Originations

Browse articles from IMFnews related to Originations.

January 18, 2018 - IMFnews

Short Takes: House GSE Bill Due by Mid-March? / Providing Technical Assistance: the Staff of the FHFA / Time for a Pay Raise for Layton and Mayopoulos? / Hiring Underwriters from Wells Fargo / CFPB’s Mulvaney to Yellen: I Don’t Need Your Money (Right Now)

If a GSE reform bill does not get signed into law this year, how much longer will the CEOs of Fannie Mae and Freddie Mac stick around?


January 18, 2018 - IMFnews

Galton Funding Tests the Non-Agency MBS Waters

Most of the mortgages in the MBS were underwritten with full documentation…


January 18, 2018 - IMFnews

CFPB Chief Wants to Make Sure Consumers are Protected and Companies Aren’t Misteated

The first RFI from the CFPB will be on Civil Investigative Demands, which are issued during an enforcement investigation.


January 18, 2018 - IMFnews

FHFA Chief Unveils Agency Views on GSE Reform, Worries About Having Too Many ‘SMEs’

Watt and his staff do not want taxpayers to foot the bill for failing mortgage guarantors…


January 18, 2018 - IMFnews

Four Years In, Non-QM Market Struggles to Amass Volume

Authoritative numbers on the size of the non-QM space are difficult to come by.


January 17, 2018 - IMFnews

Short Takes: Freddie Mac, an Actual Lender? / GSEs Working to Revise MI Rescission Relief Policies / The Last Time I Saw Richard / MIAC Selling $71MM of RPLs / Movement Hires Chief Credit Officer

Fannie Mae and Freddie Mac are working with the nation’s mortgage insurance firms to revise rescission relief principles...


January 17, 2018 - IMFnews

Oh Carol! Former FHA Chief’s Plan to Restructure the Government MI Garners Mixed Reviews

Galante is a former FHA commissioner who presently serves as faculty director of the Terner Center for Housing Innovation at the University of California Berkeley. She also sits on the board of Ocwen Financial.


January 17, 2018 - IMFnews

In 4Q17, A Sharp Increase in Prime Jumbo MBS, and Expanded-Credit Deals

Expanded-credit MBS – which include loans with alternative documentation, non-qualified mortgages and nonprime loans – hit $4.08 billion in 2017…


January 17, 2018 - IMFnews

HUD Secretary Carson Sets Up ‘Order of Succession’ at Ginnie Mae. First Up: Michael Bright

The Trump White House was slated to nominate mortgage banker David Kittle to head the agency but back in November he grew tired of waiting and withdrew his name from consideration.


January 17, 2018 - IMFnews

A Slight Production Decline for BofA in 4Q17, but MB Profits Take a Hit

According to figures compiled by Inside Mortgage Finance, BofA ranked sixth among first lien lenders in the third quarter, but U.S. Bank isn’t too far behind in the number seven spot.


January 17, 2018 - IMFnews

New Residential to Raise $440 Million Via Stock Sale. More Acquisitions Ahead?

The REIT has a current market cap (share price multiplied by number of units outstanding) of $5.27 billion.


January 16, 2018 - IMFnews

Short Takes: GSE Reform, Yes. Passage? No / Galton’s Return to Nonprime / Citi’s Incredibly Shrinking MSR Portfolio / Legislative Reg Relief On the Way? / English Wants Expedited Review in CFPB Appeal

GSE reform may emerge from the Senate Banking Committee, but as for final passage...


January 16, 2018 - IMFnews

New Prime Jumbo MBS from Chase Smaller than Previous Deals

In the new MBS, 41.9 percent of the mortgages were eligible for sale to Fannie Mae and Freddie Mac…


January 16, 2018 - IMFnews

BB&T to Invest in ‘Fintech’ Companies Including Those with a Mortgage Focus

Banks and nonbanks alike are in a rush to build digital lending platforms that are consumer friendly and result in cost savings...


January 16, 2018 - IMFnews

Ginnie Mae MBS Program Faltered in 2017…

The agency – which still doesn’t have a permanent president – issued $443.2 billion of MBS backed by forward single-family mortgages in 2017, a 10.8 percent decline from the previous year.


