Mortgage Originators

Browse articles from all of our Newsletters related to Mortgage Originators.

October 18, 2017 - IMFnews

Short Takes: The Little Guy Gets a G-Fee Break / A Coming Spike in G-Fees? / More Financial Maneuvers by Radian / A Hot Streak for Non-Agency Prime MBS / A Stock Market Crash Warning from Treasury Secretary Mnuchin

Might this suggest that g-fees charges could spike next year when zero hour comes?


October 18, 2017 - IMFnews

U.S. Bancorp Grows Residential Production by Almost 10 Percent

Compared to the same period a year ago, residential loan production declined by 19.6 percent...


October 18, 2017 - IMFnews

Radian Discloses More Pain from Services Unit (Clayton); Tennyson is Out as President

The MI also terminated Jeff Tennyson as president of the unit. No replacement will be named, a spokeswoman told IMFnews.


October 18, 2017 - IMFnews

Arch Continues Re-Insurance Transactions Started by UG; New Issuance the First to Receive a Rating

Mortgages delivered to the GSEs with an unpaid principal balance of $29.30 billion are included in the transaction.


October 18, 2017 - IMFnews

Institutional Investors Reduce Positions in PHH. Meaning?

The disclosures aren’t entirely surprising given that PHH recently wrapped up a generous buyback offer…


October 18, 2017 - IMFnews

Redwood Aims for Jumbos Outside of Banks’ Focus

Redwood’s Choice loan program allows for debt-to-income ratios of up to 49.9 percent while the limit for Select is 43.0 percent…


October 17, 2017 - IMFnews

Short Takes: More Trouble for SoFi & Fintech? / So, Maybe CFPB’s Cordray Won’t Run / Goldman Agrees to Buy Fix-and-Flip Lender / Housing Assistance Council Hires former HUD, USDA Official to Lead the Organization

With fall-out spreading from the turmoil at Social Finance, investors might be thinking twice about so-called “fintech” firms...


October 17, 2017 - IMFnews

Promontory MortgagePath Expands Private-Label Origination Platform

PMP was founded by former Comptroller of the Currency Eugene Ludwig and mortgage industry veteran Bruce Witherell…


October 17, 2017 - IMFnews

Ranked No. 442 as an Originator, Fintech Firm Corrals $457 Million in Financial Commitments

Formed in 2014, LH originated $598 million in 2016, ranking 442nd overall, according to Home Mortgage Disclosure Act figures compiled by Inside Mortgage Finance.


October 17, 2017 - IMFnews

CFPB Eyeballing New Disclosures for Reverse Mortgages?

In recent months, the consumer bureau has expressed concerns about the risks associated with reverse mortgages.


October 17, 2017 - IMFnews

Ocwen Settles With Arkansas, DC, Tennessee; Hatchet Now Buried With 20 Jurisdictions

Investors are still waiting for Ocwen’s biggest outstanding dispute – the one with the CFPB – to be settled, one way or the other.


October 17, 2017 - IMFnews

Ginnie Mae Issuance Topped $120B in 3Q17, the Best Reading of the Year

Ginnie Mae issuers securitized $85.4 billion of purchase loans in the third quarter, falling just short of the record $85.4 billion set in the third quarter of last year.


October 16, 2017 - IMFnews

Short Takes: Large Nonbank Ready to Enter Second-Lien Market / Mortgage Layoffs in California? / The 30th Anniversary of ‘Black Monday.’ Beware? / UWM Rolls out ‘Client Loyalty’ Tool for Brokers / Annaly CEO will Become Chairman, Eventually

A large nonbank is about to enter the second-lien market...


October 16, 2017 - IMFnews

Citadel Receives Ratings from Morningstar; Look for a Nonprime MBS in January

Morningstar said the company’s underwriting process, quality control and compliance functions were factors in the rankings…


October 16, 2017 - IMFnews

CFPB Enforcement Chief Anthony Alexis to Depart

Before joining the bureau in 2012, Alexis was a complex litigation and white collar partner at the Mayer Brown law firm in Washington, DC…


October 16, 2017 - IMFnews

Stearns Lending Reveals it Has a Mortgage Joint Venture with SoFi

Stearns, however, doesn’t service any mortgages for SoFi…


October 16, 2017 - IMFnews

Surprise: Prime Non-Agency MBS Issuance Spiked in the Third Quarter

The nonprime MBS category includes some deals better categorized as Alt A…


October 13, 2017 - Inside FHA/VA Lending

IG Finds HUD Ensured Purchaser Compliance, Needs Improvement

The Department of Housing and Urban Development inspector general praised the agency for ensuring purchasers participating in HUD’s single-family note sales program complied with the terms in their purchase agreements. The inspector general noted, however, the need to improve the requirements in the purchase agreements. The IG found those requirements inadequate due to the lack of formal rules for the note sales program. “If a purchaser chose not to comply with its purchase agreement, HUD lacked assurance that the purchaser would offer homeowners foreclosure avoidance, loan-modification options, and other program requirements,” the IG’s audit report stated. Under the agreement, loan buyers must certify their avoidance of final closure for the required period of time, perform loan modification, and submit quarterly reports on their progress, including results of ...


