced $826.6 billion of Ginnie single-family mortgage-backed securities as of the end of September. That represented 51.3 percent of the total Ginnie market. The nonbank servicing total includes a small amount of Ginnie servicing held by state housing finance agencies, roughly 1.0 percent of the entire market. But it doesn’t include the significant amount of Ginnie servicing that nonbanks do as subservicers for both depository and nonbank clients. Interestingly, the biggest gain for nonbanks in percentage terms came in servicing VA loans, which rose 8.1 percent from the second quarter to $252.1 billion, or 51.0 percent of the market. The VA sector is one business from ... [4 charts ]

October 20, 2016 - Inside Mortgage Finance

Hispanic Households Growing but Homeownership Rate Still Lags, Could Impact Mortgage Market

With Hispanics predicted to make up more than half of all new households formed between 2020 and 2030, their relatively low homeownership rate should be a growing concern in the mortgage market, according to the Urban Institute. In 2013, just 45 percent of Hispanic households owned their homes compared with 71 percent of whites, said UI researchers Jim Parrott and Yamillet Payano. “If one were to hold those rates constant as Hispanics become an increasing percentage of the pool of homebuyers, the homeownership rate would drop precipitously, causing considerable economic upheaval,” they said. Credit score is...

October 20, 2016 - Inside Mortgage Finance

HUD’s Internal Watchdog Calls for Changes After an Audit Found $2.23 Billion in Paid Claims for Untimely Conveyances

The Department of Housing and Urban Development’s inspector general urged the agency to revise regulations to avoid the possibility of another multi-billion dollar hit to the FHA insurance fund due to servicers missing their foreclosure or conveyance deadlines. According to a recent IG audit report, HUD paid approximately $2.23 billion in claims for an estimated 239,000 properties that missed foreclosure and conveyance deadlines. In particular, HUD paid an estimated $141.9 million for servicers’ claims for “unreasonable and unnecessary” debenture interest as well as $2.09 billion in servicer claims for holding costs incurred after the deadlines for foreclosure or conveyance had lapsed, the report said. Because of these exorbitant claims payments, the FHA’s Mutual Mortgage Insurance Fund became...

October 20, 2016 - Inside Mortgage Finance

Mortgage M&A Market Mostly Subdued; Flagstar in the Hunt for Retail Franchises

According to investment bankers, there continues to be plenty of talk about mergers and acquisitions in the mortgage industry, but deals just aren’t getting done for the simple reason that the primary targets – midsized nonbanks – are posting strong profits and want top dollar for their franchises. “We’re still having conversations with potential buyers,” said Chuck Klein, managing partner with Mortgage Banking Solutions, Austin, TX. “But there continues to be a wide gap between the bid and the asking price.” Klein also noted...

October 20, 2016 - Inside Mortgage Finance

Nonbanks Keep Expanding in Agency MSR Market, Accounted for Over Half of Ginnie Sector in 3Q16

Nonbank mortgage servicers expanded their footprint in agency mortgage servicing rights during the third quarter of 2016, according to a new Inside Mortgage Finance analysis. Overall, there were $6.062 trillion of single-family mortgages outstanding tied to Fannie Mae, Freddie Mac and Ginnie Mae mortgage-backed securities at the end of September. (The table below excludes two significant categories: loans subserviced on behalf of the agencies and some seasoned loans for which no servicer is disclosed. This mostly affects the Fannie data.) The September figure was...[Includes three data tables]

October 20, 2016 - IMFnews

Short Takes: Planning Season for 2017 Has Begun / Applications Inch Up / The Ginnie Mae Acknowledgment Agreement Version 2.0? / GSEs Score a Victory in Chicago

If rates rise enough, will refis fall by 50 percent?

October 20, 2016 - IMFnews

MorVest Working on Large Ginnie Mae MSR Sale

Back in August, Incenter Mortgage Advisors auctioned off one of the largest bulk packages of Ginnie Mae servicing rights in quite some time: An $8.87 billion pool of receivables…

October 19, 2016 - IMFnews

Short Takes: New Residential Remains Hungry for MSR Assets / $500 Billion in the Works / Silver Hill Rolls Out New Loan / Title Merger / EverBank Executive to Depart

New Residential continues to be hungry for mortgage servicing rights...