January 16, 2018 - IMFnews

Wells Fargo Reports Lower Originations for 4Q17, Lower Mortgage Profits and Branch Closings

Thanks to the new bill signed by President Trump, Wells enjoyed a $3.35 billion after tax benefit. However, the company also recorded a $3.25 billion pre-tax expense tied to “litigation accruals for a variety of matters, including mortgage-related regulatory investigations..."


January 16, 2018 - IMFnews

Residential Production at Chase Fell 9.2 Percent in 4Q17; Servicing Revenue Nicked

Chase continues to grow the volume of residential whole loans kept on its balance sheet: $197.3 billion at yearend compared to $181.2 billion at the end of 2016.


January 12, 2018 - IMFnews

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

After some delays, PennyMac Financial Services launched its broker channel operations this week.


January 11, 2018 - IMFnews

Short Takes: Rates Back Up/Applications Rise/Caliber's Non-Prime MBS/Reg C, Z Thresholds Rise

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.


January 11, 2018 - IMFnews

What to Expect Under Mulvaney: Maybe Significant Rule Changes?

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.


January 11, 2018 - IMFnews

Agencies to Ramp Up Anti-Churning Efforts in 2018

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.


January 11, 2018 - IMFnews

Rural Borrowers May Feel Impact of GSE Reform Proposals that Tilt Against Community Banks

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.


January 11, 2018 - IMFnews

Production Income Slipped in 3Q17, Servicing Up

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.


January 11, 2018 - IMFnews

Refi Lifts 4Q17 GSE Business, Private MI Market Share

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.


January 10, 2018 - IMFnews

Short Takes: Home Appraisals More Realistic, Mortgage Applications are Up, Housing Production to Grow

tressler@imfpubs.com Homeowners and appraisers are closer to seeing eye-to-eye on home valuations than at any time in the last two years, according to new data from Quicken Loans. “Home appraisals were an average of 0.5 percent lower than what owners expected in December,” the lender said, “These two data points have moved closer together since November, when appraised values were 0.67 percent lower than homeowners’ estimates, and far improved from one year ago when there was…


January 10, 2018 - IMFnews

House Subcommittee Considers Mortgage Legislation

The House Financial Services Subcommittee on Financial Institutions and Consumer Credit held a hearing Tuesday to consider legislation that would affect the mortgage industry and institutions regulated by the CFPB.


January 10, 2018 - IMFnews

Bank Mortgage Repurchases Hit Record Low

Commercial banks and savings institutions reported another decline in the volume of home mortgages they repurchased from investors during the third quarter, according to an Inside Mortgage Trends analysis of call-report data.


January 10, 2018 - IMFnews

What to Expect Under Mulvaney: Less Hostility Toward Industry

CFPB Acting Director Mick Mulvaney has less than 200 calendar days left to occupy the director’s chair, so industry officials have been wondering what they can expect from the bureau as long as he’s in charge.


January 9, 2018 - IMFnews

In the Wake of Program Changes, HECM Lending Declines in 3Q17

The origination of reverse mortgages fell by 7.3 percent on a sequential basis in the third quarter of 2017 in the wake of changes made to the program by FHA.


January 8, 2018 - IMFnews

Short Takes: The Tax Bill and Home Sales / Demand from Buyers Declines / Equity Adds Up / NMI to Take a Tax Hit

Enactment of the Tax Cuts and Jobs Act will impact home sales and financials at National Mortgage Insurance Corp., among many other areas.


January 5, 2018 - IMFnews

Rep. Hensarling Announces that the CFPB has a New Chief of Staff: His Staff Director at the HFSC

Rep. Hensarling said Mork will assume her new role in the coming weeks.


January 8, 2018 - IMFnews

Looks Like Mortgage Lenders are Over-Reserving for GSE Buybacks

It appears that many lenders may have what is known in the industry as “redundant reserves”…


January 8, 2018 - IMFnews

A $1.688 Trillion Production Year?

Mortgage lenders seem somewhat cheerier about the new year than the dismal scientists…


January 5, 2018 - IMFnews

What We're Hearing: And Now for a Word About Dow 25,000 / A 2 Percent FRM, Finally? / A Former Fannie Mae CEO and the U.S. Budget / Citadel CEO Perl Bullish on Non-QM / Hensarling Headed to Wall Street?

What's next for Jeb Hensarling? FHFA or Wall Street?


