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Short Takes: Lenders Begin to Loosen Credit Standards? / Ellie Mae Snafu Called ‘Bizarre’ / MBA, Others Want GSE Reform Now / Applications Slump Again / Sorry, No One’s Making Mortgages

April 23, 2014
Brandon Ivey, Paul Muolo, and Charles Wisniowski
As for details, a spokesman for the company said Ellie isn’t talking about the topic at this time. In an email exchange with IMFnews, mortgage technology consultant Tony Garritano of Progress in Lending called the whole episode “very bizarre”…
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Ocwen Investors Getting Concerned About Latest Lawsky Probe?

April 22, 2014
Brandon Ivey
Some stakeholders said they called the firm’s investor relations department about the latest probe and were told the firm would be saying more about the matter when it reports first quarter earnings.
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RMBS Prepays Approaching Post-Crisis Low

April 22, 2014
Thomas Ressler
The conditional prepayment rate for prime jumbo, Alt-A and subprime loans dropped to 14.7 percent, 10.3 percent and 8.8 percent, respectively, in the first quarter of 2014, according to the ratings service.
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First Quarter Mortgage Complaints to CFPB Take a Huge Drop

April 22, 2014
Thomas Ressler
The strong improvement from last year was driven largely by a 46.8 percent plunge in grievances about loan modifications.
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Servicing Deal Makers Say MSR Market is Not Frozen

April 22, 2014
Paul Muolo
However, a new research report from Sterne Agee notes: “We see the DFS as the primary log jam on the servicing transfer front.”
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MGIC Posts Strong Earnings, Stock Jumps 7 Percent

April 22, 2014
Paul Muolo
According to figures compiled by Inside Mortgage Finance, MGIC ranks second nationwide in terms of MI policies-in-force. Only Radian ranks higher.
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Short Takes: Ethos To Fund Loans in Colorado / Lawsky Wonders Aloud On Why Ocwen Does Not Love NY Realtors / Jumbo MBS Bust This Year? / Garrett Warns on CFPB / FHFA To Collect More Borrower Info

April 22, 2014
Brandon Ivey, Paul Muolo, Thomas Ressler, and Charles Wisniowski
The FHFA shortly will begin to collect additional, more specific and personal information on borrowers and loans as part of the National Mortgage Database project the agency launched with the Consumer Financial Protection Bureau.
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Big Banks Report Huge Decline in Mortgage Banking Income in 1Q14

April 21, 2014
Brandon Ivey
Mortgage-banking income at nine major banks declined by 27.7 percent in the first quarter of 2014 compared with the previous quarter, according to an analysis by Inside Mortgage Trends.
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Mixed Trends in Mortgage Performance as Delinquencies Increase on Older Loans

April 21, 2014
Brandon Ivey
The total past-due rate on mortgages has declined in almost every quarter since the second quarter of 2011, helped by increasing home prices. However, not all vintages are performing in-step, as delinquencies are starting to increase on loans originated in 2004 and before.
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Growing Opposition to Senate GSE Reform Could Stall Bill Markup

April 21, 2014
Charles Wisniowski
While Congress is halfway through its two-week Easter/Passover recess, political pressure continues to build against the Senate’s bipartisan housing finance reform legislation, leading to growing doubt whether the scheduled markup of the bill will occur as scheduled later this month.
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