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Inside Mortgage Trends

March 4, 2016

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Nonbank Mortgage-Banking Income Up in 4Q15, But Results Vary Widely

Publicly-traded nonbank mortgage lenders posted erratic results from their mortgage-banking operations during the fourth quarter of 2015. As a group, the nine companies reported a combined $54.08 million in mortgage-banking income for the fourth quarter, a significant improvement from the $26.26 million loss they posted in the previous quarter. But three of the nonbanks – Impac, Ocwen and PHH Corp. – recorded losses on their mortgage origination ... [Includes one data chart] Read More

Lenders Plan for Growth, Worry About Compliance

Despite the desire of mortgage lenders to preserve or expand their origination business this year, many are anxious about increasing compliance risk and more competition, according to a recent survey by Fannie Mae. Of those lenders responding, 88 percent said they are looking to grow their mortgage origination business, continuing a trend from the prior year, versus just 12 percent indicating they want to maintain current levels. No lenders expressed an intention to downsize or ... Read More

TRID Reduces Mortgage Offerings, Causes Delays

Mortgage industry groups continue to rail against the disruptions they insist are being caused by the Consumer Financial Protection Bureau’s integrated disclosure rule known as TRID. Respondents to a February survey by the American Bankers Association indicated that TRID compliance is still a relevant problem, continues to impose a heavy compliance burden, and causes customer dissatisfaction through delayed closings and increased fees and costs, the trade group ... Read More

Banks Dump More MSR, Are Nonbanks Ready?

Commercial banks and thrifts continued their years-long retreat from the business of servicing home mortgages for other investors, and some observers are questioning whether nonbanks are strong enough to pick up the slack. As of the end of 2015, banks and thrifts serviced $4.054 trillion of single-family mortgages for other investors, according to a new Inside Mortgage Trends analysis of call-report data. That was down $84.3 billion, or 2.04 percent ... [Includes one data chart] Read More

Counseling Can Expand Eligible Borrowers

As mortgage performance improves, the organization that administers the Homeowner’s Hope Hotline is putting an increased emphasis on helping people qualify for mortgage financing. The Homeownership Preservation Foundation has worked extensively with consumers who suffered problems during the financial crisis but could now be ready to purchase a home. “Boomerang borrowers represent opportunity,” David Berenbaum, the CEO of the Homeownership Preservation Foundation ... Read More

Non-Agency MBS 6x More Likely to Default

Poor underwriting, rather than the collapse of house prices, more likely caused homeowners to default on their non-agency mortgage loans – a situation that gradually worsened and subsequently caused the country’s worst financial disaster, according to a new report published by University Financial Associates. Subject to a number of caveats, the report’s findings dramatically illustrate the importance of eroding underwriting quality in non-agency mortgage-backed securities ... Read More

Five Servicers Pass Settlement Final Exam

The five largest mortgage servicers that got into trouble because of their flawed servicing and foreclosure practices have passed their final test for compliance with the 2012 National Mortgage Settlement, according to the Office of Mortgage Settlement Oversight. The OMSO report summarizes a set of five compliance reports filed by NMS Monitor Joseph Smith with the U.S. District Court for the District of Columbia for five servicers that were subject to the $25 billion ... Read More

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