The wholesale-broker channel was the only mortgage production arena to see increased volume in the fourth quarter of 2014, according to a new Inside Mortgage Finance analysis and ranking. Brokers originated an estimated $34 billion in new home loans during the final three months of 2014, a gain of 6.3 percent from the previous quarter. The wholesale-broker channel gradually recovered from a disastrous first quarter, when brokers saw their market share slide to just 9.0 percent. By the end of the year, it was up to 10.0 percent. The broker channel generated...[Includes four data charts]

However, the broker channel generated $117 billion of new originations, the lowest reading since 1995.

Closing delays related to appraisals, title search, insurance and property inspections have all increased in terms of market share in recent months, led by appraisal issues.

Falling interest rates tripped up Fannie Mae and Freddie Mac during the fourth quarter, indirectly leading to sharp declines in profitability despite continuing gains in their key mortgage-backed securities guaranty fee operations. Together, the two government-sponsored enterprises earned $1.54 billion in net income during the fourth quarter of 2014, down 74.3 percent from the previous quarter. With their retained portfolios in shrinkage mode, net interest income was down 11.9 percent from 2013. The big factor was...

Kevin Watters said Chase has reduced its mortgage staffing levels due to declines in originations and improvements in mortgage performance.

A veteran of Bank of America, GE Capital and other financial service firms, Williams said he hopes to unveil 10 Mile’s first investment in April.

Wells Fargo remained the most dominant lender in the sector with $42.28 billion of jumbo originations in 2014, down 2.5 percent from the year before.

With many small and mid-tier mortgage companies and banks increasingly worried about straying from compliance with the CFPB’s expanding rules and requirements, vendor representatives are working overtime to alleviate their clients’ anxieties and keep them on task and on budget. “We’re really seeing a lot of fear in the CFPB’s steadily intensifying regulations and requirements,” said Mary Beth Doyle, founder and co-owner of Loyalty Express, a mortgage marketing technology vendor in Woburn, MA. As recently as a year or a year-and-a-half ago, companies were saying they would wait to hear about a new rule themselves from the CFPB. “And today, people are more panic driven. There’s this sense of paralysis because everyone’s afraid of stepping out of bounds and not ...

“Due to our ponderous judicial system, most of the options have been exhausted, and the judges are now expediting the [foreclosure] process,” said Mike Pappas, president and CEO of the Keyes Company.

VA loan volume continued to rise in the fourth quarter of 2014, driven by low interest rates and a strong demand for the lower downpayment loans, according to an Inside FHA Lending analysis of Ginnie Mae/VA data. The volume of VA loans securitized in Ginnie Mae mortgage-backed securities rose 4.0 percent in the fourth quarter to $107.8 billion from the previous quarter, with more than half of the loans coming through the retail channel. Retailers accounted for $51.5 billion in VA loans securitized during the quarter while correspondents and brokers accounted for $44.4 billion and $11.9 billion, respectively. The overall average FICO score for VA loans was 707, with average loan-to-value and debt-to-income ratios of 95.0 percent and 38.2 percent, respectively, during the quarter. Correspondents came up big with VA purchase loans, accounting for $31.7 billion of the $65.1 billion in total purchase loans produced during the fourth quarter. Retail loan officers accounted for $28.5 billion while brokers brought in ... [ 1 chart ]