Mortgage Lending & Servicing

Browse articles from all of our Newsletters related to Mortgage Lending & Servicing.

December 13, 2017 - IMFnews

Nonprime Lender Citadel Hopes to Hire 150 Over the Coming 12 Months

Citadel CEO Dan Perl: “We’re on a hiring spree.”


December 13, 2017 - IMFnews

Jumbo MSR Market Increases, Wells Fargo Continues Dominance

Moody’s noted that mortgages acquired by Chase’s jumbo conduit have performed exceptionally well…


December 13, 2017 - IMFnews

Legal Briefs in CFPB ‘Acting’ Director Dispute Keep Piling Up

CUNA believes that legal arguments advanced by plaintiff Leandra English are nonsensical and unconstitutional.


December 13, 2017 - IMFnews

Looks Like the MID Cap will be $750K as Conference Committee Wraps up Work on GOP Tax Reform

The way things stand today, the tax bill could be on track for final approval as soon as next week.


December 13, 2017 - IMFnews

A Slow Fourth Quarter for Servicing Sales, but 1Q18 Could be a Barn-Burner

Another contributing factor to slower sales: Concerns about how the pending GOP tax bill might hammer the asset value of servicing rights...


December 12, 2017 - IMFnews

Short Takes: Casey (Crawford) Sacked by Mortgage Regulators in California / The California Wild Fires and Mortgages / MBA Hires Spencer Stuart for CEO Search / Dems File Amicus Brief in CFPB Case

Moral of the story: If you're going to service loans in California, you better have a license...


December 12, 2017 - IMFnews

Nonprime Lending Competition Could Heat up in 2018

It appears that Angel Oak, Caliber and Citadel Servicing Corp. might have more company in the nonprime arena come next year…


December 12, 2017 - IMFnews

REITs and Nonprime Lenders Look to Strike ‘Working Relationships’

Mike Fierman, managing partner and co-CEO of the Angel Oak Companies: “I get calls every day” from investment funds.


December 11, 2017 - IMFnews

Short Takes: And Now for a Word About Bitcoin / Can Trump Clear the Air? / Consultant Wonders about Endorsements / MIAC Selling NPLs, RPLs / Farmer Mac CEO Fired with No Severance

One of these days an answer will arrive, but until a mortgage company is sold for Bitcoins, we’ll stay on the sidelines…


December 11, 2017 - IMFnews

Phoenix Capital Auctioning Off Bulk MSR Package

The seller of the MSR package is looking for a final sale date of Jan. 31…


December 11, 2017 - IMFnews

The Industry Shows Concern (Once Again) about GSE Technology and Potential Abuses

MBA: Fannie and Freddie should only undertake those activities that support secondary market liquidity…


December 11, 2017 - IMFnews

It’s that Time of the Year: Mortgage Layoffs

Still, large cutbacks have not been the norm, at least not yet…


December 11, 2017 - IMFnews

VA Originations Increased by Almost 12 Percent in 3Q17; A Big Gain for Navy Fed

USAA reported a 17.0 percent sequential drop in VA lending while Navy Federal boosted production by an impressive 51.1 percent.


December 8, 2017 - Inside FHA/VA Lending

VA’s National Portfolio Servicer Farms Out Work to Third Party

Vendor Resource Management, which the VA hired in June to service its nationwide mortgage portfolio and real estate-owned assets, has subcontracted a significant portion of the servicing to BSI Financial Services. According to VRM, BSI took over the servicing of the VA’s national portfolio beginning Dec. 1, 2017. VRM retained the REO servicing. VRM was first awarded the servicing contract in 2012, and the company initially subcontracted Ditech Financial to service VA’s larger national portfolio. The contract was later amended to facilitate a pilot whereby a portion of VA properties would be managed under the award. A new 10-year contract was awarded subsequently to VRM, which became effective on July 1, 2017. Based in Irving, TX, BSI Financial is a loan subservicer and a provider of technology and outsourcing services to banks and institutional investors in the ...


