The CFPB excited many in the mortgage industry with some noteworthy proposed changes to its ability-to-repay rule, particularly a broad exemption for portfolio loans held by small lenders. But it’s not chiseled in stone yet – the bureau wants industry and other public comment on a host of issues associated with the revisions it contemplates. For instance, the bureau wants all of the changes in its proposal to take effect on Jan. 1, 2016. The date would be consistent with the end of the calendar year determinations that have to be made regarding the special provisions and exemptions that apply to small creditors under the CFPB’s regulations, and would therefore facilitate compliance by creditors. “The bureau seeks comment on whether the ...

Forty-six different lenders contributed to the MBS led by Quicken Loans with a 39.1 percent share...

Some factions of the industry have expressed a concern about the “liquidity language” in the FHFA proposal, but that’s not a concern for Pingora's Lau.

Another manager noted that, “It’s been very intense recruiting in the markets that have shown the most growth: Texas, California, Florida and the DC [Washington] area.”

However, Nationstar, as a master servicer, provides trustees with more than 200 data fields a month regarding loan performance, servicing and more.

But that reticence could be slipping. As the week opened, the yield on the benchmark 10-year Treasury was at 1.94 percent, the highest it has been in several weeks.

Some $2.67 billion of jumbo MBS contributions in 2014 were from unidentified lenders, accounting for 27.1 percent of total issuance.

Although there’s been plenty of talk about the securitization of nonprime loans that don’t fit the qualified mortgage criteria finally taking off this year, it’s not looking like a good bet. “We can’t do a security this year,” said Jeff Lemieux, vice president at Bayview Asset Management, which has been actively buying non-QM product geared toward the self-employed. Bayview is purchasing...

The FHA has updated the contents of a notice to delinquent borrowers regarding the availability of approved housing counseling and provided a new template for lenders to explain, in simple terms, the benefits of housing counseling. The latest guidance, Revised Notification to Homeowners of Availability of Housing Counseling Services (Mortgagee Letter 2015-04), also provides a description of counseling services to delinquent borrowers. The revised requirements supplement those outlined in previous mortgagee letters and certain provisions in the HUD handbook. Lenders must comply with the new requirements by April 4, 2015. FHA lenders must provide delinquent borrowers with a notice about the availability of housing counseling by an approved provider and the principal mortgage lender. However, there is no standard language for such notices Hence, the FHA has ...

Overall, 2014 was not a good year for FHA originations as tight underwriting and high loan costs narrowed the band of borrowers able to qualify for an FHA-insured residential loan, according to an Inside FHA Lending analysis of agency data. FHA total endorsements dropped to $35.2 billion, an 8.1 percent drop in the fourth quarter from the previous quarter, with fixed-rate and adjustable-rate mortgages declining by 7.9 percent and 12.7 percent, respectively. FHA purchase originations suffered a decline of 11.3 percent. There was one bright spot: FHA refinances rose a meager 2.2 percent while the percentage of conventional loans that refinanced into FHA saw a more substantial lift of 13.0 percent quarter to quarter. FHA baseline lending (below $417,000) saw volume drop 8.4 percent in the fourth quarter. FHA jumbo loan amounts up to the statutory high-cost loan limit and ... [ 2 charts ]