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April 23, 2018 - IMFnews

PennyMac Executive Chairman Stan Kurland Took Home $9.5M in 2017

Last year, PennyMac, a publicly traded real estate investment trust, earned $102.5 million in 2017, a 35 percent improvement from the year before.


April 23, 2018 - IMFnews

Jumbo MBS Underwriting Holds Steady, Banks Remain Top Contributors

Some $4.23 billion of prime jumbo MBS was issued in the first quarter of 2018, the best showing since 1Q15…


April 20, 2018 - Inside FHA/VA Lending

VA Pulls Disclosure Requirement From Earlier IRRRL Guidance

The Department of Veterans Affairs recently withdrew a directive that was part of an early disclosure requirement for Interest Rate Reduction Refinance Loans just days after the measure took effect. Although the early disclosure measure became effective for IRRRLs closed on or after April 1, 2018, VA’ “Frequently Asked Questions” guidance issued on April 5 clarified some of the earlier provisions and removed a new disclosure to address lender concerns. The current VA Lenders Handbook requires a veteran to sign a statement showing he or she understands the effects of the IRRRL and how long it would take to recoup all closing costs. If the veteran’s monthly payment increases by 20 percent or more, the lender must certify that the borrower qualifies for the new monthly payment. The handbook, however, is unclear as to when the statement and lender certification must be delivered. Consequently, some ...


April 20, 2018 - Inside FHA/VA Lending

Ginnie Mae Mulls ‘A-Tier’ Issuer Rating to Raise Nonbank Liquidity

Ginnie Mae is considering a tiered rating system to ensure that all participants in its mortgage securities program have sufficient liquidity and capital to meet their counterparty obligations. The agency is still fleshing out the idea of an “A-tier” issuer, which would likely develop into a policy in the near future, said Michael Bright, executive vice president and chief operating officer, during a recent interview with Inside FHA/VA Lending. “An A-tier issuer would be [a company that] has gone above and beyond in helping put together for us a risk management and liquidity plan that does not rely on liquidity providers, and whose defect and cure rates are low,” he explained. Such issuer/servicers also would be well capitalized. Ginnie is developing the metrics for such a system, as well as incentives for the A-tier issuers, Bright said He added that top-rated firms would be eligible for “concierge services” from the ...


April 20, 2018 - IMFnews

Verus Aims to be a Significant Player in Nonprime (Non-QM)

Verus counts among its competitors Angel Oak, Caliber Home Loans, Citadel Servicing, Deephaven Mortgage and SG Capital Partners.


April 20, 2018 - IMFnews

It May be a Trying Time for Mortgages, but ABS Issuance Roars Out of the Starting Gate in Early 2018

It was the best showing for ABS since the second quarter of 2008…


April 19, 2018 - IMFnews

Nonbanks Continue to Gobble Up More of the Agency Servicing Market

Nonbank servicing of agency MBS has nearly doubled since March 2014…


April 18, 2018 - IMFnews

MBA: Lower Lending Profits, and Fewer Firms Making Money

An ominous sign: 80 percent of mortgage companies surveyed earned a pre-tax financial profit for the year, compared to 94 percent tin 2016.


April 18, 2018 - IMFnews

Complaints Filed with the CFPB Surged in 1Q18

Acting CFPB Director Mick Mulvaney is considering removing the CFPB complaint database from public view…


April 18, 2018 - IMFnews

Strong 1Q Earnings for MGIC, but NIW Declines; Freddie’s IMAGIN Pilot Gets a Mention…

In 1Q18, MGIC wrote $10.6 billion of new MI policies compared to $12.8 billion in 4Q17 and $9.3 billion in the first quarter of last year.


April 17, 2018 - IMFnews

Prime Non-Agency MBS Issuers Getting More Creative…

Due diligence reviews can be costly, especially when the mortgages being produced are pristine.


April 17, 2018 - IMFnews

Ditech Finally Releases 4Q17 Results – A Loss and a Warning About 2018

Ditech added that under new leadership, the lender/servicer “continues to develop and execute various strategies to improve” its performance.


April 16, 2018 - IMFnews

A Steep 1Q18 Decline in Residential Production for BofA

BofA also produced $3.75 billion of home equity loans in the first quarter...


