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Refi Originations Came on Surprisingly Strong in 3Q14; Quicken Getting Closer to Wells

December 4, 2014
John Bancroft
The top refi lender through the first nine months of 2014 was Wells Fargo with $38.56 billion, but Quicken wasn’t too far behind at $32.48 billion.
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Mortgage LO Overtime Pay Hangs in the Balance as Supreme Court Hears Arguments

December 4, 2014
Thomas Ressler
The MBA’s legal counsel tried to begin by focusing on the dividing line between interpretative rules and legislative rules, but soon found herself having to defend the trade group’s support for the DOL’s original 2006 position.
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Ocwen’s Expiring Consent Order with the NYDFS Will Remain in Effect

December 4, 2014
Paul Muolo
The original CO established an on-site compliance monitor at Ocwen, one of the nation’s largest servicers of delinquent loans.
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Richey May: Two-Thirds of Mortgage Firms Added Staff in 3Q14

December 4, 2014
Paul Muolo
The fourth quarter of 2014 is turning out to be decent in terms of applications and pipelines.
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Philly Fed: So, Maybe Mortgage ‘Cramdowns’ Aren’t So Bad

December 4, 2014
Brandon Ivey
The Philly Fed argues that a mortgage "strip-down" could make homeowners better off and not harm lenders.
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Short Takes: Origination Profits Down 6 Percent / Black Knight: Foreclosure Inventory Continues to Head South / Underwater GSE Inventory / Purchase-Money Stand-Outs According to IMF / UWM Names Chief Digital Officer

December 4, 2014
Paul Muolo
If you’re looking to buy a foreclosure for a quick “flip,” you might want to act quickly. Inventory is shrinking rapidly...
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Warehouse Commitments Up Slightly in 3Q; Pricing For Nonbank Borrowers the Best it Has Been in Years

December 4, 2014
Warehouse lenders increased the dollar volume of their commitments to an estimated $31 billion in the third quarter, a 3.3 percent sequential improvement, according to survey figures compiled byInside Mortgage Finance. Compared to the same quarter a year ago, commitments fell by 11.4 percent. But a commitment to lend is just that. Many nonbank borrowers rack up commitments, but the real test of the health of warehouse lending is in usage rates. At First Tennessee Bank, for example, its commitments were...[Includes one data chart]
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Treasury’s OFR: Standard Used for QRMs Wasn’t Meant to Protect Lenders or Investors

December 3, 2014
Brandon Ivey
The Treasury Department noted that QRM standards do not include requirements for loan-to-value ratios.
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Genworth Survey: Industry Concerned About G-Fee Increase

December 3, 2014
George Brooks
Some 61 percent of mortgage executives believe lenders are overly restrictive with underwriting standards.
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Some Nonbanks Post Spectacular Growth in Correspondent Lending

December 3, 2014
Paul Muolo and John Bancroft
As one West Coast-based mortgage executive told IMFnews: “It can be a very tough space. You need lots of capital."
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