October 13, 2017 - Inside FHA/VA Lending

HUD Dumps Lender Insight for New Loan Review Summary Report

The Department of Housing and Urban Development is discontinuing its quarterly newsletter, Lender Insight, with the implementation of FHA’s Loan Review System. The change is aimed at improving both FHA’s and lenders’ quality-control and risk-management operations. HUD will be publishing a quarterly Loan Review Summary Report to provide a snapshot of the results of FHA’s quality-control review of mortgage originations over the preceding 12 months. According to HUD, the report will include only underwritten loans that were subject to a post-endorsement technical review. It does not include the results of lenders’ self-reports or any other loans that were reviewed as part of a lender examination, the agency said. The report will show the initial rating of all loans, the updated rating six months from the end of the review period, and a final rating. The “final” rating is subject to change as long as ...


October 13, 2017 - Inside FHA/VA Lending

HUD Finds IG’s Recommendations On Water Safety Unwarranted

The Department of Housing and Urban Development has requested its inspector general to reconsider certain recommendations intended to toughen safety standards for drinking water in FHA-insured properties. Other lenders or appraisers could interpret imposing stringent requirements on a few FHA lenders wrongly, which could lead to unnecessary water testing simply to avoid future litigation risk, HUD warned in its response to audit findings. HUD disagreed that administrative action is warranted. “Due to potential unintended consequences, [HUD Single Family] does not believe the imposition of sanctions at this time presents a viable alternative,” the department wrote. While making changes to water-safety standards, HUD said it will train lenders and appraisers to ensure compliance with the revised standards. The IG audit came in the wake of a previous audit, which found that ...


October 13, 2017 - Inside FHA/VA Lending

FHA Eases Occupancy Rule for Properties with H4P Financing

The FHA has updated its guidelines for Home Equity Conversion Mortgage for Purchase (H4P) loans to allow lenders to accept loan applications from borrowers without requiring a certificate of occupancy, as well as prior to completion of HECM counseling. The change follows the Sept. 19 effective date of the HECM final rule, which the Department of Housing and Urban Development released earlier this year. The final rule codifies the many policies that are now in place for originating and servicing reverse mortgages, including H4P requirements. According to the revised guideline, an FHA lender may take an initial HECM loan application either prior to or after the completion of HECM counseling. Also, previously, H4P properties were eligible for FHA insurance only when construction was completed and when the local jurisdiction issued a certificate of occupancy or its equivalent, confirming the ...


October 13, 2017 - Inside FHA/VA Lending

Ginnie Mae, VA Announce Joint Task Force to Stop Improper Refis

Ginnie Mae and the VA this week officially announced a joint-agency task force to deal with the loan-churning problem that is triggering faster prepayments in Ginnie mortgage-backed securities pools. Specifically, the task force will scrutinize aggressive and misleading refinancing offers and address loan churning and repeated refinancings. It will also examine critical issues, data and lender behaviors related to refinancing loans, as well as determine the kind of policy and program changes agencies should make to ensure VA refi loans do not pose an undue risk or burden to vets and taxpayers. Both the VA and Ginnie Mae programs work best when market participants use them to provide a benefit to VA borrowers and, ultimately, lower vet’s costs, officials said. The task force has begun examining data and information to ensure refi loans provide net tangible benefits to veteran-borrowers. In addition, the ...


October 13, 2017 - Inside FHA/VA Lending

Carson Open to Excising HECM From Mortgage Insurance Fund

Department of Housing and Urban Development Secretary Ben Carson indicated he is open to the idea of moving the Home Equity Conversion Mortgage program out of the FHA Mutual Mortgage Insurance Fund to stem future losses. Testifying before the House Financial Services Committee this week, Carson said the changes the department has made recently, as well as those currently under consideration, will eliminate most of the program’s problems although residual issues may still linger. Carson acknowledged that the HECM program’s default rate has been a drain on the MMI Fund even though it is much smaller than the FHA’s forward loan portfolio. The recently revised HECM rules issued on Sept. 19 have “stopped the bleeding” in terms of new reverse mortgages, he added. However, separating the HECM portfolio from the FHA insurance fund and making it a stand-alone program is ...