October 19, 2016 - IMFnews

Residential Production Up 10 Percent at U.S. Bank, Mortgage Revenue Rises 32 Percent

At Sept. 30, U.S. Bank held $56.2 billion of first and second liens in portfolio, a 7.7 percent improvement from the same period a year earlier.

October 18, 2016 - IMFnews

Megabanks, for the Most Part, Mark Up Asset Value of MSR Portfolios, Which Means…

Analysts will be keeping a close eye on servicing marks from Nationstar Mortgage, PHH Corp., Stonegate Mortgage and Walter Investment Management Corp., the parent of Ditech…

October 18, 2016 - IMFnews

More Executive Moves at Walter as New CEO Renzi Shakes Things Up; OCC Risk Director Joins the Nonbank

Renzi joined Walter this past fall with a pay package that could top $5 million in his first year at the helm. He previously held senior positions at Citigroup and Freddie Mac.

October 17, 2016 - Inside the CFPB

Industry Opposed to Proposal to Add Survey to Complaint Database

Back in August, the CFPB proposed to dump the current “dispute” function in the consumer complaint closing process and replace it with a short survey – an idea that went over like a lead balloon with the mortgage industry. Through the proposed survey, a customer would have the opportunity to state, using a one- to five-point scale, whether he agreed or disagreed with the following three statements regarding the company’s response to, and handling of, his complaint. They are: “The company addressed all of my issues,” “I understood the company’s response,” and “The company did what it said it would do.” The customer would also be given the opportunity to provide a narrative description to explain the rating. The Consumer Bankers ...

October 17, 2016 - IMFnews

Short Takes: Schneider is Out at Walter, Ditech / A Flattening of the Management Structure / Just a 10 Percent Increase in Originations? / Countrywide Once Wanted to be the Third GSE?

Three GSEs: Fannie Mae, Freddie Mac and Countrywide?

October 17, 2016 - IMFnews

Phoenix Selling ‘Flow’ Servicing that Could Top $2.1 Billion Per Year

Based on the seller’s past performance, California, Texas and Florida will account for 30 percent of the receivables. Bids are due Oct. 18.

October 17, 2016 - IMFnews

Does Default Servicing Have Much of a Future?

Some good news for default servicing: For all the loans that are out there, there will always be excessive debt, illness, divorce, unemployment, or some other disruptive factor, noted one expert.

October 17, 2016 - IMFnews

Could the Judge’s Ruling in the PHH-CFPB Case Ultimately Affect the FHFA?

The court’s reasoning in the case casts doubt on the validity of the FHFA’s structure, according to a report from Compass Point Research & Trading.

October 17, 2016 - IMFnews

BofA Posts Slight Decline in Home Lending in 3Q; Lags Peers

Bank of America’s mortgage division posted $297 million in residential income for 3Q compared to $267 million in 2Q and $290 million in the third quarter of last year.

October 17, 2016 - IMFnews

Will the Upcoming MMIF Audit Show a Flush FHA Insurance Fund?

The MMIF had $30.86 billion in capital resources at the end of fiscal 2015. HUD does not provide updated figures on the fund’s capital resources through the year…

October 14, 2016 - Inside Mortgage Trends

A Good News/Bad News October for PHH

PHH Corp. this week scored a key legal victory in its battle with the Consumer Financial Protection Bureau over captive reinsurance and the Real Estate Settlement Procedures Act. But despite this good news, there are still clouds over the nonbank. The “worst” of the recent spate of bad news for the company surrounds the early October disclosure that Merrill Lynch is breaking all ties to PHH when it comes to private-label originations and servicing. The effective date for the end of the contract is...

October 14, 2016 - Inside The GSEs

Could Judge's Ruling on CFPB Structure Ultimately Affect FHFA?

The ruling handed down this week that concluded the structure of the Consumer Financial Protection Bureau is unconstitutional has led to industry chatter that the Federal Housing Finance Agency, which is similarly structured, could be more closely examined. In PHH Corp. v. Consumer Financial Protection Bureau, a DC Circuit Court judge found that the bureau’s single-director structure was unconstitutional and dismissed a $109 million penalty against PHH for violations of the Real Estate Settlement Procedures Act. Robert Maddox, financial services litigation attorney with Bradley Arant Boult Cummings LLP, told Inside The GSEs, “While the court did not address the constitutionality of FHFA, the framework of FHFA may possibly lend itself to the same constitutional scrutiny as the CFPB.”

