Emerging eClosing technology may make borrowers a little smarter, according to the Consumer Financial Protection Bureau, but it isn’t easy for lenders to implement. A CFPB report on the agency’s eClosing project found that borrowers who participated in the pilot scored slightly higher in a quiz on the closing process than did those who relied on good-old paper. The eClosers were...

Nonbanks couldn’t keep pace with prominent banks in terms of mortgage earnings in the second quarter of 2015, according to a new analysis by Inside Mortgage Trends. A group of eight nonbanks had lower mortgage-related income in the second quarter of 2015 compared with the previous quarter, with large losses tied to servicing operations. PHH Mortgage was the main restraint on the group of nonbanks as the firm reported a $43.0 million loss from mortgage services in the second quarter of 2015 after $38.0 million in income the previous quarter. The loss for PHH included a $66.0 million loss in the servicing segment. The nonbank increased...[Includes one data table]

loanDepot, LLC, made a big splash in the market this week, becoming the first nonbank lender to begin making ‘A’ paper second liens since the housing bust. The Irvine, CA-based lender fully expects it may soon have competition, but believes by being the first in, it will have a leg up on whichever players enter the fold. However, a quick call to a handful of nonbanks turned up...

Mortgage bankers saw improved profitability in both servicing and loan production during the second quarter of 2015, according to a new Inside Mortgage Trends analysis of earnings reports from major lenders. A group of 13 publicly traded companies reported a combined $2.10 billion of production-related income during the second quarter. That was up 9.9 percent from the previous period, and raised their combined production earnings for the first half of the year to $4.01 billion, a 54.7 percent increase over the same period in 2014. Although all 13 reported positive earnings on their origination and sales activity, many noted...[Includes one data table]

The cover bids on some past Freddie NPL pools have been in the mid-70s to low 80s (on the dollar) as a percentage of the unpaid principal balance.

When a nonbank unveils a nonconforming product that can’t be securitized the first question we ask is this: where will the loans ultimately reside?

The trajectory of delinquencies for U.S. timeshare ABS is continuing its downward trend, and issuance is expected to be near or perhaps even exceed last year’s level, with solid prospects for continued stable growth throughout the rest of the year, according to a consensus of industry analysts. U.S. timeshare ABS delinquencies fell again in the second quarter of 2015 to their lowest level in eight years, the latest index results from Fitch Ratings show. Total delinquencies for the second quarter were 2.66 percent, down from 2.79 percent in the first quarter and 2.92 percent a year ago. The ratings service has seen...

MGIC recently pointed to lenders using piggyback structures to avoid PMI as a potential headwind to future earnings...

It was the group’s lowest MBS portfolio valuation since the fourth quarter of 2011.

HUD said it has been “working aggressively” with its web contractor, which it did not identify, to restore the system.