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Volume 2018 - Number 23

June 14, 2018

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Jumbo Mortgage Production Down Sharply in Early 2018, Biggest Impact on Purchase Market

Mortgage production indicators were down almost across the board during the first quarter of 2018, but the jumbo market posted some of the biggest declines of all. [Includes three data charts.]

Tight Profit Margins and Lower Originations Fuel Speculation of More Company Closures

When trouble hits, a mortgage lender has two main choices: sell the companyís assets or hand over the office keys to the landlord and tell your employees the ugly truth.

More Banks Bidding on Mortgage Servicing Rights as Agencies Move to Ease Basel III Capital Restrictions

Although federal banking regulators are still toiling with language that will ease restrictions on how much mortgage servicing rights can count toward Tier I capital, depositories are aggressively reasserting their presence in the MSR market.

Wells Plots Growth in Mortgage Market Share With an Emphasis on Customer Satisfaction

Wells Fargo lost its spot as the top-ranked retail originator in the first quarter and recently agreed to sell 52 branches to Flagstar Bank, but company officials insist that the lender is poised for growth in the retail and correspondent channels.

SFIG Supports House Bill that Would Ease Concern over DOJ’s Aggressive Use of FCA, FIRREA

The Structured Finance Industry Group has expressed support for bipartisan legislation that would resolve problems arising from the governmentís use of the False Claims Act and the Financial Institutions Reform, Recovery and Enforcement Act in the context of mortgage insurance claims stemming from the financial crisis.

Next Permanent CFPB Director Expected to Take an Approach Similar to Mulvaney’s

Mick Mulvaney has been repeatedly saying he is not burning down the Consumer Financial Protection Bureau, but he has changed its course, reorganized it and opened up every nook and cranny for reevaluation and public input.

CFPB Doesn’t Have to Make Consumer Complaints Public, But the Data Are Helpful, Law Professors Say

The Dodd-Frank Act does not require the Consumer Financial Protection Bureau to provide public access to its consumer-complaint database, but the law doesnít prohibit the bureau from doing so, some law professors said.

Few Delinquencies on Post-Crisis Investment-Property Mortgages, Some Concerns About Non-Agency Market

Mortgages originated in recent years for investment properties have performed well, helped by improvements to underwriting standards after the financial crisis, although there are concerns about underwriting practices in the non-agency market.

Mortgage Market at a Glance, June 15, 2018

Weekly mortgage rates and application survey data.

Poll

With mortgage production down noticeably this year from 2017, how many lenders might disappear via M&A or failure during the next 12 months?

10% or less. It’s not that bad out there.
11% to 25%. It’s a challenging market.
25% to 40%. It’s going to be very ugly.
No opinion.

vote to see results