December 8, 2017 - Inside FHA/VA Lending

Rural Purchase Loans Up, Denial Rates High for Rural Minorities

Rural home purchase lending rose for the fifth straight year in 2016 although volume remains below pre-recession levels, according to new research by the Housing Assistance Council based on Home Mortgage Disclosure Act data. HAC, a nonprofit organization that supports and tracks affordable housing efforts in rural areas, estimated that 55 percent of the 1.05 million rural home loans originated last year were first-lien purchase mortgages. The increase was substantial compared to 2012 and 2013, when two-thirds of rural originations involved refinance, the group noted. The U.S. Department of Agriculture guaranteed 9 to 12 percent of all rural home purchase loans originated in each of the last three years, the study found. Of the 16.3 million HMDA submissions by covered institutions, an estimated 2.0 million involved funding for homes in rural or small-town communities, researchers found. While mortgage activity ...


December 8, 2017 - Inside FHA/VA Lending

USDA Loan Guarantees Down Slightly As of End of October

The U.S. Department of Agriculture has provided guarantees to 10,366 rural mortgage loans under its Section 502 Single Family Housing Guarantee program in 2017. As of the end of October, USDA provided $1.5 billion in rural home loan guarantees, down from $1.6 billion (11,678 loans) at the same time last year. In addition, USDA guaranteed more than $55.1 million of loans made under the Section 502 Direct program, which offers mortgages for low- and very low-income homebuyers in rural areas. Borrowers with very low-income account for 36.2 percent of loans under the program. Furthermore, the USDA guaranteed 66 repair-and-rehabilitation loans totaling $385,836, up from this time last year. No grants were obligated in October. For its multifamily housing program, the USDA obligated 188 rural housing vouchers totaling $762,506 as of the end of October. No vouchers were obligated in the ...


December 8, 2017 - Inside FHA/VA Lending

Ginnie Mae Expands Seasoning Requirement for VA Refi Loans

Ginnie Mae has issued expanded guidelines to protect veterans and investors from harmful loan churning and rapid prepayments in mortgage-backed securities. The changes, along with additional measures under consideration by a joint Ginnie Mae/VA refinance task force, are aimed at ensuring continued strength and liquidity of the Ginnie Mae MBS program, said Michael Bright, the agency’s acting president. The latest guidelines expand on an initial measure Ginnie implemented requiring six-months of seasoning of VA loans before they can be refinanced and delivered into Ginnie MBS pools. However, some lenders have found ways around the measure and have continued their questionable lending practices, said Bright during recent testimony before a House Financial Services subcommittee. Churning is both illegal and unethical because it preys on unsuspecting borrowers, who are pressured by ...


December 8, 2017 - IMFnews

Guaranteed Rate Sues Former Executive Over ‘Talent Raid’

But former Guaranteed Rate executive Joseph Caltabiano denies the allegations…


December 7, 2017 - Inside Mortgage Finance

GSE Technology Pilots and Programs Could Harm Primary Market Activity if Not Careful

The Mortgage Bankers Association has raised concerns that new technology projects at Fannie Mae and Freddie Mac could infringe on the primary market – taboo territory for the two government-sponsored enterprises.


December 7, 2017 - Inside Mortgage Finance

Guaranteed Rate Initiates Lawsuit Against Former Mortgage Lending SVP for Talent Raid

Guaranteed Rate is accusing a former top executive of raiding talent at the Chicago-based firm by planning a mass exodus of key employees for a newly launched competitor across town. But Joseph Caltabiano, the company’s former senior vice president of mortgage lending, denies the allegations.


December 7, 2017 - Inside Mortgage Finance

With Refi Originations Expected to Decline, Lenders Look to Other Products and Ancillary Businesses

Mortgage lenders are looking at new products and new business lines to offset an anticipated 26.0 percent drop in refinance business next year.


December 7, 2017 - Inside Mortgage Finance

Senate Tax Reform Bill Spares Servicers but Many in Housing Industry Concerned About Other Provisions

An intensive burst of lobbying helped mortgage servicers avoid adverse consequences in the tax reform bill passed by the Senate late last week. But housing-industry representatives continue to warn that the legislation would lead to home-price reductions and reduce incentives for homeownership.


December 7, 2017 - Inside Mortgage Finance

New Residential Set to Buy a Bona Fide Mortgage Banking Company – the Beginning of a Trend?

