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Inside Mortgage Trends

September 25, 2015

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Bank Mortgage Sales Increased Sharply In 2Q15, Not That Much Left in the Tank

Mortgage banking income rose substantially in the second quarter of 2015 mostly because lenders sold more loans in the secondary market, but the outlook for the second half of the year is murkier. Commercial banks and thrifts sold $198.64 billion of home loans during the second quarter, according to an Inside Mortgage Trends analysis of call-report data. That was up 19.9 percent from the first three months of the year, and it represented the busiest ... [Includes one data chart] Read More

CFPB Finding Origination, Servicing Violations

Officials in the mortgage industry continue to obsess about the Consumer Financial Protection Bureau’s pending integrated disclosure rule, but perhaps they should be paying closer attention to complying with the CFPB’s existing mortgage origination and servicing rules, a top bureau official suggested this week. Speaking at the Mortgage Bankers Association’s 2015 regulatory compliance conference in Washington, DC, Peggy Twohig, assistant director for supervision policy ... Read More

A Nonbank Buys Goldwater Bank in Arizona

It’s not every day – or every year, for that matter – that a nonbank purchases a federally insured depository. But it happened this month in Arizona. Well, sort of. This month, Kent Wiechert, owner and president of Westar Mortgage, Albuquerque, NM, closed on his purchase of Goldwater Bank, NA, a full-service bank with roughly $100 million in assets. The investment – no purchase price was disclosed – was a personal transaction entered into by Wiechert, but since he controls both ... Read More

More Lenders Say They’re Easing Credit Overlays

Credit standards appear to be easing more than they have in the past few years in both the government-sponsored enterprise market and non-GSE lending, according to Fannie Mae’s most recent lender survey. Medium and large-sized lenders both reported a notable easing of credit standards for the first time in seven quarters. The gap between lenders reporting easing as opposed to tightening over the second quarter increased to 20 percentage points for ... Read More

Reliance on Subservicers a New MSR Concern

For investors in mortgage servicing rights, the regulatory focus seems to have shifted somewhat from documentation issues involving servicing transfers to a reliance on subservicers. At the ABS East conference produced by Information Management Network last week in Miami, Michael Drayne, a senior vice president of the office of issuer and portfolio management at Ginnie Mae, said 90 percent of the issuer applicants to Ginnie in the last three years planned to ... Read More

Housing Market Slowing but Stronger than 2014

The housing market showed the signs of a typical seasonal slowdown in August, according to results from the latest Campbell/Inside Mortgage Finance HousingPulse Tracking Survey. While purchase-mortgage lending could soften in the coming months, the home purchase market looks stronger than it was a year ago. Tom Popik, research director of Campbell Surveys, said comments from a number of real estate agents across the country suggest that the housing market ... Read More

Correspondents Key to Purchase-Mortgage Market

Correspondent lenders generated 32.1 percent of the home loans securitized by Fannie Mae, Freddie Mac and Ginnie Mae during the second quarter of 2015. More than either other channel, correspondents excelled at finding homebuyer borrowers, 51.9 percent of their second-quarter production, while refinance loans accounted for 56.5 percent of total agency business. Heavy purchase-mortgage volume meant correspondent loans had lower ... [Includes one data chart] Read More

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