The 11th annual Xerox Path to Paperless Survey finds what appears to be an accelerated pace toward making the paperless mortgage a reality. And the CFPB’s integrated disclosure rule known as TRID is apparently helping.
S&P Global Ratings warned on Monday that it could downgrade the issuer credit rating of Walter Investment Management later this year due to ongoing problems at the nonbank.
Merger-and-acquisition activity in the mortgage sector has been relatively mild so far this year, but suddenly the table has turned with a handful of deals announced over the past two weeks and some lenders publicly stating their intentions as buyers. And one thing seems certain: It appears that all of the acquisitions will be accomplished through “asset” purchases as opposed to the acquisition of stock, be it private shares or otherwise. Guild Mortgage, San Diego, inked…
New home-equity originations on home-equity lines of credit and closed-end second mortgages fell by 6.3 percent from the fourth quarter to an estimated $45.0 billion. However, that was up 18.4 percent from the first quarter of last year.
The weighted average loan loss severity for U.S. commercial MBS was 49.3 percent for the 139 loans liquidated in the first three months of 2016, versus 58.2 percent for 240 loans liquidated in the last three months of 2015, which was the highest quarterly loss severity since 2010, Moody’s Investors Service said in a new quarterly report. However, “In both quarters, severities topped the weighted average of 42.8 percent for loans liquidated between Jan. 1, 2000, and March 31, 2016,” the ratings service added. The Moody’s report tracks...
The banking industry still hasn’t touched bottom in its years-long retreat from the mortgage servicing rights business. Banks and thrifts reported a total of $4.001 trillion of single-family mortgage servicing for other investors, most commonly mortgage-backed securities trusts, as of the end of March. That was down some $52.9 billion from the previous quarter, a 1.3 percent decline, according to a new analysis of call-report data by Inside Mortgage Trends ... [Includes one data chart]
Upheaval in hedging mortgage servicing rights during the first quarter of this year damped what was otherwise a strong performance by the loan production side, according to data reported by the Mortgage Bankers Association. Participants in the MBA’s quarterly performance study reported average pretax income of $752,000 for the first three months of the year. That was down 36.8 percent from the fourth quarter, and represented the lowest reading since ...
Later this month, Fannie Mae will begin to use trended credit data when completing credit risk assessments on mortgages submitted to the government-sponsored enterprise. Fannie claims the data “allow a smarter, more thorough analysis” of a borrower’s credit history, though the mortgage approval rate by the GSE isn’t expected to change much. In Selling Guide Announcement SEL-2016-04 published last week, Fannie detailed plans for trended credit data in the pending ...
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