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Home-Equity Lending Tapered Off in Early 2015, But New HELOC Commitments Tick Higher

June 11, 2015
Americans were too busy refinancing and shoveling snow to get new home-equity loans during the first quarter of 2015, a new Inside Mortgage Finance analysis reveals. Mortgage lenders did an estimated $19.5 billion of home-equity lending during the first three months of 2015, based on new commitments for home-equity lines of credit – by far the most active part of the HEL market – plus originations of closed-end seconds. That was down 7.1 percent from the fourth quarter of last year. Despite the slowdown in the first quarter, home-equity production was...[Includes three data tables]
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Senators Seek Clearer Credit Risk- Sharing Plan for Fannie and Freddie

June 11, 2015
Carisa Chappell
The six, including Sen. Mark Warner, D-VA, and Mike Crapo, R-ID, are seeking additional information on such things as the role mortgage insurers play in credit risk...
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Short Takes: The 10-Year is Yielding What? / Net Branches Seeking Better Opportunities? / Mortgage Armageddon Will Arrive Any Moment / One Nonbank’s MSR Offerings / Bill Addresses an Old Issue: Eminent Domain

June 11, 2015
Paul Muolo and Carisa Chappell
One problem with the (latest) refi boom ending is that some loan officers working at net branches start getting nervous and begin seeking better product menus elsewhere...
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Fitch Confirms that Use of Transaction Manager in Jumbo MBS Could Prompt Lower Credit-Enhancement Requirements

June 11, 2015
Brandon Ivey
Fitch noted that a transaction manager’s compensation agreement will be important in determining any benefit...
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Bayview Executive in Charge of Non-QM Purchases Departs, Says Volumes are Anemic

June 11, 2015
Paul Muolo
When asked why he thought non-QM lending has been so weak he said, “The consumer is resistant to the pricing.”
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Industry Rep on PHH Case: The CFPB is Trying to ‘Rewrite RESPA Retroactively’

June 11, 2015
Thomas Ressler
CFPB Director Richard Cordray overrode a $6.4 million penalty set by an ALJ in the matter and ordered PHH to pay $109.2 million...
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Home-Equity Lending Slowed in 1Q15, but Compared to a Year Ago: Wow

June 11, 2015
John Bancroft
Banks, thrifts and credit unions reported a slight uptick in the amount of unused HELOC commitments compared to the end of last year.
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Angel Oak Offering $100 Million of Nonprime Whole Loans? Securitization on Hold?

June 10, 2015
Paul Muolo
One source said Nomura also was providing warehouse credit to Angel Oak.
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Short Takes: Fidelity Information Systems Wins the Ocwen Contract / Ocwen Pays Down More Debt / No 'Conflict Minerals' for Fidelity / The Feds and Diversity / The Federal Insurance Office?

June 10, 2015
Paul Muolo and Thomas Ressler
According to the consent order in the case, Ocwen had a history of ignoring the agency’s document requests...
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Nationstar Executives Jerry McCoy and Caitlyn DeYoung Departing; Others?

June 10, 2015
Paul Muolo
McCoy works in Nationstar’s servicing department, DeYoung in administration.
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