October 14, 2016 - Inside Mortgage Trends

What Happens to Default Servicing, Post-Recovery?

Given that the mortgage servicing industry seems far removed from where it was when the housing crisis peaked, what will become of default servicing in the years to come? For one thing, a certain amount of delinquency will always exist in the housing market, according to a new white paper from the Five Star Institute, which drew together research, insight and commentary from a host of industry resources and experts. “For all the loans that are out there, there will always be...

October 14, 2016 - IMFnews

Mortgage Complaints to the CFPB Fell Again During the Third Quarter

Further empirical confirmation of a recovering mortgage market continued to accumulate at the CFPB during the third quarter, as related consumer complaints dropped 19.8 percent ...

October 13, 2016 - Inside Mortgage Finance

Industry Groups Express Opposition to CFPB Proposal to Add Survey to Complaint Database

Trade groups representing the mortgage industry wrote to the Consumer Financial Protection Bureau late last month to express their opposition to the agency’s proposal to incorporate a short survey into its consumer complaint closing process, which would replace the current “dispute” function. Under the CFPB’s proposal, which was published in the Aug. 1, 2016, Federal Register as a notice and request for comment rather than a formal proposed rule, consumers would have the option to provide feedback on a company’s response to and handling of their complaints via all channels including online, phone, fax and mail. Consumers would be able...

October 13, 2016 - IMFnews

Industry Groups Oppose CFPB Proposal to Add Survey to Consumer Complaint Database

Under the proposal, consumers can rate a company’s response on a scale from one to five…

October 12, 2016 - IMFnews

Short Takes: An Investigation Into LPMI Pricing? / Wells Mortgage Chief Advances / Analyst Lukewarm on Flagstar / Navy Fed Sanctioned by CFPB on Collection Practices

Wells Fargo’s mortgage chief Franklin Codel is getting some new duties...

October 12, 2016 - IMFnews

In Wake of Favorable Court Ruling, PHH Share Price Tepid

Is Caliber Home Loans still looking at some of PHH’s mortgage assets?

October 12, 2016 - IMFnews

CFPB Disagrees with Court Decision on its Structure; Agency Weighs its Legal Options

The attorney who argued the case for PHH is Theodore Olson, former Solicitor General of the United States.

October 11, 2016 - IMFnews

Short Takes: Investors Shrug at PHH Court Victory? / Life Will Go on at the CFPB… / Compass Point Says ‘Sell’ JPM / FBR Drops Coverage on USB, Three Others / New Hire for Starkey Mortgage

No huge gains for PHH's share price...

October 11, 2016 - IMFnews

IG Audit: Ginnie Mae Left Hundreds of Uninsured Loans in MBS Pools

Ginnie Mae requires that all loans in its MBS pools have federal insurance or a federal guarantee.

October 10, 2016 - IMFnews

Short Takes: Wells Fargo, Still the Number One Ginnie Issuer … for Now / Who Will Replace Ibrahim at Radian? / Clayton in the News / The GSE Net Worth Sweep: What did President Obama Know?

Who will succeed S.A. Ibrahim at Radian? We've heard two names...

October 10, 2016 - IMFnews

Bank Selling ‘Flow’ Servicing That Could Reach $600 Million a Year

Based on past production trends of the seller, 52 percent of the loans originated will come through the correspondent channel.

October 10, 2016 - IMFnews

BLS: Mortgage Brokerage Jobs Up, Mortgage Banking Jobs Down

The hiring picture looks bright for now – at least for mortgage brokerage firms…

October 10, 2016 - IMFnews

Left on the Table by ‘Big Blue’: Promontory MortgagePath and Promontory Interfinancial

One mortgage insurance official who used Promontory Financial Group in the past described the firm’s work as “excellent,” but noted: “They don’t come cheap.”

