Mortgage Originators

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

September 25, 2017 - IMFnews

Short Takes: Look for a Boom in 203(h) Loans? / loanDepot Jumps on Board / Don’t Have a 2018 Budget Yet? There’s Still Time / Better than Expected Originations / Waiting on Godot – and Cordray to Make Up His Mind

In general, 2017 is turning out to be a better year than many originators expected...


September 25, 2017 - IMFnews

Angel Oak Projects $1.1 Billion in Non-QM Production This Year

Angel Oak expects that production by its wholesale arm will grow by 62.8 percent this year.


September 22, 2017 - Inside Mortgage Trends

Multiple Roadblocks Stymie Digital Lending

Most of the hindrances to wider adoption of digital mortgages have to do with the many moving parts associated with the mortgage transaction as well the numerous parties involved with it, and not the legal landscape, according to one top attorney. “The common misconception is that there are a lot of legal roadblocks [to paperless lending]. And there certainly are some. There are some states that don’t support it as fully as would be necessary,” Scott Samlin, a partner with ...


September 22, 2017 - Inside Mortgage Trends

Bank Retail Production Up in 2Q17, Sales Down

Commercial banks and thrifts reported a solid increase in retail mortgage originations during the second quarter of 2017, but loan sales were down from the previous period. Banks originated $83.98 billion of single-family mortgages through their retail mortgage-banking platforms during the second quarter, a 16.7 percent increase from the first three months of the year, according to an Inside Mortgage Trends analysis of call report data. The total fell well short of ... [Includes one data chart]


September 22, 2017 - Inside Mortgage Trends

Lending Process a Key Risk Factor

Lenders with better-than-average origination practices tend to produce mortgages with less default risk across different loan products, according to a new study sponsored by the Mortgage Bankers Association. “Managing Mortgage Product Development Risk” focuses on several key issues in risk layering, including the morphing of loan products designed for one type of borrower to a different population, and the added risk of sloppy processing systems. The paper, authored by Clifford Rossi ...


September 22, 2017 - Inside Mortgage Trends

CMG Does ‘Crowd Funding’ for Downpayments

CMG Mortgage, San Ramon, CA, has launched a new service called HomeFundMe that is geared toward helping loan applicants gather up enough money for a downpayment – using the Internet, of course. There’s a catch though: applicants who use the “crowd funding” platform have to take out a mortgage with CMG, which bears the name of its founder and CEO Chris George. In a recent interview with Inside Mortgage Trends, George was reluctant to estimate how much money ...


September 22, 2017 - Inside Mortgage Trends

Underwriters Experiment with ‘Alt’ Data

A number of lenders outside of the mortgage market are starting to rely on alternative data to help make underwriting decisions. The Consumer Financial Protection Bureau is also encouraging use of such alternative data sources, which could prompt adoption by more lenders. Speaking at the ABS East conference produced by Information Management Network this week in Miami Beach, Joanne Gaskin, a senior director at FICO, said some lenders are relying on ...


September 22, 2017 - Inside Mortgage Trends

Mortgage Brokers Face Uphill Challenge in Jumbo Market, Make Gains Elsewhere

The wholesale-broker channel accounts for a relatively small amount of new business in the jumbo mortgage market, according to a new Inside Mortgage Trends analysis of lender surveys. Brokers accounted for just 4.6 percent of jumbo originations during the second quarter of 2017, although volume was up 13.7 percent from the first three months. The problem is that jumbo lending by a diverse sample of mortgage lenders was up 19.9 percent overall, meaning ... [Includes three data charts]


September 22, 2017 - IMFnews

What We’re Hearing: A GSE ‘Black Swan’? / More TBTF, Perhaps / A Dividing Issue: Zero Capital / Will Mnuchin Cut a Deal with Speculators? / Waiting on a Ginnie Mae Nominee (Still) / A New Business Home for Anne Canfield

An impossible scenario, one that keeps Federal Housing Finance Agency Director Mel Watt up a night? We shall see...