The recent announcement that New Residential Investment Corp. will buy the New Penn mort-gage banking operation of Shellpoint Partners is fueling speculation that more publicly traded real es-tate investment trusts might dive into the business of residential lending.


December 7, 2017 - Inside Mortgage Finance

Senate Banking Committee Advances Regulatory Relief Package With Substantive Mortgage Reforms

Despite industry worries that the struggle over the leadership of the Consumer Financial Protec-tion Bureau might derail congressional efforts to enact regulatory relief legislation, the Senate Banking, Housing and Urban Affairs Committee did just that this week, with 16 ayes prevailing over seven nays.


December 7, 2017 - Inside Mortgage Finance

A Slow 4Q17 for Servicing Sales but 2018 Could See a Tornado of Activity and New Buyers

For the most part, the sale of bulk mortgage servicing rights has been sluggish during the fourth quarter, but dealmakers are anticipating the torpor may soon end.


December 7, 2017 - Inside Mortgage Finance

CFPB Seems to Shift in Mortgage Enforcement Case, Judge is Set to Further Consider English Challenge

Under new management, the Consumer Financial Protection Bureau this week took action that may be a harbinger of a more laissez-faire approach to regulatory enforcement.


December 7, 2017 - Inside Mortgage Finance

Purchase Mortgages Continued to Dominate Primary Market in 3Q17, But Refinancing Gained Ground

2017 has been the strongest purchase-mortgage market in years and momentum didn’t slow much in the third quarter, but the first-time buyer surge may be weakening.


December 7, 2017 - IMFnews

Short Takes: Not Happy with Jeb’s GSE Comments / Lame Duck or Not… / White House Leaning Toward Michael Bright / Granite Ramps Up Commercial Commitments / Dart Hires Finance VP

It's only a matter of time before the White House officially nominates acting Ginnie Mae president Michael Bright to be the permanent head of the agency...


December 7, 2017 - Inside Mortgage Finance

Mortgage Market at a Glance, December 8, 2017

Weekly mortgage rates and application survey data as well as indexes for ARMs.


December 7, 2017 - IMFnews

Walter’s New CFO, a Former JPM Executive, Could Earn Almost $1 Million Next Year

Lombardo joins Walter, the parent of Ditech Financial, from the community banking division of JPMorgan Chase.


December 7, 2017 - IMFnews

New CFPB Acting Director Mulvaney Moves Quickly to Intervene in Legal Case

Attorney Alan Kaplinsky said the new filing “may be an indicator of the enforcement philosophy of Mick Mulvaney… and how that philosophy may impact future CFPB enforcement activity.”


December 7, 2017 - IMFnews

Purchase Mortgages Continued to Dominate in 3Q17 but Refis Gained Ground

Agency MBS data indicate that first-time buyers have been key to this year’s surge in purchase-mortgage activity...


December 6, 2017 - IMFnews

Short Takes: DoubleLine Eyeing Non-QM Sector / Connecticut Lender Attempts ‘12 in 12’ / Sen. Warren Worries about OMB Staffers Embedded at CFPB / English Gets to Keep Her Regular Job, for Now / A Promotion at LoanLogics

Sen. Elizabeth Warren wants a complete list of OMB staffers who have been detailed to the CFPB by Mulvaney...


December 6, 2017 - IMFnews

HomeStreet Investors Criticize the Bank’s Mortgage Business

The investor was also critical of HomeStreet’s efforts to expand its footprint beyond the Pacific Northwest…


December 6, 2017 - IMFnews

Redwood Unveils Expansion Plans: Funding Nonbanks and Lending on Investment Properties

Redwood: “We will offer new ways for these [nonbank] sellers to optimize their capital bases…”


December 6, 2017 - IMFnews

Production, Servicing Profits Up in 3Q17

Servicing income rose 1.5 percent during the third quarter, although five of the 12 companies reported declines and one of them – PHH Mortgage – posted a loss.


December 6, 2017 - IMFnews

Senate Banking Committee Advances Reg Relief Bill With Substantial Mortgage Reform

Can it be? A bi-partisan reg relief measure that helps the mortgage industry?