October 13, 2017 - Inside FHA/VA Lending

Ginnie MBS Issuance Rolled To Year’s High Mark in 3Q17

Ginnie Mae issuers rode a wave of purchase-mortgage lending to deliver $120.46 billion of forward mortgages during the third quarter of 2017, the highest three-month volume for the year, according to a new analysis and ranking by Inside FHA/VA Lending. Third-quarter volume was up 9.6 percent from the April-June cycle. The data excluded FHA reverse mortgages and loan amounts are truncated in Ginnie’s mortgage-backed securities disclosures. Without those limitations, total Ginnie MBS issuance rose 9.5 percent to $123.37 billion in the third quarter. Purchase mortgages were the engine behind the growth. Ginnie issuers securitized $85.35 billion of purchase loans in the third quarter, falling just short of the record $85.41 billion set in the third quarter of last year. Although most Ginnie purchase loans (58.7 percent) were FHA loans, the biggest increase was in such loans guaranteed by the ... [Charts]


October 13, 2017 - Inside Nonconforming Markets

News Briefs

After the standards for qualified mortgages took effect in 2014, few state-regulated banks stopped offering non-QMs, according to a survey by the Conference of State Bank Supervisors. “Non-QM mortgage lending activity appears relatively stable despite the regulatory tumult,” the state regulators said. According to a CSBS survey of more than 600 banks, the share of respondents that don’t offer non-QMs changed from 23.8 percent in 2014 to 26.5 percent ... [Includes one brief]


October 13, 2017 - Inside Nonconforming Markets

California Tops Jumbo Lending by State, Again

For originations of jumbo mortgages, it’s California and then everywhere else. The state accounted for 36.7 percent of jumbo lending in 2016, according to an analysis of Home Mortgage Disclosure Act data by Inside Mortgage Finance. Some $124.95 billion in jumbos were originated in the Golden State last year, up 18.2 percent from 2015. New York ranked second with $22.72 billion, accounting for 6.7 percent of total jumbo originations during the year. Jumbos ... [Includes one data chart]


October 13, 2017 - Inside Nonconforming Markets

Jumbo Lending Up in 2016, Share Down Slightly

Originations of jumbo mortgages increased by 16.3 percent in 2016 but the sector’s share of total originations declined somewhat from the previous year, according to a ranking and analysis by Inside Mortgage Finance of newly released Home Mortgage Disclosure Act data. Some $340.88 billion of jumbos were originated in 2016, with banks dominating the ranks of the top lenders. Jumbos accounted for 17.5 percent of total originations last year, down from ... [Includes one data chart]


October 13, 2017 - IMFnews

What We’re Hearing: FHFA Chief Has a ‘Number of Options’ on Zero Capital / Is That a ‘Hard’ Deadline? / Once Tax Reform is Done, Next Up: the GSEs / Can HUD Secretary Carson Get the IG to Back Off on the FCA? / Ocwen Kills Wholesale. Meaning?

Meanwhile, one detail about the capital buffer falling to zero remains unclear: On Jan. 1 will every single penny of the $600 million (at each) be carted away?


October 13, 2017 - IMFnews

HUD Secretary Ben Carson Open to Excising HECMs from the MMIF

Rep. Heck said he will ask the GAO to study and recommend options for improving the reverse-mortgage program, including shifting HECMs out of the MMIF...


October 13, 2017 - IMFnews

A Modest Uptick in Home Lending for Wells Fargo in 3Q17; Meanwhile, a $1 Billion Legal Charge for Mortgage Investigations

Gain-on-sale profits came to 124 basis points, flat from the prior period, and the weakest reading of the past five quarters...


October 13, 2017 - IMFnews

A (Slight) Drop in Originations at BofA for 3Q17

Home equity lending fell even more at BofA: down 12.7 percent from the prior period...


October 13, 2017 - IMFnews

Non-Agency MBS Issuance Weakened in 3Q17 Despite Upswing in Prime Jumbo Deals

The bright spot was the prime jumbo MBS market where some $2.97 billion of new bonds were issued during the third quarter…


October 12, 2017 - IMFnews

HUD Secretary Ben Carson Tells Panel Agency is Working to ‘Resolve’ Use of the False Claims Act

“I’m not sure why there’s been such an escalation of it [the FCA],” said Carson.


October 12, 2017 - Inside Mortgage Finance

Mortgage Market at a Glance

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


October 12, 2017 - Inside Mortgage Finance

Stearns Lending Reveals it Has a Mortgage Joint Venture with SoFi

Social Finance, the high-flying marketplace lender, has an active mortgage-lending joint venture with Stearns Lending, according to David Schneider, CEO of Stearns. In a recent interview with Inside Mortgage Finance, Schneider said his company “covers a lot of [SoFi’s] business” and buys any loan the joint venture produces. “They do some, and we do some,” Schneider said. He added that Stearns doesn’t service any loans for SoFi. At the recent ABS East conference in Miami, Ashish Jain ...