October 7, 2016 - Inside FHA/VA Lending

Around the Industry

Ginnie Mae FY 2016 Highlights. “So far, we’ve pretty much broken every record,” said a Ginnie Mae spokesperson. Total mortgage-backed securities issuance for FY 2016 was $490.3 billion, “an all-time high by a pretty wide margin,” according to the spokesperson. September MBS issuance was also at an all-time high: $54.8 billion. Ginnie Mae commitment authority for the fiscal year was $430.2 billion. Approximately 2.3 million mortgage loans worth $462 billion underlay Ginnie’s single-family MBS pools in FY 2016. Of this total, $278 billion (1.4 million loans) were purchase mortgages, and $184 billion (0.9 million loans) were refinances or modified loans. Of the purchase dollar volume, first-time homebuyers accounted for $200 billion (1.1 million loans). Of the $462 billion single-family MBS pools, FHA accounted for 57.1 percent ($264 billion), VA, 38.8 percent ($179 billion), and rural housing loans, 3.9 percent ($18 billion). New California Law Protects Spouses of HECM Borrowers from ‘Widow Foreclosure.’ On Sept. 29, 2016, California Gov. Jerry Brown, D, signed Senate Bill 1150 into law to protect widows, widowers and other heirs of mortgage borrowers from unnecessary foreclosures.

October 7, 2016 - Inside FHA/VA Lending

VA Adopts Final Rule Increasing Agency Fines for Loan Fraud

The Department of Veterans Affairs adopted without change its interim final rule increasing the maximum amount of civil fines it can assess on lenders and other offenders for violations of agency loan-guaranty rules and regulations. Under the interim final rule VA issued for comment back in June, maximum civil monetary penalties would increase from $10,000 to $21,563 for false loan-guaranty certifications. Civil fines for fraudulent claims or statements in any VA program would increase from $5,500 to $10,781. The VA published the interim final rule on June 22, 2016, to implement the Federal Civil Penalties Inflation Adjustment Act Improvements Act of 2015 and to improve the effectiveness of civil fines and maintain their deterrent effect. The new penalty amounts became ...

October 7, 2016 - Inside FHA/VA Lending

VA Supports Adoption of Energy-Saving Standards for VA Properties

The Department of Veterans Affairs is urging VA lenders, borrowers and other participants in its loan guaranty program to adopt recommended standards, equipment and activities to reduce water and energy usage and to ease the impact of natural disasters. The VA has recommended wind-hazard standards, resilient building and retrofitting standards, a water- and energy-saving program, and property-and-energy conservation strategies to help VA borrowers protect their homes against storms, flooding, earthquakes and other calamities. VA made clear it allows, but does not require, any of the recommended standards, strategies or equipment. The programs are strictly voluntary, it said. The agency noted the increasing incidence of extreme weather events, earthquakes and flooding, which makes planning and building in the most resilient and economically feasible ways all the ...

October 7, 2016 - Inside FHA/VA Lending

HUD Urged to Maintain Current FHA HECM Assignment Option

Industry groups are urging the Department of Housing and Urban Development to reconsider a supplemental proposal to require mortgagees to assign a Home Equity Conversion Mortgage loan to the FHA once the loan balance reaches 98 percent of the maximum claim amount (MCA). The Mortgage Bankers Association and the National Reverse Mortgage Lenders Association said there are more disadvantages than benefits to the proposal. The supplemental proposal is an offshoot from a previous HUD proposed rule to codify significant changes made to the HECM program by the Housing and Economic Recovery Act of 2008, the Reverse Mortgage Stabilization Act of 2013 and all other revisions in between. Both groups recommended that HUD maintain its current assignment election options rather than adopt the proposed rule. Currently, mortgagees have an option, before the ...

October 7, 2016 - Inside FHA/VA Lending

IG Audit Finds GNMA Left Hundreds Of Uninsured Loans in MBS Pools

Requiring an undercapitalized issuer to repurchase uninsured performing mortgages out of a mortgage-backed securities pool could increase risk to the federal government, warned Ginnie Mae. Responding to an adverse audit report from the Department of Housing and Urban Development’s Office of the Inspector General, Ginnie said that while it generally accepts the IG’s recommendations, forcing an undercapitalized issuer to buy out performing loans and either hold them in portfolio or sell them at a substantial loss would put the government at greater risk. “This is something we need to be alert to in certain cases,” the agency said. According to the report, Ginnie improperly allowed more than $49 million of single-family mortgages with terminated insurance to remain in its MBS pools for more than one year without obtaining FHA coverage. The IG warned Ginnie could be on the ...