September 22, 2017 - IMFnews

ATTOM: Home ‘Flips’ Decline – Along with Profits

ATTOM’s Daren Blomquist: “In markets where distressed discounts have largely dried up, flippers are showing more willingness to leverage financing when acquiring properties…”


September 22, 2017 - IMFnews

Trade Groups Tell Treasury and FHFA: Legislation for GSE Reform, No Recap and Release

In a research note published Friday, Cowen & Co. notes the letter is an indication these groups believe allowing the GSEs to retain capital will prolong the conservatorships.


September 22, 2017 - IMFnews

Non-Agency MBS Issuance Constrained by a Lack of Supply

Matt Nichols, CEO of Deephaven Mortgage, a company that has issued nonprime MBS in recent years, said the main impediment to nonprime MBS is supply.


September 22, 2017 - IMFnews

MBS Market Plugging Along, Banks and Overseas Buyers Top Investors in 2Q17

Commercial banks were one of the most active buyers of residential MBS during the April-June cycle...


September 21, 2017 - IMFnews

15 Groups Tell Treasury and FHFA: Legislation to Reform the GSEs, Not Some Recap Plan

The signors add: “We … believe the debate over recapitalizing a broken system distracts from the critical structural issues that Congress must address to ensure that the federally supported secondary market serves key, bipartisan objectives.”


September 21, 2017 - Inside Mortgage Finance

Mortgage Market at a Glance

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


September 21, 2017 - Inside Mortgage Finance

Community Banking Trade Groups Seek Support for Regulatory Relief for Independent Mortgage Lenders

Trade groups representing smaller mortgage lenders are asking the Trump administration for targeted regulatory relief for smaller independent mortgage bankers. In a joint letter to Treasury Secretary Steven Mnuchin this week, the Community Home Lenders Association and the Community Mortgage Lenders of America urged the administration to back legislation that would exempt independent mortgage lenders from the Consumer Financial Protection Bureau’s supervision, enforcement and third-party vendor audits. Support is also being sought for CFPB administrative action to provide such targeted relief. In June, Treasury issued...


September 21, 2017 - Inside Mortgage Finance

Why Should Mortgage Lenders Go Digital? That’s Where the Customers Are, Pros Say

Much of the historical discussion about the mortgage industry going fully digital and adopting e-mortgages has revolved around cost savings, greater efficiencies, validating compliance and other benefits. But at the end of the day, the biggest reason is that lenders’ customer base is increasingly focused on digital technology, and lenders need to go where the borrowers are. “That’s where the consumers are, right? Finally, everybody’s going online to shop for most of their products, and mortgages are starting to happen the same way,” said Tim Anderson, director of eServices for DocMagic, during a webinar last week sponsored by Inside Mortgage Finance. “They’re going out there looking for rates and pricing, they’re looking for real estate. If you want to capture that marketplace, you meet them out there in cyberspace.” Scott Stephen, president of the online division of Guaranteed Rate, noted...


September 21, 2017 - Inside Mortgage Finance

Banks Continue Modest Gains in Mortgage-Production Market Share in Second Quarter, But Not the Giants

Depository institutions have been quietly regaining some market share from nonbanks over the past year, even though some of the largest banks continue to pull back, according to a new analysis and ranking by Inside Mortgage Finance. Banks, savings institutions and credit unions accounted for 51.3 percent of the $356.85 billion of first-lien mortgage originations by the top 100 lenders during the second quarter. The group boosted its production volume by 19.2 percent from the first three months of the year, while the top 100 overall posted a 17.3 percent gain in volume. It marked...[Includes two data tables]


September 21, 2017 - IMFnews

Short Takes: Waiting on a Wider Credit Box / A 30 Percent Jump for Nonconforming / 5,000 Active Loan Brokers for UWM / Don’t Count on Another Refi Boom Quite Yet / A New Hire for Altisource

Another refi spurt in the works? It may’ve looked that way a few weeks ago, but...


September 21, 2017 - IMFnews

Finance of America Enters the Correspondent Channel, Focusing on CUs and Community Banks

Finance of America’s backers include The Blackstone Group…


September 21, 2017 - IMFnews

Why Should Lenders Go ‘Digital’? Because That’s Where the Customers Are

“Everybody’s going online to shop for most of their products, and mortgages are starting to happen the same way,” said Tim Anderson, director of eServices for DocMagic, during an Inside Mortgage Finance webinar…


September 21, 2017 - IMFnews

CFPB Modifies ‘Equal Credit’ Regs, Giving Lenders Additional Flexibility

Originators will not have to maintain different practices based on their loan volume…


September 21, 2017 - IMFnews

Don’t Look Now but Depositories are Making Modest Gains in Lending Market Share

It marked the third straight quarter in which depositories raised their share among the top-100 mortgage originators.


