VA mortgage originations fell significantly in the third quarter of 2018 due to a decline in purchase loans and a sharp drop in refinancing from the previous quarter. Rising interest rates and regulatory restrictions were mostly to blame, said lenders. VA production during the third quarter was $40.2 billion, down 21.0 percent from the quarter ago. Volume in the first nine months of 2018 dropped a mere 0.7 percent from the same time period last year. Purchase loans, which comprised 75.3 percent of VA’s guaranty business, were down 12.6 percent. On the other hand, year-over-year production increased 14.0 percent. VA refinance was down 39.0 percent from the second quarter and 18.1 percent on a year-to-date basis. The decline was fueled primarily by an 80.8 percent drop in VA streamline refis or Interest Rate Reduction Refinance Loans from the second quarter. IRRRL endorsements in the third quarter ... [Charts]

A new poll being conducted by Inside Mortgage Finance/IMFnews shows that 47 percent of lenders are contemplating originating non-QM mortgages in 2019...

In a recent eight-page memo outlining her priorities, Rep. Maxine Waters did not address the conservatorships of Fannie Mae and Freddie Mac…

Ginnie said the evaluation will be “similar to those employed by credit rating agencies.”

Wells Fargo Bank last week agreed to a $43 million settlement with a group of institutional investors to resolve two class-action lawsuits related to certain legacy residential MBS that resulted in huge investor losses.

An involuntary bankruptcy of a $630.2 million collateralized debt obligation was dismissed late last week, prompting praise from the Structured Finance Industry Group. Investors in senior tranches of the CDO had sought the bankruptcy, which SFIG warned would have yielded negative consequences for the securitization industry.

The Structured Finance Industry Group has welcomed a recent court ruling that allows ABS investors to intervene in a case brought by the Consumer Financial Protection Bureau that aimed to hold securitization trusts liable for violations committed by servicers.

Waterstone Mortgage has won temporary relief on the $10.6 million in damages it had been directed to pay to 175 loan originators as part of a class-action lawsuit involving employee compensation.

If you haven’t heard of Andrew Olmem before, it’s because he tends to keep a low profile.

The fund's value has improved, but FHA premiums will not be cut...