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Volume 2018 - Number 39

October 18, 2018

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Agency Mortgage-Servicing Market Grew Modestly in 3Q18 as Nonbanks Continue Amassing Market Share

The agency mortgage-servicing market continued to grow at a steady pace during the third quarter of 2018, fueled by strong purchase-mortgage originations, according to an exclusive ranking and analysis by Inside Mortgage Finance. [Includes two data charts.]

Ginnie Mae Working on Stress Tests and May Tighten Capital Standards. Agency Boots Lender from Program

With loan production on the wane and profit margins thinning, warehouse lenders, financiers and even regulators are growing increasingly anxious about nonbank liquidity, a topic that received an airing at the annual convention of the Mortgage Bankers Association this week.

Many Nonbanks Having Difficulty Meeting Covenants as Outside Observers Continue Warning About Increased Risk

Warehouse executives speaking on a panel at this week’s annual Mortgage Bankers Association convention offered a somewhat bleak view of the market.

IT Modernization Tops Government Lending Programs’ Priority Lists; FHA, VA, USDA Announce Policy Changes

Policy changes are coming down the pike for participants in government lending programs to enhance and improve operations, compliance and customer service, according to agency representatives speaking at the Mortgage Bankers Association’s annual convention in Washington, DC, this week.

CFPB Making Rules to Define ‘Abusive,’ But Experts Disagree on the Necessity of Doing so

The Consumer Financial Protection Bureau will issue a new rule that clarifies what lending practices will be considered “abusive,” said Acting CFPB Director Mick Mulvaney, speaking at the annual convention of the Mortgage Bankers Association this week.

FHFA, GSEs Launch Central Source of Translated Home Loan Documents in Spanish, More Languages to Come

As part of a multi-year language access plan, the Federal Housing Finance Agency and the government-sponsored enterprises this week introduced the first phase of a mortgage translation clearinghouse to better serve Spanish-speaking borrowers.

Treasury Will Work with Congress on GSE Reform

A key Treasury Department official this week affirmed the Trump administration’s broad goals for reform of the housing-finance system.

Megabanks Optimistic About Digital Mortgage Applications, Changes to Loan Officer Functions

Both Wells Fargo and Bank of America are rolling out digital mortgage application services this year. Speaking at the annual convention of the Mortgage Bankers Association this week in Washington, the megabanks said they are seeing increased utilization of digital solutions by mortgage clients, which will in turn change the role of loan officers.

Castle & Cooke Mortgage Attorney Says Nonbank Lender Wasn’t Looking for a Warehouse Line

Outside counsel for nonbank lender Castle & Cooke Mortgage disputed several statements included in an Oct. 12 Inside Mortgage Finance article about the firm and one of its investors.

Mortgage Market at a Glance, October 19, 2018

Weekly mortgage rates and application survey data.

Poll

Who "owns" the mortgage customer that’s brought to a wholesale lender through a loan broker?

The broker. It’s his/her client.

35%

The wholesale/table funder. They’re taking the financial risk.

30%

The broker, but only for the first year. After that, the borrower is fair game.

13%

Hard to answer. It’s a complicated issue.

22%