September 20, 2017 - IMFnews

Houston Court Drives Final Nail into Allied’s Coffin, Imposes Total Damages of $293 Million

The case started back in 2011 as a “whistleblower” lawsuit filed in New York. Allied, a net branch operator, was based in Houston.


September 20, 2017 - IMFnews

Short Takes: Did Wells Dodge a Bullet on its CFPB Fine? / A ‘Recommendation Memorandum’ / No Effect on Wells’ Mortgage Business / Subject the CFPB to Appropriations / Stearns Goes ‘Digital’

Wells Fargo could have been subject to a whopping $10 billion fine...


September 20, 2017 - IMFnews

United Wholesale Keeps Funding Startup Grants for Brokers, but Would Like Some Company

UWM CEO Mat Ishbia noted that his company does not have a say on which applicants ultimately get picked by NAMB, though the lender does have one representative on the review panel.


September 20, 2017 - IMFnews

Walter Gets $300 Million Increase in Financing from Barclays; Stock Spikes

News of the expanded repo line sent Walter's share price soaring...


September 19, 2017 - IMFnews

Short Takes: About Those GSE Dividend Payments… / The Man Wants to be Paid / Record Attendance at ABS East / LendingTree Buys Snap Capital / Webster Gets a New President

In other words, the FHFA will once again order the dividends to be paid to Treasury. Right?


September 19, 2017 - IMFnews

New Poll: Industry Says Let Congress Fix the GSEs

Congress is not expected to produce workable GSE legislation until next year and even then, other issues – tax reform, another run at fixing “Obamacare,” for example – could kick the can down the road.


September 19, 2017 - IMFnews

Caliber Ramps Up Non-QM Lending Big Time

Caliber plans to originate at least $1 billion of non-QM residential loans this year…


September 19, 2017 - IMFnews

Mortgage M&A Chatter Continues. Medium-Sized Shops Are Targets

Rick Roque, who runs Menlo, an M&A advisory firm, said he knows several owners who are contemplating a sale…


September 19, 2017 - IMFnews

House FSC to Work on GSE Reform Again. (Hint: It Looks like the PATH Act)

At the ABS East show, Rep. Barr didn’t provide further details about Republican plans for the GSEs…


September 18, 2017 - IMFnews

Short Takes: MBA Wants a Change in HUD Reinspection Policies / Having an FHA Commissioner Might Help / Montgomery Resigns from Radian Board / DBRS Updates Due Diligence Criteria / A New Hire for Mortgage Network

The FHA nominee had been a Radian director since 2012…


September 18, 2017 - IMFnews

Nonbank Lenda Gets Backing of $5.25 Million

Lenda originally began as a refinance provider in 2013…


September 18, 2017 - IMFnews

CFPB Official Tells ABS East Attendees: Show Us Data on How Consumers Have Been Harmed

“We want to know if there are impediments because of our rules,” said CFPB Policy Analyst Patrick Orr…


September 18, 2017 - IMFnews

A Growing Problem: VA ‘Rapid’ Refis

Acting Ginnie Mae President Michael Bright confirmed the resurgence of inappropriate streamline refinancing in securitization pools, promising a crackdown…


September 18, 2017 - IMFnews

HECM Production Up Almost 26 Percent in First Half of 2017

Despite increased originations, FHA data show HECM production, in general, has been on a gradual decline for several years…


September 15, 2017 - Inside FHA/VA Lending

Around the Industry

DOL’s Overtime Rule Dead – For Now. A federal district court in Texas recently struck down an Obama administration proposal that would have made millions of people eligible for overtime pay. Judge Amos Mazzant of the U.S. District Court for the Eastern District of Texas on Aug. 31 invalidated the DOL’s pending overtime regulations, which would have raised the salary threshold exemptions under the Fair Labor Standards Act. The Obama administration finalized the proposed regulations in May last year but was unable to implement them after Mazzant granted a request for injunction filed by the Plano Chamber of Commerce and 55 other business groups last November. The business entities opposed the proposed rule, which would have raised the minimum salary threshold necessary to qualify for the FLSA’s overtime exemption. The salary threshold would have increased from ...


