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PennyMac Enters Broker Channel Looking for Growth in Purchase Mortgages and Jumbos

January 12, 2018
Brandon Ivey
After some delays, PennyMac Financial Services launched its broker channel operations this week.
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Housing Finance Reform Needed for Mortgage Servicing Landscape

January 12, 2018
Carisa Chappell
Issues related to servicing are often overlooked when it comes to discussions on housing-finance reform, according to an Urban Institute paper published this week.
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Short Takes: PNC Bank's Mortgage Revenue Declined/KBRA Expects Growth in PLS/Fed Reserve Bank of NY Positive on 2018 Outlook

January 12, 2018
Thomas Ressler
PNC Bank made a relatively paltry $29 million in noninterest income on its mortgage business in the fourth quarter of 2017.
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Refi Lifts 4Q17 GSE Business, Private MI Market Share

January 11, 2018
John Bancroft
Purchase-money mortgages are the bread and butter in primary mortgage-insurance activity, but refinance loans also played a role in the continuing climb in private MI market share during the fourth quarter of 2017, according to a new Inside Mortgage Finance analysis.
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Judge Denies Bid to Dump Mulvaney, English Expected to Appeal

January 11, 2018
Thomas Ressler
Judge Timothy Kelly of the U.S. District Court for the District of Columbia circuit ruled late Wednesday, as expected, to deny CFPB Deputy Director Leandra English’s personal legal bid soliciting a preliminary injunction to unseat Acting Director Mick Mulvaney and install her as the acting director.
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Production Income Slipped in 3Q17, Servicing Up

January 11, 2018
John Bancroft
Mortgage bankers saw a small decline in profitability during the third quarter of 2017 despite a favorable turn in servicing and a bump up in mortgage production, according to the Mortgage Bankers Association’s quarterly performance report.
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Rural Borrowers May Feel Impact of GSE Reform Proposals that Tilt Against Community Banks

January 11, 2018
Carisa Chappell
Proposed changes to Fannie Mae and Freddie Mac as it relates to community-based banking institutions could put borrowers in rural communities at a disadvantage, according to a new report by the Center for Responsible Lending.
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Agencies to Ramp Up Anti-Churning Efforts in 2018

January 11, 2018
George Brooks
Ginnie Mae and the Department of Veterans Affairs have announced additional measures to curb serial refinancing of VA loans. Testifying before a House Veterans Affairs subcommittee this week, officials from both agencies said the latest measures will complement guidelines Ginnie issued last year to deal with the loan churning problem.
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What to Expect Under Mulvaney: Maybe Significant Rule Changes?

January 11, 2018
Thomas Ressler
It’s possible that mortgage lenders and servicers will see the CFPB during the tenure of Acting Director Mick Mulvaney use the five-year “look back” the bureau is required to perform to make significant changes to a pair of major rulemakings: the Truth in Lending Act/Real Estate Settlement Procedures Act integrated disclosure rule (TRID) and the ability-to-repay rule.
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Short Takes: Rates Back Up/Applications Rise/Caliber's Non-Prime MBS/Reg C, Z Thresholds Rise

January 11, 2018
Thomas Ressler
Mortgage rates are back up for the week ending Jan. 11, 2018, following Treasury yields, according to the latest results of the Freddie Mac Primary Mortgage Market Survey, released Thursday morning.
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