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Volume 2018 - Number 31

August 16, 2018

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Jumbo Loan Originations Up Sharply in 2Q18 as Purchase-Mortgage Lending Fueled Production

First-lien mortgage originations were up across all product lines in the second quarter of 2018, but the jumbo market saw the biggest gains from the first three months of the year, according to a new Inside Mortgage Finance ranking and market analysis. [Includes two data charts.]

Subservicing Growth Slows in 2Q18; Certain Top Vendors Could Change Hands by Yearend

The dollar volume of subservicing contracts grew by 1.8 percent in the second quarter on a sequential basis, another sign that this specialty niche is continuing to slow, according to a new ranking and analysis from Inside Mortgage Finance. [Includes one data chart.]

State Agencies to Tighten Mortgage Servicing Rules, But CFPB May Not Scale Back Its Enforcement

Some states are gearing up to tighten their regulation of mortgage servicers to pick up the slack from a perceived pullback by federal regulators, although attorneys said the Consumer Financial Protection Bureau is still enforcing its servicing regulation.

A Real Estate Fintech Takes a Test Drive in Mortgage Banking. Will Others Follow?

Zillow Group earlier this month agreed to acquire Mortgage Lenders of America, a national residential originator based in Overland Park, KS. Shortly after the announcement was made, Zillow’s share price crumbled, suggesting that investors aren’t bullish on the mortgage business these days.

Loans Originated After October Can Refi Soon Under New Fannie, Freddie High-LTV Programs

The government-sponsored enterprises’ new high loan-to-value refinance options will kick into gear for applications received on or after November 1. These programs serve as a replacement for the popular Home Affordable Refinance Program set to expire at the end of the year.

FHFA Details Requirements for Setting Minimum Pricing for FHLBank Advances as Some Become More Complex

The Federal Home Loan Banks are offering a growing array of complex advance products and the Federal Housing Finance Agency wants to make sure they price the funding appropriately.

Wells Fargo Drafts Response to Lawmakers’ Demand for More Information on Error that Lead to Mod Denials, Foreclosures

Wells Fargo is drafting its response to an apparent grilling by Senate Democrats over hundreds of improperly denied loan modifications, many of which ended in unnecessary foreclosures.

Mortgage Delinquency Rates Decline in Second Quarter Despite Uptick in Less-Severe Category

Mortgage delinquency rates fell sharply in the second quarter, according to the Inside Mortgage Finance Large Servicer Delinquency Index. [Includes one data chart.]

Mortgage Market at a Glance, August 17, 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.

17%

11% to 25%. It’s a challenging market.

48%

25% to 40%. It’s going to be very ugly.

24%

No opinion.

11%