December 5, 2017 - IMFnews

A Small Gain for Warehouse Lending in 3Q17, but Providers Nervous About Lower Usage Rates

Overall, consultant Larry Charbonneau described warehouse lending as “still a great business.”


December 5, 2017 - IMFnews

Ocwen, Nationstar Reach Separate Settlements on Various Servicing-Related Issues

But news of the settlements wasn’t doing much for their stock prices. Both were down slightly on the day.


December 5, 2017 - IMFnews

Mortgage Banking Earnings Declined for Depositories in 3Q17

Wells Fargo reported a huge drop in mortgage banking income, but the rest of the top five banks all posted increased earnings from their operations…


December 4, 2017 - IMFnews

New Amendment in GOP Tax Bill Spares Adverse Treatment for Mortgage Servicing Income

The MSR-saving amendment fixing the tax language was offered by Sen. Mike Rounds, R-SD...


December 1, 2017 - Inside Mortgage Trends

HomeStreet Investors Criticize Mortgage Business

Officials at HomeStreet Bank defended the bank’s mortgage business activities this week after facing criticism from one of the largest shareholders in the company.


December 1, 2017 - Inside The GSEs

FHFA Raises Baseline Conforming Loan Limit to $453,100

The Federal Housing Finance Agency raised the baseline conforming loan limit for GSE mortgages by $29,000 for next year. The new loan limit, announced Nov. 28, is $453,100, and represents just the second time since the 2007 housing downturn that the conforming loan limit has been raised. For 2017, it was increased by $7,100, to $424,100. The baseline loan limit was established by the Housing and Economic Recovery Act of 2008 and is closely reviewed each year to reflect any changes in the national home price index. In determining maximum loan amount under the terms of HERA, FHFA uses the expanded-data home price index. The expanded-data HPI increased 6.8 percent between the third quarters of 2016 and 2017.


December 1, 2017 - IMFnews

Walter, Parent of Nation’s 11th Largest Servicer, Files Prepackaged Bankruptcy Plan. Share Price Spikes, but…

At press time, Walter’s share price was up 38 percent on the day to $0.52. However, its five-year high is $45.92.


December 1, 2017 - IMFnews

Conforming-Jumbo Market Grew Faster Than Non-Agency Sector in 3Q17

Roughly $119.1 billion of mortgages that exceed the conforming loan limit of $424,100 were produced during the third quarter of 2017…


December 1, 2017 - IMFnews

Ginnie Mae Acting President Warns: Lenders Could be Kicked out of the Program for ‘Churning’

For lenders that produce pools with inexplicably fast prepayment speeds, removal from the program is not out of the question, said Ginnie Mae's Michael Bright...


November 30, 2017 - Inside Mortgage Finance

Mortgage Market at a Glance, December 1, 2017

Weekly mortgage rates and application survey data as well as indexes for ARMs.


November 30, 2017 - Inside Mortgage Finance

FHFA Seeks Clarity on TCPA Rules Regarding Servicer Calls Following Natural Disasters

The Federal Housing Finance Agency wants clarity on what types of communication are ac-ceptable, under the Telephone Consumer Protection Act, from mortgage servicers to borrowers impact-ed by natural disasters.


November 30, 2017 - Inside Mortgage Finance

First-Time Homebuyer Volume, Mortgage Risk Rise in August. Credit Not as Tight as Commonly Believed, Says AEI Report

Mortgage lending to first-time homebuyers – and mortgage risk – increased slightly in August despite concerns about housing supply and rising housing prices, according to a new analysis by the American Enterprise Institute.


November 30, 2017 - Inside Mortgage Finance

VA, CFPB Issue Warning on Aggressive Refi Solicitations, Acting Ginnie Chief Says Changes Coming by Yearend

Service members and veterans who receive unsolicited offers to refinance their VA loans with promises that may sound too good to be true should either ignore the offer or investigate further, ac-cording to the Department of Veterans Affairs and the Consumer Financial Protection Bureau.


Poll

With originations expected to drop in 2018, will your shop turn to non-QM/non-prime mortgage products as a way to bolster volumes?

Yes, definitely. We’re planning a launch.
No. It’s still difficult compliance/regulatory-wise.
Maybe. It’s under consideration.
Not now. But things could change as 2018 progresses.

vote to see results