September 15, 2017 - Inside FHA/VA Lending

FHA Announces Changes to HECM Counseling Certificates

The FHA will provide lenders that originate Home Equity Conversion Mortgage loans the option to view and print unsigned HECM counseling certificates in FHA Connection starting Sept. 18, 2017. While the lender may still take the initial loan application, the lender can only begin to process it once the counseling is complete, as evidenced by a completed HECM counseling certificate that contains signatures of both the counselor and borrower. Lenders that chose to use this option will be required to establish procedures to obtain and document authorization from the HECM borrower to access the counseling certificate in FHA Connection. In addition, lenders must certify that a borrower authorization to view the counseling certificate was obtained. Lenders must follow the guidance on processing HECM loans contained in the HUD Handbook, the FHA said. To access HECM counseling certificates, lenders will ...


September 15, 2017 - Inside FHA/VA Lending

Legal Experts Suggest Five ‘Fixes’ To Avoid Unfounded FCA Claims

Compliance attorneys are calling for legislative changes to prevent possible misuse of the False Claims Act that could result in settlements that could be financially devastating to mortgage lenders. Concerns about possible government misuse of FCA provisions are evident in the statutory qualifiers that are already embedded in the existing statute, according to a recent analysis by Krista Cooley and Laurence Platt, attorneys and partners in the Washington, DC, office of Mayer Brown. The qualifiers are in the main provision of the FCA that the Department of Justice has used against mortgage lenders and servicers, the attorneys said. The provision imposes liability on any person who “knowingly presents, or causes to be presented, a false or fraudulent claim for payment or approval” or “knowingly makes, uses, or causes to be made or used, a false record or statement material to a false or ...


September 15, 2017 - Inside FHA/VA Lending

USDA Securitization Up in 2Q17, Chase Regains Previous Ranking

Ginnie Mae securitization of single-family mortgages backed by rural housing loans with the U.S. Department of Agriculture guarantee rose in the second quarter of 2017 and on a year-over-year basis. Issuance of securitized USDA loans increased 9.0 percent from the previous quarter and was up 17.1 percent halfway through 2017 compared to first six months last year. Securitized rural housing loans accounted for $5.0 billion of total Ginnie MBS issuance in the second quarter and $9.5 billion of Ginnie MBS issued during the first six months of 2017. Freedom Mortgage led the market with $1.8 billion. Although down 1.4 percent from the first quarter, Freedom reported a whopping tenfold increase for the first six months from the same period last year. PennyMac maintained its second-place ranking with $1.4 billion, up significantly on a quarterly and year-over-year basis, while Wells Fargo, in third place, closed out the first half with $673.8 million in USDA-backed MBS. Chase Home Finance climbed ... [Chart]


September 15, 2017 - Inside FHA/VA Lending

VA Finalizes Rule for Establishing Fees, Charges for Vendee Financing

The Department of Veterans Affairs has announced a final rule that will allow it to establish reasonable fees to cover the costs of originating and servicing a VA-backed vendee loan. A vendee loan enables a borrower to purchase a VA real estate-owned property. Vendee financing is not a veteran benefit but is available to any purchaser, including veterans and servicemembers. In addition, vendee financing is available for non-owner and owner-occupied residential properties. An owner-occupied purchase can be financed with as little as zero percent downpayment while a non-owner-occupied purchase requires a minimum 5 percent downpayment. In addition, for non-owner-occupied purchases, investors may use 75 percent of anticipated rent, based on an appraiser’s estimate, to offset the subject property monthly payment. Furthermore, investors must have experience in ...