October 12, 2017 - Inside Mortgage Finance

Industry Groups Generally Support CFPB’s Fix To TRID ‘Black Hole,’ Suggest Various Tweaks

Organizations representing different segments of the mortgage industry broadly support the Consumer Financial Protection Bureau’s plan to address the so-called black hole in the integrated disclosure rule under the Truth in Lending Act and Real Estate Settlement Procedures Act, or TRID. The black hole refers to situations in which a lender may not use a closing disclosure to reset fee tolerances. This causes closing delays due to fee changes that arise in the origination process ...


October 12, 2017 - Inside Mortgage Finance

As PHH Exits Private-Label Sector, Big Jumbo Client Up for Grabs, Investors Take Stock Buyback Offer

Over the past week or so, at least two institutional investors have filed notice with the Securities and Exchange Commission that they no longer own large positions in PHH Corp., the publicly traded nonbank that’s trying to reinvent itself as a subservicing specialist. The two filers are investment banking powerhouse Morgan Stanley – which at one time owned 5.2 percent of PHH – and Hotchkis and Wiley Capital Management, whose stake totaled 8.8 percent. Today, Morgan’s position ...


October 12, 2017 - IMFnews

Short Takes: Residential Production Plunges at Citi / MSR Holdings Down Too / But a Nice Profit for 3Q17 / JPMorgan Readies New Non-Agency MBS / Ocwen Exiting Wholesale Channel / Fannie Announces New NPL Auctions

Citi’s third-party servicing portfolio is down to $49.1 billion from $147.6 billion at Sept. 30, 2016...


October 12, 2017 - IMFnews

KBW: Don’t Expect Much Improvement from Gain-on-Sale

“We estimate that gain-on-sale margins will be roughly flat quarter to quarter,” writes KBW analyst Bose George…


October 12, 2017 - IMFnews

GSEs Continue Adapting Seller Requirements to Conform with HMDA Changes

Fannie and Freddie continue to tweak their systems and processes to accommodate the new mandates, which kick in January 1…


October 12, 2017 - IMFnews

JPM Grows Residential Lending by Almost 13 Percent in 3Q17, Keeps Adding to Whole-Loan Portfolio

Total mortgage banking revenue for the period came in at $1.56 billion compared to $1.43 billion in 2Q17...


October 12, 2017 - IMFnews

Private MI Business Kept Growing in 3Q17, FHA Activity Lagged

Fannie and Freddie saw a 26.7 percent jump in insured first-timer loans…


October 11, 2017 - IMFnews

Credit Report Gripes Filed with the CFPB Go Sky High

Gripes to the bureau leapt by 53.4 percent on a sequential basis…


October 11, 2017 - IMFnews

Fannie MH Pilot Program Could Boost This Niche Market

While the pilot is limited to New Hampshire home buyers, Fannie thinks the pilot could open the door to other states doing something similar…


October 11, 2017 - IMFnews

The GSEs Should Report Robust Earnings for 3Q17. Here’s Why…

A previously announced legal settlement with Royal Bank of Scotland will soon hit the books...


October 11, 2017 - IMFnews

IG: CFPB Pushed Examiners into the Field Before They Were Ready

Some examiners did not receive adequate training or developmental opportunities, the IG said…


October 10, 2017 - IMFnews

Short Takes: CIT Will Take Hefty Hit on Sale of Financial Freedom / OneWest’s Roots / Fannie and Freddie Affected by Deloitte Hack? / ALTA Unveils Registry / A New Hire for Platinum

CIT Group will take a charge of up to $50 million on the sale of Financial Freedom...


October 10, 2017 - IMFnews

The Equifax Data Breach – What it Might Mean for the Mortgage Industry. Warehouse Implications?

Overall, hackers stole financial information on roughly 140 million American consumers…


October 10, 2017 - IMFnews

A ‘BRAWL’ Forms, Broker Group Accuses Certain Lenders of Stealing Borrowers

For now, BRAWL isn’t naming names, but credited three lenders for being “true partners” because more than 90 percent of their production comes through the wholesale channel...


October 10, 2017 - IMFnews

Lenders Not Pleased with LOS Systems, ‘LeadGen’ in Particular Gets Low Marks

Lenders are none-too-thrilled with LOS compliance functions as well…


Poll

The year is almost 75% done. How is mortgage origination volume at your shop?

We will fund about the same as we did in 2016.
We will fund more than last year – by a little.
We will fund more than last year – by a lot.
We will fund less than last year – by a little.
We will fund less than last year – by a lot.

vote to see results