April 13, 2018 - IMFnews

A 19 Percent Drop in Residential Lending at Wells Fargo; Megabank Says Regulators Want $1B to Settle Auto and Mortgage RLC Charges

Wells said the CFPB and OCC have asked the megabank for a $1 billion settlement in the matter.


April 13, 2018 - IMFnews

JPM’s Origination Machine Tanked in 1Q18

Despite the drop, JPM marked up the asset value of its mortgage servicing portfolio...


April 13, 2018 - IMFnews

Non-Agency MBS Issuance Down Sharply in 1Q18, but Subprime and Alt A Show Promise

During 1Q18, issuance of MBS backed by seasoned loans fell 50.8 percent…


April 12, 2018 - IMFnews

Private MI Loan Volume Down Sharply in 1Q18

The upside for private MIs is that their purchase business started off 2018 at a more robust level than last year…


April 11, 2018 - IMFnews

Thanks to Rising Rates, Servicing Values Jump

Mark Garland, president of MountainView Servicing Group, Denver, reported that SRP prices are indeed strong these days. “Absolutely, it’s the best it’s been in years,” he said.


April 11, 2018 - IMFnews

Ginnie MBS Production Tumbled to Three-Year Low in 1Q18

The agency issued $92.58 billion in MBS backed by forward mortgages during the first three months of 2018.


April 11, 2018 - IMFnews

The CFPB’s Latest RFI: How We Doing in the Complaint Department? Meanwhile Mulvaney Testifies…

Mulvaney – a former GOP Congressman from South Carolina and a Tea Party acolyte – declared: “The Bureau’s new strategic priorities are to recognize free markets and consumer choice and to take a prudent, consistent, and humble approach to enforcing the law.”


April 11, 2018 - IMFnews

Guaranteed Rate Expects to Hit Record Volume in 2018 with Strong Purchase Activity

The nonbank locked $2.3 billion of purchase mortgages in March, up 52.0 percent from the prior month.


April 10, 2018 - IMFnews

ARMs Gained Market Share in 2017, but Volume was Flat

Chase was the top-ranked ARM producer in 2017…


April 9, 2018 - IMFnews

As Chatter About LO ‘Signing Bonuses’ Increases, Mortgage Employment Rises

Consultant Rick Roque: “There are many ways to structure a ‘transition’ bonus, and most bonuses are only partially paid up front with the rest based on closings over a period of time.”


April 9, 2018 - IMFnews

MBS Trading Volume on the Rise in Early 2018

Demand for agency product remains strong, but the investor base is beginning to shift somewhat, said MBS Highway Principal Barry Habib...


April 9, 2018 - IMFnews

Non-Agency MBS Issuance Shines Brightly in 1Q18; EC MBS a Standout

Expanded-credit MBS issuance tripled in the first quarter…


April 6, 2018 - Inside FHA/VA Lending

FHA Streamline Refi Business Plunges in 2017; California Leads

FHA streamline refinancing fell significantly in 2017 from the previous year, according to an Inside FHA/VA Lending analysis of agency data. Lenders closed 2017 with $37.4 billion of FHA streamline refi loans, buoyed by a 12.2 percent increase in origination in the fourth quarter. However, business was down a whopping 34.5 percent year-over-year. The segment ended the first quarter strongly with, $13.05 billion, but faltered over the next nine months. Streamline refinancing accounted for 15.8 percent of total FHA originations in 2017. Twelve states, led by California, each reported FHA streamline refi originations in excess of $1 billion last year. The Golden State closed the year with $8.05 billion of FHA-to-FHA refis, which accounted for 21 percent of all FHA loans in the state last year. The highest FHA streamline refi-producers after California were, in sequential order, ... [Charts]


April 6, 2018 - Inside FHA/VA Lending

GNMA Chief Confident Agency Will Win Back Investors’ Faith, Trust

Ginnie Mae’s anti-churning efforts have narrowed the spread between Ginnie and Fannie Mae mortgage-backed securities, prompting executives to say things are almost back to normal. In an interview with Inside FHA/VA Lending this week, Michael Bright, executive vice president and chief operating officer at Ginnie Mae, said the market and investors have responded positively to the agency’s efforts to resolve the churning and prepayment problems. “The Ginnie spread has fallen almost half a point and our securities have become more liquid,” he said. “We want to make sure we’re giving investors CPRs (constant prepayment rates) that they can model.” Bright said he cares less about the overall level of prepayment speeds. What he truly cares about is ensuring that when an investor purchases a Ginnie security, the prepay speed is correlated to changes in the interest rates and not the ...