September 15, 2017 - Inside FHA/VA Lending

Lenders Seeking to Maintain Profit Margins Boost HECM Production

Reverse mortgage originations with FHA insurance increased both on quarterly and year-over-year bases as lenders, led by nonbanks, moved into the Home Equity Conversion Mortgage market to boost their bottom lines. HECM originations were up 5.5 percent from the first to the second quarter, closing out the first six months with $9.3 billion in total originations. Production was up 25.8 percent at the halfway mark compared to last year. Purchase loans comprised approximately 82.9 percent of HECM volume during the first half of the year. Adjustable-rate HECMs remained the preferred reverse-mortgage product for the majority of borrowers. Despite increased originations, FHA data show HECM production in gradual decline since endorsements peaked at $114.7 billion in FY 2009. The top five HECM producers in the first quarter continued to hold on to their spots. American Advisors Group maintained its rank as ... [Charts]


September 15, 2017 - Inside FHA/VA Lending

MBA Offers Measures to Deal With VA Appraisal Issues, Delays

The Mortgage Bankers Association has recommended steps to address the VA appraiser shortage and increased appraisal turn times. The industry group made its recommendations in a recent letter to Jeffrey London, executive director of the Department of Veterans Affairs’ Loan Guaranty Service, based on a roundtable discussion between MBA and other industry stakeholders in March. Stakeholders expressed their concern for the lack of VA appraisers and longer waiting periods for appraisal reports. Appraiser shortage is an ongoing problem for the VA, and has resulted in delayed loan closings, particularly in highly rural areas. Some states, like Oregon, have very few appraisers, the MBA pointed out. “This delay may force veterans to choose other loan programs to meet certain deadlines or face other adverse outcomes,” the MBA letter warned. On the other hand, the ...


September 15, 2017 - Inside FHA/VA Lending

Ginnie Mae to Take Action Against Illicit Refinancing of VA Mortgages

Rapid, aggressive refinancing of VA loans has made a comeback with some issuers using strategies to mask the practice and avoid possible penalties, including expulsion from the Ginnie Mae program, according to a top agency official. Responding to concerns raised by Sen. Elizabeth Warren, D-MA, Michael Bright, acting Ginnie Mae president and chief operations officer, said a joint Ginnie Mae/VA lender-abuse task force is analyzing monthly data and developing additional policy measures to deal with the problem. Bright confirmed the resurgence of inappropriate streamline refinancing in Ginnie securitization pools in recent weeks and has promised to crack down on the questionable practice. The problem surfaced last year when Ginnie Mae noticed unusually fast prepayment speeds in its mortgage-backed securities, particularly MBS backed by VA loans. Ginnie found that certain lenders and ...


September 15, 2017 - Inside Nonconforming Markets

Slight Shift in Retail Share for Jumbo Lenders

The retail channel dominates production among prominent jumbo lenders and gained some market share through two quarters this year, according to a new analysis by Inside Nonconforming Markets. The retail channel accounted for 77.5 percent of jumbo originations among a group of lenders that had a total of $108.00 billion in jumbo volume in the first half of 2017. The retail share was 76.6 percent over the same period in 2016. The correspondent ... [Includes one data chart]


September 15, 2017 - Inside MBS & ABS

Mortgage Securitization Rate Sinks in 2Q17 as Primary Market Races Ahead of MBS Platforms

The seasonal surge in primary market mortgage originations stood in stark contrast to a slump in new residential MBS issuance during the second quarter of 2017. Mortgage lenders originated an estimated $455.0 billion of new first-lien loans during the April-June cycle, an 18.2 percent increase from the first three months of the year, according to estimates by Inside Mortgage Finance. But the secondary market generated just $294.7 billion in MBS backed by purchase and refinance loans – a 5.3 percent decline. The result was...[Includes one data table]


September 15, 2017 - IMFnews

CHLA Underscores Importance of Nonbanks

Nonbank lenders rely on their own capital and on warehouse loans to fund loans, rather than federally insured deposits...


September 15, 2017 - IMFnews

Short Takes: Patenaude Finally Gets Senate Approval to be the #2 at HUD / Acting Ginnie Chief Vows Progress on VA Refi Abuses / Radian Readies Huge Note Sale / A New Hire for eOriginal

Radian inked a deal with Wall Street underwriters this week to sell $450 million of senior notes due in 2024...


September 15, 2017 - IMFnews

Mortgage Securitization Rate Sinks in 2Q17

Roughly 27.3 percent of Fannie Mae, Freddie Mac and Ginnie Mae loans pooled in securities in the first half of 2017 were a month old at issuance, and 6.4 percent were two or three months old.


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