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Hike in FHA Loan Limit Cited as Reason for Longer Waits at Resource Center

December 21, 2015
Sherry Muolo
The higher loan limits take effect Jan. 1. Sullivan said consumers are likely contacting the resource center to get in last-minute questions.
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Short Takes: Don’t Let Your LOs Prepare TRID Disclosures? / LO ‘Scorecards’ on the Rise? / REIT Sub Gets FHLB Membership / CoreLogic Buys Vendor for $475 Million / A New Hire for Home Point

December 21, 2015
Brandon Ivey, Paul Muolo, and Sherry Muolo
We’re hearing more chatter of mortgage lenders starting a loan officer “scorecard” approach to grading their salesmen and women...
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Servicing Market Posts Rare Second Straight Quarterly Gain, Nonbanks Keep Marching On

December 18, 2015
John Bancroft
The Ginnie Mae share of total mortgage debt outstanding hit a record 15.2 percent at September 30, according to exclusive survey figures from Inside Mortgage Finance...
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Merrill Lynch Renews PLS Contract with PHH – But This Time Around It’s a ‘Non-Exclusive’ Arrangement

December 18, 2015
Paul Muolo
The BofA spokesman, when asked by Inside Mortgage Finance whether the bank will deliver fewer loans going forward, declined to comment.
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A Different Take: Maybe TRID-Related Delays Aren’t So Bad After All?

December 18, 2015
Brandon Ivey
The share of home-purchase transactions that closed on time in November declined compared with October for all six loan types tracked by HousingPulse...
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Fed Begins First in a Series of Small Rate Increases, Impact May be Worse on CMBS Than on RMBS

December 18, 2015
The seven-year-old era of zero interest rates finally came to an end this week when the Federal Reserve began what may be the first in a series of small rate hikes, opting for a modest 25 basis point rise in the federal funds rate. However, the U.S. central bank also implied it expects four more quarter-point interest rate increases next year. The median projection among Fed Open Market Committee participants for the federal funds rate rises gradually to nearly 1.50 percent in late 2016 and 2.50 percent in late 2017, Fed chair Janet Yellen said in discussing the central bank’s latest moves. Further, as the factors restraining economic growth continue to fade over time, in their view, the projected median rate rises...
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Four More Rate Hikes Coming from the Federal Reserve?

December 18, 2015
Thomas Ressler
Initial industry reaction to the rate hike was muted. Late this week, mortgage rates hardly budged...
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What We’re Hearing: No Trouble or Big Maybe-Trouble for PHH? / The Key Bank Dilemma / Subprime Ready to Roar? / What’s a ‘Safe’ Level for Subprime? / Chronos in M&A Deal / TRID Fines of $5K Per Day Per Violation

December 18, 2015
Paul Muolo
Rod Alba of ABA offered up this sobering thought: for violating the TRID rule, lenders could be fined up to $5,000 per violation, per day.
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Look for TRID Compliance Exams by Mid-Year 2016; Fear of a Credit Crunch?

December 17, 2015
Paul Muolo and Thomas Ressler
The CFPB will scrutinize a lender's TRID training and, potentially its handling of early technical problems, said one webinar panelist...
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Home Equity Lending Up Slightly in 3Q15, Best Showing Since 2Q08

December 17, 2015
John Bancroft
Analysts believe there is enough house price appreciation in many areas to lubricate the home equity sector again...
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