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Little Evidence of TRID Damage So Far at Big Banks, As Volumes Already Seem to be Bouncing Back

January 21, 2016
Earnings season has begun, and among the biggest financial institutions and mortgage lenders that have reported thus far, there’s been little evidence of damage to the bottom line as a result of the Consumer Financial Protection Bureau’s integrated disclosure rule known as TRID. At top-ranked Wells Fargo, total loan production for the fourth quarter was $47 billion, versus $55 billion in the third quarter, and $44 billion in the fourth quarter of 2014, something Chairman and CEO John Stumpf attributed to seasonality as well as TRID. During an earnings-related conference call with investors last week, Stumpf was asked...
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Short Takes: Hedge Fund Chief Reduces Personal Stake in Ocwen / More on the OCN-SEC Settlement / Redwood Remains an Investor in GSE Credit-Risk Deals / MGIC Will Change MI Pricing / Sharga Gets Promotion at Ten-X

January 21, 2016
Paul Muolo and Brandon Ivey
MGIC CEO Patrick Sinks noted that the mortgage insurer will be revising its premium rate cards soon. Stay tuned...
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FHA Loans Not Immune From the TRID-Anxiety Plague

January 20, 2016
George Brooks
Although the issues cited by lenders are not FHA issues per se, some firms are concerned that TRID-related uncertainties may cause problems for their FHA business...
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Mortgage Trade Group Urges CFPB to Require Universal Loan Officer Test

January 20, 2016
Thomas Ressler
Nonbanks don't like the idea that bank LOs can avoid passing a test...
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Impac Re-Hires Pre-Crisis Chief Credit Officer to Boost Originations of Non-QMs

January 20, 2016
Brandon Ivey
Impac is working to increase originations of non-QMs as part of an effort to mitigate against reduced refinance volumes.
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A Secondary Market Develops for Loans With TRID Errors; 90 Cents on the Dollar?

January 20, 2016
Paul Muolo
“We’re seeing a lot of TRID flow right now,” said Rob Smialek, senior vice president of capital markets for Rincon Mortgage Trading.
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Short Takes: The 52-Week Low Club Welcomes Ocwen, Stonegate, More… / What Ocwen Needs to Tell Investors / Fannie and Freddie Common Suffer as Well / A Sliding 10-Year Means More Refis?

January 20, 2016
Paul Muolo
Ocwen, in particular, will need to tell investors exactly how they plan to become a top-10 originator, something that seems like a long shot right now...
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Redwood Trust Cuts 25 Percent of Workforce, Quits GSE Loan Acquisitions

January 20, 2016
Paul Muolo
Rumors of a large layoff at Redwood first broke Monday...
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First Republic the Top Jumbo MBS Contributor, Quicken No. 2

January 19, 2016
Brandon Ivey
Jumbo MBS issuers are not required to identify lenders that contribute less than 5.0 percent of the loans to any particular deal.
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Survey of Real Estate Agents Will Provide Details on the Changing Nature of Lender Referrals

January 19, 2016
Brandon Ivey
Where Realtors were once the first source of information for homebuyers, increasingly independent mortgage lenders are attempting to provide leads on homes for sale and more...
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