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Radian DTA Recapture of $815MM Boosts 4Q Earnings; MI Written Drops

February 12, 2015
Paul Muolo
Radian disclosed that its mortgage insurance division wrote $10.0 billion of new policies during 4Q, an 11 percent sequential decline.
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Two Modestly Bright Spots in Slowing 4Q14 Mortgage Origination Market: Jumbo and Home-Equity Lending

February 12, 2015
The two best things about the mortgage origination market in the fourth quarter were that it meant 2014 wasn’t as bad as once feared, and that refinance demand had picked up. But a new Inside Mortgage Finance analysis and ranking reveals two other positive trends: the jumbo and home-equity markets continued to gain strength in the final three months of 2014. Lenders originated an estimated $67 billion of jumbo mortgages during the fourth quarter, up 3.1 percent from the previous period. Home-equity production bounced 5.0 percent higher, to an estimated $21 billion. Neither gain was...[Includes two data charts]
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New HUD Secretary Comes Off as Ill-Prepared for Encounter with House Panel

February 11, 2015
George Brooks
What did the FHA earn last year? The new HUD secretary didn't know.
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Home-Equity Lending Has its Best Year Since 2009

February 11, 2015
John Bancroft
The jumbo market ended 2014 with $235 billion in originations, a 14 percent decline from the prior year.
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Securitization of Nonprime and Non-QM Loans Looking Doubtful for 2015

February 11, 2015
Paul Muolo
Bayview is purchasing from a network of correspondent sellers roughly $10 million per month in loans that don’t meet the QM test defined by the CFPB.
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Short Takes: HUD’s Castro Presents the Math / How Much?/ The Market for FHA Streamline Refis / Citadel Rolls Out ‘Alt A’ Product Named After a Dog / Arvest Mortgages Gets a New CEO

February 11, 2015
Paul Muolo
Citadel Servicing Corp., which has made a name for itself as a new-style subprime lender, has rolled out an Alt A mortgage called “Maggi.”
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Jumbo MBS Investor Base Shrinking; Issuance Likely to be Flat This Year

February 11, 2015
Brandon Ivey
The ABS Vegas show attracted more than 6,000 attendees, but few investors appear ready to buy new jumbo MBS.
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Cherry Hill Mortgage REIT Buys Mortgage Company; Will Leverage MSRs

February 11, 2015
Paul Muolo
Stan Middleman, chairman of CHMI, told IMFnews that having agency approvals will allow the REIT to leverage servicing rights...
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Accounting Treatment for Past Due Loans in Ginnie Pools Clarified

February 11, 2015
George Brooks
According to the MBA, a Big Four accounting firm issued controversial guidance which would have been burdensome for small MBS issuers.
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CFPB Fines VA Lender NewDay $2 Million for Deceptive Ads, Kickbacks

February 11, 2015
Thomas Ressler
NewDay's chairman emeritus is former Ginnie Mae president Joe Murin.
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