April 6, 2018 - Inside FHA/VA Lending

Issuers Punished for Churning, Barred from Multi-Issuer Pools

Ginnie Mae this week meted penalties to two of the nine issuers that received warnings from the agency for excessive refinancings of VA mortgages. Bloomberg reported that Ginnie barred NewDay Financial’s and Nations Lending’s from the more lucrative multi-issuer mortgage-backed securities pools, forcing them to issue custom pools. The restrictions became effective immediately. The agency’s action could reduce mortgage interest rates by 50 basis points for FHA and VA loans, which would benefit first-time homebuyers, said Jaret Seiberg, an analyst with Cowen Washington Research Group. On the other hand, the issuers Ginnie limited to issuing custom pools will end up making loans with higher rates, the analyst noted. Ginnie’s action is part of a joint effort with the Department of Veterans Affairs to crack down on loan churning and faster prepayments of VA loans pooled in Ginnie securities. Loan churning ...


April 6, 2018 - Inside FHA/VA Lending

Ginnie MBS Production Tumbled To Three-Year Low in Early 2018

Issuance of new single-family Ginnie Mae mortgage-backed securities fell sharply in the first quarter of 2018, according to a new Inside FHA/VA Lending ranking and analysis. The agency issued $92.58 billion in MBS backed by forward mortgages during the first three months of 2018. That was down 14.8 percent from the previous three-month period and represented the lowest quarterly total since early 2015. The 1Q figure is based on truncated loan amounts reported in Ginnie’s loan-level MBS disclosures. Reports with unrounded single-family loan amounts show a total of $95.75 billion in first-quarter MBS issuance, including FHA reverse mortgages. The loan-level data reveal that production fell 6.9 percent from February to March, when just $28.21 billion of Ginnie single-family securities were issued. That was the lowest monthly volume since February 2015. Both the FHA and VA programs saw significant ... [Charts]


April 6, 2018 - IMFnews

All Three Agencies Had a Trying First Quarter: MBS Issuance Down Almost 18 Percent

But Freddie Mac’s 37.2 percent drop was the biggest, by far…


April 5, 2018 - IMFnews

Spring Homebuying Season to the Rescue? Maybe, Maybe Not

Lenders cited a lack of inventory of homes for sale as one of the major factors limiting demand for purchase mortgages.


April 5, 2018 - IMFnews

As Pershing Square’s GSE ‘Bet’ Craters, Reports Surface that Investors are Pulling Money Out

Pershing Square owns roughly 9.9 percent of Fannie/Freddie common…


April 4, 2018 - IMFnews

M&A Market Heats Up: Finance of America Buys Skyline’s ‘Assets’

Finance of America ranked 22nd among all originators in 2017...


April 2, 2018 - IMFnews

On the Rise: Correspondent Market Share

Acquiring government-insured loans from correspondent lenders has been a huge part of the Ginnie Mae market in recent years…


March 30, 2018 - Inside Mortgage Trends

Data: Agency Purchase/Refinance Mortgage Trends: 1Q13-4Q17

A page of data tracking trends in agency purchase mortgages and agency refinance mortgages from the first quarter of 2013 through the fourth quarter of 2017. Includes details on dollar volume, average credit scores, debt-to-income ratios, loan-to-value ratios, first-time homebuyer share and mortgage insurance. Covers loans securitized by Fannie Mae, Freddie Mac and Ginnie Mae.


March 30, 2018 - Inside Mortgage Trends

Correspondent Platforms Made Big Gains Across Major Mortgage Categories in 2017

Correspondent production programs continued to gain ground in 2017 in all three major mortgage product categories, according to a new Inside Mortgage Trends analysis. Acquiring government-insured loans from correspondent lenders has been a huge part of the Ginnie Mae market in recent years, but it’s also picking up market share in conventional-conforming lending and, to a lesser extent, the jumbo arena. Government-insured lending declined by ... [Includes two data charts]


March 30, 2018 - IMFnews

GSE NPL Sales Tanked in 2017 – And That’s a Good Thing

The FHFA noted that the GSE NPL auctions are open to any qualified bidder…


March 30, 2018 - IMFnews

Financing Flips: Flippin’ Good Volumes Last Year

Several lenders now provide financing to this unique niche and more might join the party as 2018 progresses.


