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Volume 2018 - Number 47

December 13, 2018

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Home-Equity Lending Still Can’t Get Traction Despite Continued Rise in Property Values

Home-equity lending remains one of the soft spots in the mortgage market, as the supply of loans outstanding continued to shrink and new lending volume remained anemic in the third quarter. [Includes three data charts.]

Worries About FHFA Direction Persist, But It May Take A Year Before the Senate Clears Calabria as New Director

The White House this week finally made up its mind on a new regulator for the government-sponsored enterprises, picking conservative economist Mark Calabria to head the Federal Housing Finance Agency. Now comes the hard part: Getting the Senate to hold confirmation hearings and actually approve him.

FHFA Report Finds Little Change in Overall GSE MBS Guarantee Fees, But Movement in Specific Products

The FHFA’s annual report underscores the amount of cross-subsidy in g-fee pricing for low-score borrowers, loans with high LTVs and cash-out refinancing.

Investors Continue to Pay Up for Servicing-Released Premiums. MSR Interest Strong but Declining Rates Starting to Weigh

Sellers of residential mortgages that include servicing rights are receiving premium bids these days, a situation that isn’t likely to abate anytime soon.

Kraninger Signals a More Moderate Tone After Being Confirmed as CFPB Director

The Senate late last week narrowly confirmed Kathy Kraninger as director of the Consumer Financial Protection Bureau. In her first public remarks, the new director set a more moderate tone for the watchdog agency than recently departed acting Director Mick Mulvaney did during his tenure.

Housing Supply Falling Behind Demand, Putting Burden on Borrowers and Limiting Originations

An inadequate supply of homes is likely to remain a challenge for potential borrowers and lenders for many years to come, according to analysts at Freddie Mac.

An Adverse Court Ruling in Closely Watched Case Could Increase Servicer Liability Under FDCPA

Mortgage servicers are waiting anxiously for a U.S. Supreme Court ruling on whether the Fair Debt Collection Practices Act applies to non-judicial foreclosures.

California Judge Tosses Class-Action Lawsuit Against Caliber Home Loans over Data Breach

A California court last month dismissed a borrower’s attempt to bring a class-action lawsuit against Caliber Home Loans over a security breach at the nonbank lender in early 2017.

Study Shows Negative Equity the Most Important Harbinger of Default Rates

Negative equity – or even just the perception of it – is the most important determinant of default rates, according to a recent study by Collateral Analytics.

Mortgage Market at a Glance, December 14, 2018

Weekly mortgage rates and application survey data.

Poll

With loan volumes declining, does your shop have plans to enter the non-QM lending market in 2019?

Yes, definitely. A solid move forward.

45%

Yes, but only incrementally.

16%

We’re pondering a move into non-QM, but haven’t made up our mind.

13%

No, definitely not. We view it has too risky.

26%