While most borrowers felt positive about the new forms, 63 percent said their experience with TRID prevented them from closing on their new homes within the desired timeframe.

The Mortgage Bankers hailed the bill for supporting a number of MBA priorities and for rejecting an administration proposal to fund FHA technology upgrades through a fee on lenders.

“Investors are taking the conservative approach,” said the Morrison & Foerster attorney. “No one wants to be the test case. They’re all worried about what a court might say.”

Roughly $41.42 billion of non-mortgage ABS were issued in the first quarter, up 35.8 percent from the unusually low volume at the end of 2015.

Altavera chief Brian Simons said staffing requests suggest the industry is preparing for an increase in non-QM business.

Then again, I’ve talked to recruiters who believe that good LOs are worth every nickel as long as they bring in the business.

Bank of America and JPMorgan Chase are using somewhat different strategies for conforming mortgages eligible for sale to the government-sponsored enterprises. Both banks are originating significant amounts of conforming mortgages and retaining some of the loans in portfolio instead of delivering them to the GSEs. BofA said its mortgage-banking income has declined due to holding mortgages in portfolio while Chase sold some of the credit risk on its conforming mortgage ...

The company that claims to be the largest originator of mortgages via marketplace lending continues to work on offering nonconforming mortgage products, including non-qualified mortgages. LendingHome announced last week that it has originated more than $550 million in mortgages since 2014 via marketplace lending. Marketplace lenders connect borrowers with institutional investors and individual investors. LendingHome said its mortgage originations ...

FHA’s Streamline Refinance program went through an erratic pace in 2015 as business exploded in the second quarter and declined over the second half of the year. FHA lenders closed 2015 with $67.5 billion in total streamline refis, a 252.4 percent improvement over volume in 2014. Production fell 30.0 percent in the fourth quarter from the prior quarter. The second-quarter spike – which caused streamline refi volume to jump from $12.1 billion in the first quarter to $25.0 billion in the second quarter – was fueled apparently by FHA’s reduction of the annual mortgage insurance premium. In January 2015, the FHA cut its MIPs on 30-year loans, making it less expensive to carry an FHA home. Under the revised MIP schedule, a 30-year FHA streamline refi with a loan-to-value ratio over 95 percent is charged an annual MIP of 0.85 percent. For a 30-year loan under 95 percent LTV, the annual MIP is ... [ 1 chart ]

Ginnie Mae is pulling the plug on its long-running Targeted Lending Initiative because it is no longer having an impact on overall lending in underserved urban and rural areas. TLI volume has seen more decline than uptick in recent years despite its offer of a Ginnie Mae guaranty fee reduction to encourage lenders to make more loans in underserved communities, according to an agency spokesperson. Reducing the Ginnie Mae guaranty fee lowers lenders’ expenses and, ideally, provides an incentive to increase lending. In 2005, Ginnie Mae extended the TLI to areas hardest hit by Hurricane Katrina, reducing the guaranty fee by as much as 50 percent to spur issuers to originate or purchase mortgage loans in areas where the hurricane inflicted the most damage. At one point, the program had more than 10,000 census tracts that were identified as targeted areas. Other TLI areas included those ...