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PennyMac Financial Posts a $123.9 Million Profit in 4Q, Originations Down by 10.0 Percent; Lender Set to Launch New Products

February 9, 2018
Brandon Ivey
PennyMac originated $17.04 billion of home mortgages in the fourth quarter, largely through the correspondent channel
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What We’re Hearing: America, a Good Mortgage Customer? / Higher Rates, but How Much Higher? / Mortgage Bulls / Three Former Clayton Executives Launch Due Diligence Firm / Santander’s Warehouse Chief Departs / Mel Watt’s Successor Might…

February 9, 2018
Paul Muolo
The new game in town is figuring out who will succeed Mel Watt as director of the Federal Housing Finance Agency...
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Government and Jumbo Sectors Took the Biggest Lumps in 4Q17 Lending

February 8, 2018
John Bancroft
The conventional-conforming market held up relatively well in the fourth quarter, with origination volume easing by just 0.7 percent…
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Ginnie Mae Lays Down Law on VA Churning, Warns Select Group of Issuers They Face Banishment

February 8, 2018
Paul Muolo
Issuers cited by Ginnie Mae are expected to deliver a corrective action plan...
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Short Takes: The Top VA IRRRL Lenders / Tax Cuts Coupled with More Government Spending, a Recipe for Disaster? / If Habib’s Interest Rate Prediction Comes True, Watch Out Below / CFPB Wants Feedback on Enforcement Processes / A New Title for Amy Brandt

February 8, 2018
Paul Muolo and Thomas Ressler
Analyst Barry Habib of MBS Highway told us last week that once the yield breaks above 3.00 percent it’s only a matter of time before it hits 3.80. Just think of what that might do to the mortgage business…
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OIG Says FHFA Needs Better Oversight Of Fannie’s Corporate Governance Policies

February 8, 2018
The Federal Housing Finance Agency Office of Inspector General took issue with the way Fannie Mae handles potential conflicts with its senior executive officers and wants the FHFA to pay closer attention to the problem.
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Retail Loans Less Risky in Agency Market

February 7, 2018
John Bancroft
Although Freddie Mac had a higher average credit score than its rival GSE, Fannie Mae had slightly lower average DTI and LTV ratios…
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Freddie Mac Looks to Carve Out New Niche for Specified Pools

February 7, 2018
Carisa Chappell
Mortgages with low loan balances appeal to investors because of their lower prepayment risk…
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Short Takes: The FHFA Version of Mick Mulvaney / Political Appointees at the FHFA? / Waiting on Hensarling’s GSE Draft / A Strong Profit for Genworth / Reverse Lender Goes Forward

February 7, 2018
Paul Muolo
Rep. Hensarling, a Republican from Texas, has yet to unveil a legislative blueprint…
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Mortgage Profits at Depositories Tumbled 29 Percent in 2017

February 6, 2018
John Bancroft
Many lenders cited increased competition in a declining market for the weaker results…
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