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 ]

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 ...

The nation’s largest nonbank servicer revealed that during 2014, state regulators commenced 46 examinations “of one or more of our areas of operation…”

Among the top 10 residential servicers, just three firms managed to grow their receivables from the third to fourth quarter: Quicken, Walter and U.S. Bank Home.

Most importantly, the ATR proposal would exclude from that limit loans held in portfolio.

In its 8-K filing with the SEC, Ocwen revealed that during 2014, state regulators commenced 46 examinations “of one or more of our areas of operation…”

Two Harbors is a member of the FHLB system via a captive insurance affiliate. The Federal Housing Finance Agency is contemplating snuffing out this avenue of membership...

At yearend, PMFS serviced $106.0 billion of mortgages, ranking 15th nationwide, according to a new market analysis from Inside Mortgage Finance.

Two Harbors, a REIT, has been aggregating, on average, $300 million of jumbo mortgages per month.

A long-awaited proposal from the Federal Housing Finance Agency that would codify minimum net worth and liquidity requirements for Fannie Mae and Freddie Mac seller/servicers received mostly good reviews from the industry, but there are concerns about some of the details. For the Mortgage Bankers Association, the chief worry centers around the agency’s liquidity requirements. Released late last week, the FHFA is asking...[Includes one data chart]