January 5, 2018 - IMFnews

About that GSE Bill Being Worked on in the Senate…

Progressives are worried that in 2019 a new Federal Housing Finance Agency director will takeover, undoing much of what they like about the current system…


January 4, 2018 - IMFnews

Short Takes: Senate GSE Bill Due Out This Month? / But Will it Pass? / The Unstoppable LendingTree / Mortgages and the Weed Trade? / Hamilton Hires Former Wells-JPM-Freddie Exec to be CEO

When Fannie and Freddie request a fresh draw of taxpayer funds from Treasury to deal with their DTA "problem," it will poison the well for conservative Republicans...


January 4, 2018 - IMFnews

Angel Oak Raises Almost $300 Million for Non-QM Investments

Angel Oak has securitized $850 million of non-QM loans since 2015.


January 4, 2018 - IMFnews

Redwood Set to Issue First Prime Jumbo MBS Deal of the Year

Clayton reviewed 481 mortgages that are slated for securitization…


January 4, 2018 - IMFnews

GOP Tax Bill Will Boost GSE Earnings by $3 Billion. However…

And now for the bad news: The lower corporate tax rate will force Fannie and Freddie to write down the value of their deferred tax assets by $15.3 billion…


January 4, 2018 - IMFnews

Surprise: In 4Q17, GSE MBS Issuance Actually Increased

Fact: Fannie and Freddie securitized more purchase-money mortgages in 2017 – $472.77 billion – than in any year since 2007.


January 3, 2018 - IMFnews

Short Takes: Morgan Stanley and PHH? / Share Price? / Subservicing Rules the Roost / Embrace Hires Legal Affairs Chief / A Name Change for Mortgage Lending Services

At Sept. 30, 2017, PHH had a total servicing portfolio (including subservicing contracts) of $162.7 billion...


January 3, 2018 - IMFnews

Notwithstanding Efforts to Resolve FCA Issue, Lenders Remain at Risk

Aggressive FCA enforcement and steep settlement amounts have caused some banks to exit from the FHA market.


January 3, 2018 - IMFnews

FHA Nominee Montgomery Has to Resubmit Financials. A March Seating?

Like scores of other Trump appointees, a final vote on Montgomery’s nomination as assistant secretary for Housing was not acted upon by yearend…


January 3, 2018 - IMFnews

Prime Non-Agency MBS Could Boom This Year

Although a final tally has yet to be issued, volume for the year could total nearly $9.3 billion…


January 2, 2018 - IMFnews

Short Takes: Pickup Picks Up the Pace on Impac Buys / Buy Low, if You Can Get It / Stolen GSE Money? / No Longer ‘Distressed’ / New AI Chief Starts his Term

Richard Pickup, a real estate investor by trade, owns more than 10 percent of Impac…


January 2, 2018 - IMFnews

First California Mortgage Still Operating?

FCM is headed by Chris Hart, who is also a member of Fannie Mae’s western region advisory board.


January 2, 2018 - IMFnews

New Wholesale Non-QM Lender Altloan Promises to be a ‘Disruptor’

Looks like Angel Oak, Caliber and Citadel Servicing Corp. are about to get some competition in the non-QM sector…


January 2, 2018 - IMFnews

The Story (So Far) on Non-QM MBS: Few Losses, Some Delinquencies; Investors Pleased…

A $150.4 million deal from Angel Oak Capital Advisors issued in December 2015 had a cumulative net loss of just 0.02 percent…


December 29, 2017 - IMFnews

What We’re Hearing: The Biggest Story of 2018? Fannie and Freddie, Of Course / An M&A Boom? / Good Luck Mr. Corso / Penny Spends Dollars to Buyback Common / A Very Short Publishing Break

We get the sense that merger and acquisition activity could be fierce as profit margins tighten...


December 29, 2017 - IMFnews

MBS Analysis: Looks Like the GSEs are Taking Market Share from FHA

Wells Fargo, Quicken, and United Wholesale Mortgage are the top three firms originating these low-downpayment loans…


Poll

With originations expected to drop in 2018, will your shop turn to non-QM/non-prime mortgage products as a way to bolster volumes?

Yes, definitely. We’re planning a launch.

33%

No. It’s still difficult compliance/regulatory-wise.

20%

Maybe. It’s under consideration.

33%

Not now. But things could change as 2018 progresses.

13%