March 29, 2018 - IMFnews

Short Takes: Banks with Strong Mortgage Ops Set to Merge / RoundPoint Gets Aggressive on Hiring / Not for Sale Anymore? / Home Point Hires Chief Production Officer / DocMagic Signs up Deutsche Bank / Former Nomura Trader Joins Angel Oak

Look for a lot more mergers this year. Then again, if rates dive, all bets might be off...


March 29, 2018 - IMFnews

Fannie, Freddie Common Testing New 52-Week Lows

The U.S. Treasury controls the senior preferred shares of the GSEs, but has no positions in the common.


March 29, 2018 - IMFnews

Megabanks and Even Nonbanks Continue to Rely Heavily on Correspondent Channel for Government Loans

The megabanks and some top ranked nonbanks rely heavily on correspondent purchases to gather FHA and VA loans…


March 28, 2018 - IMFnews

Retail Loses Jumbo Market Share, Volume Down Across All Channels

Mortgage brokers are gaining market share in jumbo lending…


March 27, 2018 - IMFnews

Short Takes: loanDepot will Issue Non-Agency MBS / Okay, So It’s Not $6 Million / The Changing of the Guard / Tiptree Nears Sale of Jumbo Lender / Stock Repurchase Plans / MountainView Selling Whole Loans

The two men steered Impac through the rocky waters of the financial crisis...


March 27, 2018 - IMFnews

Mortgage Jobs Outlook: A Bit Grainy

UWM’s Mat Ishbia credits the company’s strong ties to the broker community for its performance…


March 26, 2018 - IMFnews

DBRS Tops in Non-Agency MBS Ratings, Fitch Has Strong Showing as Well

Fitch had a good year too, rating $17.51 billion of non-agency MBS…


March 26, 2018 - IMFnews

IO Volume Down for Many Lenders in 2017

First Republic Bank was the top-ranked IO lender in 2017, originating $7.40 billion of such product…


March 26, 2018 - IMFnews

CEO and Founder Anthony Hsieh Reports All is Well at loanDepot

loanDepot CEO and founder Anthony Hsieh: “I’m bragging so don’t read [this] if it irritates you.”


March 23, 2018 - Inside FHA/VA Lending

Government-Insured Conduits Report Production Drop in 4Q17

Overall production of government-insured loans fell in all three origination channels in the fourth quarter as refinancing continued to decline in 2017. A survey of FHA, VA and rural housing lenders showed originations in retail, correspondent and broker conduits totaled $248.9 billion, down 11.8 percent from 2016. Correspondent production suffered the biggest quarterly decline, 14.9 percent from the third to the fourth quarter. Production in this channel also declined 4.8 percent for the full year. Approximately $139.3 billion of FHA and VA loans came through this channel last year. Notwithstanding the decline, the correspondent share of government-insured lending grew to 56.0 percent in 2017, up from 51.9 percent in 2016. Brokers saw their share of the government-insured market rise to 10.0 percent, even as quarterly and year-over-year originations declined by 2.0 percent and 10.7 percent ,,, [ Charts ]


March 21, 2018 - IMFnews

GSE Repurchases Hit Record Low in 2017, Freddie Shows a Faster Decline

GSE buyback volume fell 11.6 percent from the 2016 total, including an 11.4 percent drop from the third to the fourth quarter of last year.


March 20, 2018 - IMFnews

Senate Reg Relief Bill Would Exempt 72% of Lenders from New HMDA Reporting Requirements

The 4,710 small mortgage lenders wouldn’t have to report new data points sought by the Consumer Financial Protection Bureau for originations in 2018 and beyond, according to an analysis by Inside the CFPB.


Poll

What’s your opinion on how Mick Mulvaney has managed the CFPB since he took over three months ago?

He’s done a good job of paring back the agency’s excesses and we’d like to see more.

35%

I hope he totally dismantles the agency and sends those functions back to the agencies hence they came.

14%

Not bad, but he needs to take his time making additional changes.

12%

We’re totally aghast. He’s gone way too far in protecting the rights of companies not consumers!

39%