Is the bulk MSR market in the doldrums?

HUD's Neighborhood Watch system is down, but this cabinet level agency has no explanations for the press or public

The private mortgage insurance industry had its best quarter since the housing market crash during the second quarter of 2015, according to a new Inside Mortgage Finance ranking and analysis. Private MIs provided insurance on $60.51 billion of new single-family mortgages during the second quarter, a strong 33.7 percent increase over the first three months of the year. It was the biggest three-month output for the industry since the first quarter of 2008. The sharp increase in purchase-mortgage lending during the second quarter helped float...[Includes three data tables]

The volume of new mortgage originations for condominiums and co-operatives was up nicely at Fannie Mae, Freddie Mac and FHA during the second quarter, with particular strength among first-time homebuyers and purchase mortgages, a new analysis by Inside Mortgage Finance has found. The two government-sponsored enterprises securitized $20.69 billion of condo loans during the second quarter, a 27.4 percent increase from the first three months of the year. There was a slightly bigger gain in condo purchase-money loans (up 30.9 percent) than condo refi loans (up 24.1 percent). It was...[Includes one data table]

M&T Bank is attempting to reach a settlement with the Department of Justice to resolve an investigation into the bank’s origination of FHA loans and sales of conventional-conforming mortgages to Fannie Mae and Freddie Mac. The bank disclosed the investigation in its quarterly filings with the Securities and Exchange Commission, noting similar ongoing investigations at other financial institutions. A bank spokesman declined to comment beyond what was disclosed in the SEC filing but noted that the government agencies are conducting one investigation. On the FHA side, DOJ and the Department of Housing and Urban Development’s Office of the Inspector General are investigating...

In the second quarter of 2015, 66.4 percent of loans sold to the GSEs had credit scores of 740 or higher.

Five Oaks issued its first jumbo MBS in April and plans for another deal by the end of September.

The Office of Inspector General for the CFPB has found that the bureau has moved to secure the Data Team Complaint Database, which supports the CFPB’s Consumer Response System (CRS) through which it handles consumer complaints. However, there are several control deficiencies that need to be remedied. “Overall, we found that the CFPB has taken steps to secure the DT Complaint Database in accordance with the Federal Information Security Management Act and the agency’s information security policies and procedures,” the report began. For example, the CFPB has deployed network-level firewalls and intrusion detection systems for the DT Complaint Database. “However, we identified several control deficiencies related to configuration management, access control, and audit logging and review,” the report added. “Specifically, ...

The bank said it is cooperating with the two investigations, which could result in treble damages under The False Claims Act.

Freddie Mac’s first Whole Loan Securities deal was met with strong demand from investors, according to industry analysts. The transaction differed in a number of ways from the risk-sharing deals the government-sponsored enterprises have issued, as its structure was more like a non-agency MBS. The $300.27 million WLS 2015-SC01 included senior tranches with a total balance of $278 million and credit enhancement of 7.50 percent. Investors could purchase the senior ...