October 7, 2016 - Inside FHA/VA Lending

Ginnie Mae Crushed Single Family MBS Issuance Records in 3Q16

Ginnie Mae rode a surging purchase-mortgage market and heavy refinance activity to new production records during the third quarter of 2016. The agency issued a whopping $145.14 billion of single-family mortgage-backed securities during the third quarter, according to an Inside FHA/VA Lending analysis of MBS disclosures. That figure is based on pool-level disclosures that reveal exact principal balance amounts and it includes securities backed by FHA home-equity conversion mortgages. The data in the table below are based on truncated loan-level disclosures and do not include HECM activity. New Ginnie MBS issuance in the third quarter was up 15.7 percent from the previous quarter. Ginnie MBS production set three consecutive monthly records during the third quarter, culminating in a huge $52.46 billion month in September. Purchase-mortgage activity was the key driver, but the ... [ 4 charts ]

October 7, 2016 - Inside Nonconforming Markets

Non-QMs Subject to Greater Regulatory Risk

Regulatory actions and lawsuits involving non-qualified mortgages have been essentially non-existent since the Consumer Financial Protection Bureau’s ability-to-repay rule took effect at the start of 2014. R. Andrew Arculin, counsel at the Venable law firm, noted that the broader economy has helped keep borrowers performing, limiting foreclosures to this point. “One of the lurking variables that I think people are concerned about is what happens if the market crashes and ...

October 7, 2016 - Inside Nonconforming Markets

Servicing Nonprime Non-QMs Takes Extra Effort

While delinquencies on nonprime, non-qualified mortgages originated in recent years have been low, lenders note that servicing these loans requires unique efforts. How borrowers are welcomed by the servicer is seen as particularly important. Daniel Perl, CEO of Citadel Servicing, said Citadel’s borrowers receive three or four phone calls from the servicer within the first 20 days of origination. “We want people to understand that we’re here to help,” Perl said during a recent webinar ...

October 7, 2016 - IMFnews

What We’re Hearing: The Best Place for an LO? Answer: At a Nonbank / How Wells Fargo Grades its LOs / Remember FM Watch? / Jump? How High? / Pingora Continues to Buy MSRs / The Revolving Door at Clayton / Wornow and Hughes Land

Want to make more money? Go work for a nonbank. Want better job security? Work for a depository...

October 7, 2016 - Inside MBS & ABS

New Residential Issues ABS Backed by Excess Spread from Mortgage Servicing Rights on Non-Agency Mortgages

Affiliates of New Residential Investment this week issued a $345.0 million ABS backed by excess spread from mortgage servicing rights on non-agency mortgages. The deal appears to be the first of its kind to receive a credit rating. Morningstar Credit Ratings assigned a BBB rating to NRZ Excess Spread-Collateralized Notes 2016-PLS2. With MSRs, excess spread consists...

October 7, 2016 - Inside MBS & ABS

MBS Investing REIT Annaly Continues Review of Pingora Loan Servicing; Observers Say the MSR Unit Is a Keeper

Annaly Capital Management, the nation’s largest real estate investment trust specializing in the residential MBS market, continues to take a close look at one of its more recent acquisitions, Pingora Loan Servicing, with no word yet on its plans for the unit. Annaly took control of Pingora this past summer when it officially closed on the purchase of Hatteras Financial, the parent of the servicer. Before the purchase, Annaly had...

October 6, 2016 - IMFnews

Short Takes: PHH and Caliber, Again? / Will Analysts Grill Wells Fargo? / Walter Exec Sells Shares / RBS Agrees to Settle MBS Case with Connecticut / New Hires for Compass Point

Is Caliber once again dancing with PHH?


After the November elections, how long will it take for a new Congress and White House to pass GSE reform legislation?

I’m confident a bill will be passed the first year.


2 to 3 years. GSE reform is complicated.


Sadly it won’t happen in a Clinton or Trump first term.


Not in my lifetime.


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