With the effective date of the Consumer Financial Protection Bureau’s integrated disclosure rule now just weeks away, industry representatives are escalating the amount of compliance advice they are offering to real estate agents and lenders. This week, the Mortgage Bankers Association released a variety of materials to facilitate complete conformity with the bureau’s pending disclosure rule under the Truth in Lending Act and the Real Estate Settlement Procedures Act ...
Banks and thrifts repurchased $977.6 million of single-family mortgages during the second quarter of 2015, a 6.6 percent increase over the first quarter, according to an Inside Mortgage Trends analysis of call-report data. Bank repurchases, which include indemnifications, totaled $1.894 billion for the first half of the year, down 1.2 percent from the first six months of 2014. Bank of America still leads the industry in buybacks with $539 million on a ... [Includes one data chart]
Roughly $24.0 billion of home-equity lines-of-credit and second mortgages were originated during 2Q, up 23.1 percent from the first three months of the year.
The Mortgage Bankers Association ended its last fiscal year in the black with $7.7 million in net assets, a marked improvement from the negative $3.8 million it had when the year began. However, according to a review of MBA’s past tax returns by Inside Mortgage Finance, the trade group has its work cut out if it wants to return to the halcyon days before the housing bust when it boasted $63.3 million in net assets, a cushion that was depleted thanks to the industry’s downturn and a disastrous investment in a new headquarters building back in 2010. MBA officials continue...
Jumbo originations have increased sharply since 2008 but only about 5 percent of the loans have been included in jumbo MBS, which means the product is residing in bank portfolios...
Bank and thrift holdings of first-lien mortgages continued to grow in the second quarter of 2015, according to an Inside Nonconforming Markets analysis of call reports. Most of the change occurred among the top three bank mortgage portfolios: Wells Fargo, Bank of America and JPMorgan Chase. Banks and thrifts held $1.81 trillion of first-lien mortgages as of the end of the second quarter of 2015. The holdings increased by 1.5 percent compared with ... [Includes one data chart]
Adjustable-rate mortgage originations increased by 19.5 percent during the second quarter of 2015, but ARM production this year trails 2014 levels significantly. An estimated $49.0 billion in ARMs were originated in the second quarter, bringing the total for 2015 to $90.0 billion. That represented just 11.2 percent of total first-lien originations for the first half of the year, compared with 18.9 percent over the first six months of 2014. Interest rates ... [Includes one data chart]
Wells Fargo this week said it would reinstate certain credit overlays on its FHA business segment after expressing frustration over FHA’s republished proposal on loan-level certification. The lender, which ranked second on Inside FHA/VA Lending’s top FHA lenders for the first six months of 2015, reiterated the need for clearer rules in order to originate FHA-insured loans without fear of litigation or enforcement action. The bank said it is very disappointed with FHA’s revised certification proposal, which was republished in the Sept. 1 Federal Register. “In spite of much input to FHA from various consumer groups and lenders over a long period of time, [the] proposal falls short of what is needed,” said Mike Heid, head of Wells Fargo Home Lending. “As a result, this will now force us to add back certain credit overlays on the FHA single-family program.” Other FHA lenders could follow Wells Fargo’s lead as some did when ...
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